About Record and Transaction Settings

Use the Record and Transactions settings page (Settings > Record and Transaction) to choose default selections that will help expedite the data entry process. For example, select the default general ledger accounts for invoice line items. This eliminates the need to choose an account from a drop-down list when creating an invoice, though you can change the default selections β€œon the fly,” as needed.

All of the settings on this page are used globally when you create transactions unless there are custom settings for a customer, vendor, product, or service record. For example, you set the Days Before Invoice Due to 30 days here but set the Set Credit Terms field on the Payment Details tab for a specific customer to 45 days. When creating invoices or credit notes for the customer, the invoice due date will be set to 45 days later. The same is true for general ledger accounts. For example, you set the vendor Expense Ledger account to 10090 here but set the expense account on the Payment Details tab of a specific vendor record to 10200. When creating invoices or credit notes for the vendor, the default expense account will be 10200.

An asterisk (*) indicates a required field.

Customers

Days before invoice overdue* Enter the number of days your customers have to pay their invoices. This is used to calculate the due date on your sales invoices. If you change this and have existing customers, Accounting will automatically update the Set Credit Terms field on the Payment Details tab of each customer record.
Ageing (for reporting) Enter your default aging periods in days. When you run an accounts receivable report, your outstanding transactions for each customer are grouped by how old they are in these aging periods.
Sales Ledger Account* Choose the general ledger account to which you want to post sales transactions. The account is then selected by default when you enter a new customer and when entering a free text line on sales invoices and credit notes. If you change this and have existing customers, you must manually update this setting in the Payment Details tab of each customer record.
Sales Discount Ledger Account* Choose the general ledger account to which you want to post your sales invoices.
Carriage Ledger Account* Choose the general ledger code you want to use for recording freight (or freight in/out) costs on a sales invoices or credit notes.
Customer Statement Type For information about creating customer statements, see About customer statements for Accounting
*Outstanding Item Style. Shows outstanding transactions and the amount the customer owes you as of the statement date.
*Activity Style. Shows all transactions and the total amount invoiced to the customer during the specified date range. It also shows the amount the customer has paid and the amount they owe to date.

Vendors

Days before invoices overdue* Enter the number of days credit you have before you need to pay your vendor bills. This is used to calculate the due date on your vendor bills. If you change this, and you have existing vendors, Accounting automatically updates the default credit days in on the Payment Details tab of the vendor record.
Ageing Enter your default aging periods in days. When you run an accounts payable aging report, your outstanding transactions for each vendor are grouped by how old they are in these aging periods.
Expense Ledger Account* Choose the general ledger account to which you want to post purchase transactions.This account is used by default for new vendor records and is used when entering a free text line on vendor bills and vendor credit notes. If you change this setting and you have existing vendors, you must manually update this setting on the Payment Details tab of the vendor records.
Expense Discount Ledger Account* Choose the general ledger account to which you want to post discounts on your expenses.
Vendor Statement Type For information about creating vendor statements, see About vendor statements.
*Outstanding Item Style. Shows only outstanding transactions.
*Activity Style. Shows all transactions.

Payments and Receipts

Other Receipt Ledger Account* Choose the default ledger account to which you want to post other receipts. This could be for a counter sale or from a one-off customer where you do not issue an invoice.
Other Payment Ledger Account* Choose the default ledger account to which you want to post other payments. This could be something you paid for immediately without an invoice.
Customer Receipt – Discount Ledger Account* Choose the default general ledger account to which you want to post discounts on customer receipts.
Vendor Payment – Discount Ledger Account* Choose the default general ledger account to which you want to post discounts on vendor payments.
Bank Interest Received Ledger Account* Choose the default general ledger account to which you want to post interest received from your bank.
Bank Interest and Charges Paid Ledger Account* Choose the general ledger account to which you want to post interest and charges paid to your bank.
Default Payment Type* Choose whether you want the Vendor Payment tab or Other Payment tab to open first when recording a payment through the Banking option
Default Receipt Type* Choose whether you want the Customer Receipt tab or Other Receipt tab to open first when recording a receipt through the Banking option.

Products and Services

Product Prices

Price Name* Enter a name for each price level used by your business (such as Retail, Wholesale, or Discount). You can have up to ten selling prices and you can clear the In Use checkbox to make a level inactive or to delete it. The price levels apply to both stock and non-stock products. See About pricing products and services for more information.

Default Product Ledger Accounts

Sales Account* Choose the default general ledger account to which you want to post service sales.
Expense Account* Choose the default general ledger account to which you want to post product expenses.

Default Stock Ledger Accounts

Expense Account* Choose the default general ledger account to which you want to post stock expenses.

Weight Settings

Default Unit of Measure* This is set to Imperial (US).
Default Measurement* Choose the relevant weight measurement. Once a weight has been added to a stock item, you cannot change this setting. If you need to change this setting, you must first delete the weights from the stock items.

Service Rates

Rate Name* Enter a name for each service rate used by your business. You can have up to ten rates and you can clear the In Use checkbox to make a rate inactive or to delete it. See About pricing products and services for more information.

Default Service Ledger Accounts

Sales Account* Choose the default general ledger account to which you want to post service sales.
Expense Account* Choose the default general ledger account to which you want to post service expenses.
Sort order for Product/ Service menus* Choose the order that items are displayed in drop-down lists. This can be by Item Description or Item Code.

Accounting Settings

Sort order for Ledger Accounts list* Choose whether general ledger accounts are sorted by account name or account number in the drop-down lists.
Show Negative Assets on Balance Sheet* Choose whether to display assets with a negative balance on your Balance Sheet as negative assets or as liabilities.
Show Retained Earnings value* Choose whether to show any physical balance in the calculated profit and loss or separately on the Balance Sheet.