Accountants Enterprise with Practice Manager only
Ledger defaults enable you to specify the defaults used for a supplier. These values can be changed for each individual supplier on the Supplier page. When set up or modified in the Ledger Defaults page they apply to all new suppliers. These settings affect how billing and payments are performed and can also have a carry-on effect with ledger calculations (e.g., for the tax rate applied).
Fields that must be defined are:
Nominal Account — This defines the main nominal account that will be used for the supplier.
Payment Type — The payment type relates to the manner in which a payment is made. Payments to a ledger may be made or received in a number of ways. This option creates a default type.
Supplier Terms — This relates to the time at which payment is expected by the supplier.
Tax Rate — Tax rate relates to the default amount of tax that is applied to the payment.
Select Maintenance > Ledger Maintenance > Ledger Defaults on the main menu or Maintenance > Maintenance Map > Ledger Maintenance > Ledger Defaults. The Ledger Defaults page opens.
Select the default Nominal Account from the drop-down.
Select the default Payment Type (e.g., BACS, Cash, Cheque, Direct Debit, Standing Order, Other) from the drop-down.
Select the default Supplier Terms (e.g., Days, Month End Day, Payment Day) from the drop-down.
Select the default Tax Rate (e.g., Discount Rate, Exempt, Standard, Zero) from the drop-down.
Click OK to save the changes and close the Ledger Defaults page.
The defaults set up here will be applicable to all new suppliers created from this point in time.