1.Company Account Defaults

Some of the following accounts will be set by default when you create a new company, others can be created. The accounts can be seen in the Chart of Accounts. These values can be changed later on if needed.

  • Default Bank Account
  • Default Cash Account
  • Default Receivable Account
  • Round Off Account
  • Round Off Cost Center
  • Write Off Account
  • Discount Allowed Account
  • Discount Received Account
  • Exchange Gain / Loss Account
  • Unrealized Exchange Gain/Loss Account
  • Default Payable Account
  • Default Employee Advance Account
  • Default Cost of Goods Sold Account
  • Default Income Account
  • Default Deferred Revenue Account
  • Default Deferred Expense Account
  • Default Payroll Payable Account
  • Default Expense Claim Payable Account
  • Default Cost Center

2. Item Account Default

In this section, you can define Company-wide transaction-related defaults for this Item.

  • Default Expense Account: It is the account in which cost of the Item will be debited.
  • Default Income Account: It is the account in which income from selling the Item will be credited.
  • Default Cost Center: It is used for tracking expense for this Item.

Default Account it is the general account of the item in which cost of the item will be debited