Settings - Default Accounts

Created by Travis Lander, Modified on Mon, 24 Oct, 2022 at 6:12 PM by Sanjayan Arulsakaran

Description

Default Ledger Accounts are a convenience setting that pre-populate form fields in specific places to save the effort of re-selecting the same account every time you open a new Document (e.g. Invoice or Bill). Manage your default Ledger Accounts from Settings>Accounts.

Note: These are only default accounts, meaning you can always select a different account to the one selected here as the default on a per Document basis.

Default Account Options

Below is a list of the default Ledger Accounts options and the places within SoftLedger they can be used:

Invoices

Accounts Receivable - Invoice Create/Edit - AR Account.
Invoice Line Item - Invoice Create/Edit - Line Item Ledger Account for description line items.

Items

Bill Line Item - Items Create/Edit - Bill Line Item Account.
Invoice Line Item - Item Create/Edit - Invoice Line Item Account.
Inventory Asset - Item Create/Edit - Inventory Asset Account.
Cost of Goods Sold - Item Create/Edit - COGS Account.
Work in Process - Used for debit side of work in process Journals.

Bills

Accounts Payable - Bill Create/Edit - AP Account.
Bill Payment - Pay Bills

Cash Receipts

Create Cash Receipt - Cash Receipt Create/Edit - Ledger Account.
Unapplied Cash - Cash Receipt Create/Edit - Unapplied Cash Account.

Vendor Credits

Unapplied Credit - Vendor Credit Create/Edit - Unapplied Credit Account.

Purchase Orders

Inventory Accrual - PO Create/Edit - Inventory Accrual Account.

Intercompany

AP Intercompany Payable - Bill Create/Edit - AP Intercompany Payable Account.
AP Intercompany Receivable - Bill Create/Edit - AP Intercompany Receivable Account.
AR Intercompany Payable - Invoice Create/Edit - AR Intercompany Payable Account.
AR Intercompany Receivable - Invoice Create/Edit - AR Intercompany Receivable Account.

Tax

Default Tax Account - This is the Ledger Account used when applying a Tax Amount or Tax Code to an Invoice, Bill, Purchase Order, or Sales Order. This is the only Default Account that is required before creating Documents.
Financial Close

Accumulated Other Comprehensive Income - Balance Sheet ledger account to post AOCI from CTA
Other Comprehensive Income - Off Balance Sheet ledger account to post OCI from CTA
Retained Earnings Account (required for all)- Balance Sheet ledger account to post Retained Earnings when closing books.

Settings - Default Accounts

Description

Default Account Options

Invoices

Tax

Default Tax Account - This is the Ledger Account used when applying a Tax Amount or Tax Code to an Invoice, Bill, Purchase Order, or Sales Order. This is the only Default Account that is required before creating Documents.Financial Close

Default Tax Account - This is the Ledger Account used when applying a Tax Amount or Tax Code to an Invoice, Bill, Purchase Order, or Sales Order. This is the only Default Account that is required before creating Documents.
Financial Close