Before you start working with the system, you need to set up the default GL accounts for various types of objects, such as companies, employees, fixed assets, and items. Then, when you will be creating documents and transactions, the system will populate the document fields with proper default GL accounts and will use these default accounts to automatically generate the corresponding journal entries.
Note. If you use the default chart of accounts, the settings are predefined. You can adjust them, if necessary. If you changed (added, removed, replaced) any accounts in the chart of accounts, you will need to review and update the related default accounts.
There are the following three groups of default accounts:
- Default account for general use accounts in some specific modules or specific functionality. You can specify different accounts for different entities. For this, you can use the Accounting > See also > Default GL Accounts form. For more information, see Default GL Accounts.
- Default accounts for specific types of objects, for instance for Companies, Items, Warehouses, and so forth. You can set up the same accounts for all objects of the type or you can specify separate sets of default accounts for particular groups of objects, or for particular objects, for instance, separate accounts for each Warehouse, for most expensive inventory items, and so forth. You can define a special set of default accounts to be used by a particular entity. For setting up default accounts for such objects of accounting, use the corresponding master data. For example, to set up the default accounts for Companies, use the Sales > Master Data > Companies form. For details, see Companies. Default GL Accounts.
- Default GL accounts for your company's objects of accounting such as Accruals and Deductions. Default accounts for all accruals and deductions сan be specified for each entity on the Accounting > See also > Default GL Accounts form, however, you can set up different GL accounts for different Accruals and Deductions by using the GL Accounts Edit button on the HR and Payroll > Master Data > Accruals and Deductions form.