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.