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Configuring Accounts

The Accounts Configuration lets you configure various basic settings for managing accounts such as decimals and default accounts.

  1. From the Explorer click SetupConfiguration;
  2. From the pane on the right, select the green ‘Accounts‘.
  3. The document titled ‘View Accounts Configuration’ will open. (see below)
  4. Select ‘Edit’.
  5. Configure fields accordingly – described below.

Accounts Configuration Document

Accounts Configuration Document

General Section Fields:

Current Status

A read-only field indicating if the Accounts are currently Open or Closed.
If Open, then transactions with any date can be entered or modified.
If Closed, then transactions cannot be created or modified before or including the last Close Date.
See Closing the Accounts.

Display Nominal codes

If checked the Account Nominal Codes are shown both in the Chart of Accounts, and in the account selection drop-down lists (e.g. on the Item’s Accounting tab).

Enable Document history/audit trail

By default all Transactional Documents have an audit history trail. All changes made to the Document, and by whom is recorded.
The checkbox allows you to enable/disable this feature. See Transaction Audit Trail.

Numerical Formats Section Fields:

Use commas

By default numbers have comma separators per 1000. Enables/disables this default setting here.

On reports display negative numbers in brackets

Negative numbers can be shown as either -123.00 or (123.00)
By default negative numbers are displayed using a ‘-‘ sign.
Enable/disable this default setting here.

NOTE: This feature only applies to Reports and not to Line Items.

Default Accounts Section

Tax Liability

This Account holds the Sales Tax liabilities (e.g VAT) resulting from Sales and Purchases.

Inventory Asset

The default Stock Asset Account for Stock Items (See Stock Item).

Cost Of Goods Sold

The default Cost Of Goods Sold Account for Stock Items (See Stock Item).


The default Income (i.e. revenue) Account for Items (See Working with Items).


The default Expense Account for Items (See Working with Items).


The default Expense Account for Discount Items (See Discount Item).


The default Income (i.e. revenue) Account for Markup Items (See Markup Item).

Bank Charge

The default Expense Account for Bank Charges (See Enter Payments to your Bank).

Bank Interest

The default Income Account for Bank Interest received (See Enter Payments from your Bank).

Stock Adjustment

The default Account for Stock Adjustments (See Stock Adjustments).

Pending Item Receipts

The default Account for Item Receipts (See Working with Item Receipts).

Currency Gains/Losses

The default Account for recording Currency Gains or Losses (See Working with Currencies).

Also Read About

Working with the Chart of Accounts
Setting the Chart of Accounts
Closing the Accounts
Resetting your system