Company and Item Default Accounts

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