Get started with default accounts
Default accounts control where QuickStart posts transactions or which account it supplies during record creation when no more specific account is configured. Use the applicable settings page to choose accounts for receivables, payables, inventory, tax, and other supported workflows; a value selected directly on a record can override some company defaults.
Select Menu, then select Accounting > Settings. On the Accounting card, select Accounting preferences, then select Default accounts.
Each preference displays None until an account is selected. Available values depend on the account types in your chart of accounts. A default selected directly on a record or transaction can override some of these company defaults without changing this page.
| Account | Purpose |
|---|---|
| Accounts receivable account | Records amounts owed by customers and provides the default for customer records and invoices. |
| Accounts payable account | Records amounts owed to vendors and provides the default for vendor records and bills. |
| Inventory assets account | Holds the value of inventory currently in stock. |
| Bank fee account | Records bank or payment processor fees deducted from payments or payouts. |
| Bank opening balance account | Temporarily records imported bank opening balances. Use a journal entry to move the amount to its final equity or liability account. |
| COGS account | Records the direct cost of products or services sold. |
| Expense account | Records general business expenses without a more specific category. |
| Revenue account | Records income from products or services sold. |
| Accrued purchases account | Records goods or services received before the vendor bill is recorded. |
| Purchase price variance account | Records the difference between standard cost and actual purchase price. |
| Payables early payment discount account | Records early-payment discounts applied in payables. |
| Returned item adjustment account | Records cost adjustments for customer returns. |
| Vendor return variance account | Records cost variances for items returned to vendors. |
| Write off account | Records assets or inventory that can no longer be used or sold. |
| Customer deposit account | Records payments received before goods or services are delivered. |
| Early payment discount account | Records revenue reductions from early-payment discounts on customer invoices. |
| Payment account | Provides the default cash or bank account for vendor payments. |
| Purchase discount account | Records discounts received from vendors on purchase transactions. |
| Intermediary account | Temporarily records bank transfers that have not yet been deposited into the receiving account. |
| Prepayment account | Records advance payments to vendors for future goods or services. |
Change default accounts
- Select the required account in each preference that your company uses.
- Select Apply.
QuickStart confirms the preference update. The new defaults apply when supported records and transactions are created after the change.