Record and transaction settings

This explains how to set your default settings and preferences.

Set these to suit your business and save you time when creating records and processing transactions.

Go to More, Settings, then Business settings and then click Record and transactions settings to enter your default settings and preferences.

How this works

Use these options to

  • Set default credit terms

  • Set default categories to use when entering transactions or creating records.

  • Choose how to sort categories on menus and drop-downs.

  • Choose your profit or loss is shown on your balance sheet.

Choose when you sales invoice are due

Here you can set default Credit Terms for your customers. This is useful if your credit terms are the same for most of your customers. You can still set different credit terms for individual customers where required, or change the due date on individual invoices and credit notes.

Once set here, we use this as the default on all new customer records. When you enter a sales invoice and select a customer, we calculate the due date based on the credit terms and print this on your invoices.

If you change this, we don't update the Credit Terms for existing customers. You must manually change any relevant customer records.

Invoices due - Enter the required number of days.

We add that number of days to the invoice date to work out the due date. For example, for 30 days, an invoice with an date on 1 May has a due date of 31 May.

Default ledger accounts

Income and expenses

Here you can set the ledger accounts we use by default when you enter money in and money out transactions.

  • Income - this sets the used to record your income on Money In transactions.

  • Expenses - this sets the used to record expenses on Money Out transactions.

Customers and vendors

  • Defaults for sales

    We use this as default ledger account on all new customer records. When you enter a sales invoice and select a customer, we prefill with the ledger account saved on the customer record. You can still change this when entering transactions and when creating new records.

  • If you change this, we don't update the ledger account for existing customers. You must manually change any relevant records.

  • Default for sales discounts

    We use this when you add a discount to sales invoice or credit note.

  • Default for Vendors

    We use this as default ledger account on all new vendor records. When you enter an invoice and select a vendor , we prefill with the ledger account saved on the vendor record. You can still change this when entering transactions and when creating new records.

    If you change this, we don't update the ledger account for existing vendors. You must manually change any relevant records.

Sort categories by name or nominal code.

The is determines how we display ledger accounts in the menus and drop-down lists.

Choose from

  • Ledger name

    Lists ledger accounts in alphabetical order followed by the nominal code. For example, Other income (4900).

  • Nominal code.

    Lists ledger accounts numerically by nominal code followed by the name. For example 4900 - Other income.

Show Profit and Loss Account value

Choose whether to show the amount of your Profit and Loss account separately on your Balance Sheet or in your calculated Profit and Loss amount.