About Record and transaction settings

Use the Record and transaction settings page (Settings, Business settings, Record and transaction settings) to choose default selections that will speed up data entry. 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 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. For example, you set the Days from invoice date to 30 days here but set the credit terms (on the Payment Details tab) for a specific customer to 45 days. When creating invoices or credit notes for that customer, the invoice due date will be 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 for a specific vendor record to 10200. When creating invoices or credit notes for the vendor, the default expense account will be 10200.

Customers

Invoice due

Set 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 from 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 May 1 would have a due date of May 31.

  • End of next month (net monthly). To set the due date to the last day of the next month. An invoice created on June 2 would have a due date of July 31.

  • Immediately. To set the due to the same date as when the invoice is created. An invoice created on June 2 would have a due date of June 2.
Aging (for reporting)

Enter the aging periods in days. Outstanding customer transactions are grouped by these periods on the Accounts Receivable report.
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 invoices.
Carriage ledger account

Select the default ledger account to use for recording carriage (or freight costs) on a sales invoice or credit note.

Vendors

Payment terms

Select when your expense invoices are due. If you change this setting and you have existing vendors, the Payment terms on the Payment Details tab of each vendor record is updated.

Select:

  • [n] days from 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.
Aging (for reporting)

Enter the aging periods in days. Outstanding vendor transactions are grouped by these periods on the Accounts Payable report.
Expense ledger account

Select the default ledger account you want to use for expenses. The account you select is also set for new vendors. You can select a different account as needed when creating expense invoices.

If you change this, the default expense ledger account isn't updated for existing vendorss. You must manually change any relevant vendor records.
Expense discount ledger account

Select the default ledger account you want to use for recording discounts on your expenses.

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 in Banking.
Default receipt type Choose whether you want the Customer Receipt tab or Other Receipt tab to open first when recording a receipt in Banking.

Products and services

Product prices

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 check box 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 non-stock 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

Choose the default general ledger account to which you want to post stock expenses

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 service rate used by your business. You can have up to ten rates and you can clear the In Use check box 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 and 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

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 number. For example, Sales - Products (4000).

  • Nominal code. To list ledger accounts numerically by nominal code followed by the name. For example 4000 - Sales - Products.
Show negative assets on Balance Sheet Choose whether to display assets with a negative balance on the Balance Sheet report as negative assets or as liabilities.
Show Retained Earnings value Choose whether to show any physical balance in the calculated Profit and Loss report or separately on the Balance Sheet.