Assign System Default Accounts

Account Defaults impact how the system processes transactions. The initial set-up will be part of your system implementation. Your System Default Accounts are based on your Chart of Accounts. 

  1. Navigate to the Accounts page.
  2. Select Defaults from the left-side menu.
  3. Click the drop-down menu to the right of a System Action and select an Account.
    • Account choices are based on the accounts listed in your Chart of Accounts. At a minimum, the following system actions should be assigned to your accounts:
      • Accounts Receivable (A)
      • Payments (A) for Credit Card payments before they are reconciled (undeposited funds separate from the Till (undeposited checks/cash)
      • Till (A) Undeposited or Petty Cash
      • Admin Fee (E)
      • Distributions (E) is a grant expense - grants going out
      • Distributions internal (E) internal interfund grants-grants to funds in the system
      • Payment Processing expense (E) for Credit Card Fees to go to
      • Payroll (E)
      • Scholarships (E) Similar to Grants-can be the same-expense when posted
      • Till Adjustments (E) if you lose cash this is where it is reflected
      • Accounts Payable (L)
      • Payroll Tax Liabilities (L)
      • Scholarships payable (L) for multi-year scholarships
      • System Conversion Transfers (OE) account for converting funds and transferring data
      • Admin Fee Revenue (R)
      • Contributions (R) Donations
      • Contributions Internal (R)
  4. Click the Update button at the bottom of the page.

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