Record and transaction settings

To save you time when creating records and processing transactions, you can enter default settings and preferences.

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

Customers

  • Invoice due. Select when new sales invoices are due. If you change this setting and you have existing sales invoices, the due dates will not change. If you have existing customers, the Credit terms on the Payment Details tab of each customer record is updated.
  • Select:

    • [n] days after invoice date. To enter the number of days your customers have before their invoice is due. This will add that number of days to the invoice date. Using the default number of 30 days, an invoice created on 1 May would have a due date of 31 May.
    • End of next month (net monthly). To set the due date to the last day of the next month. An invoice created on 2 June would have a due date of 31 July.
    • Immediately. To set the due to the same date as when the invoice is created. An invoice created on 2 June would have a due date of 2 June.

  • Ageing (for reporting). Enter the ageing periods in days. Outstanding customer transactions are grouped by these periods on the Aged Debtors report. The periods you enter here will also show in the debt summary on the bottom of customer statements.
  • Sales ledger account. Select the default ledger account you want to use for sales. The account you select is also set for new customers. You can select a different account as needed when creating sales invoices or credit notes.
  • If you change this, the default sales ledger account isn't updated for existing customers. You must manually change any relevant customer records.

  • Sales discount ledger account. Select the default ledger account you want to use for recording discounts on your sales.

  • Carriage ledger account. Select the default ledger account to use for recording carriage on a sales invoice or credit note.

Suppliers

  • Payment terms. Select when your purchase invoices are due. If you change this setting and you have existing suppliers, the Payment terms on the Payment Details tab of each supplier record is updated.
  • Select:

    • [n] days after invoice date. To enter the number of days you have before an invoice is due. This will add that number of days to the invoice date. Using the default number of 30 days, an invoice created on 1 May would have a due date of 31 May.
    • End of next month (net monthly). To set the due date to the last day of the next month. An invoice created on 2 June would have a due date of 31 July.
    • Immediately. To set the due to the same date as when the invoice is created. An invoice created on 2 June would have a due date of 2 June.

  • Ageing (for reporting). Enter the ageing periods in days. Outstanding supplier transactions are grouped by these periods on the Aged Creditors report.
  • Purchase ledger account. Select the default ledger account you want to use for purchases. The account you select is also set for new suppliers. You can select a different account as needed when creating purchase invoices.

If you change this, the default purchase ledger account isn't updated for existing suppliers. You must manually change any relevant supplier records.

  • Purchase discount ledger account. Select the default ledger account you want to use for recording discounts on your purchases.

Payments and receipts

  • Other receipt ledger account. Select the default ledger account to use when recording other receipts.
  • Other payment ledger account. Select the default ledger account to use when recording other payments.
  • Customer receipt - Discount ledger account. Select the default ledger account to use when recording a discount on a customer receipt.
  • Supplier payment - Discount ledger account. Select the default ledger account to use when recording a discount on a supplier payment.
  • Bank interest received ledger account. Select the default ledger account to use when recording bank interest received.
  • Bank interest and charges paid ledger account. Select the default ledger account to use when recording bank interest and charges paid.
  • Default payment type. Select whether you want the Supplier Payment or Other Payment tab to open first when recording a payment in Banking.
  • Default receipt type. Select whether you want the Customer Receipt or Other Receipt tab to open first when recording a receipt in Banking.

Products and services

Product prices

Enter a name for each of your price labels. You can amend the names as needed. If you want to mark a price name as inactive, clear the In Use check box. You can then delete the inactive price. The sales price names for products also apply to stock items.

Default non-stock ledger accounts

Select the ledger accounts you want to use when selling and purchasing products.

Default stock ledger accounts

Select the ledger account you want to use when purchasing stock.

Weight settings

Select the default unit of measure and measurement. Once a weight has been added to a stock item, you can't edit the default unit of measure. To edit it, you must first remove the weights from all stock items.

Service rates

Enter a name for each of your rates. You can amend the default names as needed. If you want to mark a rate as inactive, clear the Active check box. You can then delete the inactive rate.

Default service ledger accounts

Select the default ledger account for the sale of your services and the sort order of the items displayed in drop-down lists (by item description or code).

Accounting settings

Sort order for ledger accounts list. Select to show lists of ledger accounts in drop-down lists by:

  • Ledger name. To list ledger accounts in alphabetical order followed by the nominal code. For example, Other income (4900).
  • Nominal code. To list ledger accounts numerically by nominal code followed by the name. For example 4900 - Other income.
  • Show negative assets on Balance Sheet. Show negative assets on the Balance Sheet report as Liabilities or Negative assets.
  • Show Profit and Loss account value. Show this value separately on the Balance Sheet report or within the calculated Profit and Loss report.