Transaction Defaults

Overview

Set default values and behaviors for new transactions or records to streamline data entry and ensure consistency across your organization.

Transaction defaults help save time when creating new transactions, and ensure consistency in how transactions are recorded throughout your organization. Defaults can always be modified on the transaction forms when creating or editing a transaction.

If you setup your organization with the recommended defaults, all of these options are provided by default, but can be modified as needed. Defaults can also be omitted to force the user to enter the required information for each transaction, if your operations require it and you want to enforce it to avoid mistakes caused by skipped editing at the time of transaction creation.

Defaults by Module

Sales Defaults

  1. Default Payment Terms: Set the standard payment terms for all sales transactions. This will initiate sales invoice forms with the selected payment terms by default.
  2. Default Cash Account: Specify the account (for example: 112010 - Main Bank Account) where sales payments are recorded by default in sales receipts.
  3. Default Receivable Account: Define the default account (for example: 1110 - Accounts Receivable) for new customer definitions.
  4. Default Refund Account for Sales: This is usually a contra-revenue account where negative revenue is recorded for refunds and returns (for example: 45 - Sales Returns and Allowances).

General Options:

  1. Enable Invoice Payment Methods: When enabled, allows you to select payment methods on sales invoices. This is useful if you want the printed invoice document to include the payment methods. This is configured via the receipts payment methods feature. Read more about it here.

Purchasing Defaults

  1. Default Cash Account: Set the main account (for example: 112010 - Main Bank Account) where purchasing payments are recorded by default in purchase receipts.
  2. Default Payable Account: Define the default account (for example: 2110 - Accounts Payable) for new vendor definitions.
  3. Default Refund Account for Purchasing: This is usually a contra-expense account where negative expenses are recorded for refunds and returns (for example: 56 - Purchasing Returns and Allowances).

General Options:

  1. Enable Invoice Payment Methods: When enabled, allows you to select payment methods on purchase invoices. This is useful if you want the printed invoice document to include the payment methods. This is configured via the receipts payment methods feature. Read more about it here.

Products Defaults

  1. Default Product Category: Set the default category for new products.
  2. Default Inventory Store: Define the default store location where invoices are issued by default. This will apply for all store related operations such as sales invoices, purchasing invoices, credit notes and debit notes. This is useful if you typically operate with a single store location and don't need to select the store location for each transaction.
  3. Enable Single Store Mode: Simplify inventory management by using a single store. If a default store is defined, it will be used for all inventory transactions by default and the store selection will be removed from the transaction forms.
  4. Price Includes Tax Default: Determine whether product prices include tax by default. This setting controls how the price includes tax field on the product form, and will be applied by default on all new product creations when defining product prices.
  5. Default Cost of Goods Sold Account: Set the default account for cost of goods sold (for example: 51 - Cost of Goods Sold) for new product definitions. This will be applied for new product definitions which are inventory tracked.
  6. Default Expense Account for Products: Set the default expense account (for example: 52 - Sales Overhead) for new product definitions which are not inventory tracked.
  7. Default Revenue Account for Products: Set the default account (for example: 41 - Revenue) for service-based products. This will be applied for new product definitions which are service based.
  8. Default Expense Account for Stocktakes Shortages: Set the default account (for example: 55 - Other Expenses) for inventory stocktakes shortages.
  9. Default Revenue Account for Stocktakes Surpluses: Set the default account (for example: 42 - Other Income) for inventory stocktakes surpluses.

Fixed Assets Defaults

  1. Default Assets Acquisition in Progress Account: Set the default account (for example: 13 - Asset Acquisitions in Progress) for assets being acquired.
  2. Default Depreciation Account: Specify the default account (for example: 54 - Depreciation Costs) for recording asset depreciation.
  3. Default Appreciation Account: Set the default account (for example: 42 - Other Income) for asset appreciation.
  4. Default Depreciation Lifetime: Define the standard depreciation period (for example: 5 years) for assets.

Other Transactions Settings

  1. Financial Year Starting Quarter: Set the beginning of your financial year. This affects how your default date range filters work, and how some of the core financial reports work, such as Trial Balance, Balance Sheet, Income Statement, and Account Statements.
  2. Opening Balance Account: Define the default account (for example: 35 - Opening Balance) for opening balances, this is used in opening balance forms.