Default Product Accounts Paige Freeman May 15, 2023 15:01 Updated To facilitate the definition of new products, you can predefine default accounts for use with products in each subsystem. The accounts set here automatically populate when a product is set up. Though product accounts can be changed during product definition, they should be defined at the organization unit-level because it saves time later when the same accounts are used for common purposes. This setup is not required. However, it is preferable to use this feature if the setup accounts do not change for each product setup within a module (e.g., receivable account will be the same for all meetings). Then, non-accounting users who may be setting up these product s will not have to be concerned with which accounts to use. From the Default Product Accounts screen, you can add, edit, or delete Default Product Accounts to each subsystem. To add a Default Product Account: From the Accounting Setup section on the Organization Unit Settings page, click Default Product Accounts.The Default Product Accounts page will display, as shown below. Click +New Default Accounts.The Add New Default Product Accounts screen displays. Select the Subsystem.The fields for the selected subsystem display, as shown in the example below. For the following fields, enter the first three characters of the account and click the search icon to select the appropriate account. Alternatively, click Advanced to locate the desired account. Receivable Account (Prepaid Liability Account field will automatically populate based on this selection.) Writeoff Account Cancellation Account Discount Account Deferred Discount Account Agency Discount Account Agency Deferred Discount Account If applicable: Fund Asset Account In kind Expense Account Trade for Services Account Space Credit Account Click Save. To edit a Default Product Account: From the Accounting Setup section on the Organization Unit Settings page, click Default Product Accounts.The Default Product Accounts page will display, as shown below. Click the pencil icon beside the account you want to edit. The Edit Default Product Accounts screen displays, as shown below. From this screen, you can edit the following fields: Receivable Account (Prepaid Liability Account field will automatically populate based on this selection.) Writeoff Account Cancellation Account Discount Account Deferred Discount Account Agency Discount Account Agency Deferred Discount Account If applicable: Fund Asset Account In kind Expense Account Trade for Services Account Space Credit Account Click Save. To delete a Default Product Account: From the Accounting Setup section on the Organization Unit Settings page, click Default Product Accounts.The Default Product Accounts page will display, as shown below. Click the contextual menu for the account you want to delete. Click Delete. Screen Element Description Subsystem Drop-down. The subsystem in which the accounts are used. The accounts set up for the subsystem are defaulted during product setup. Receivable Account Search for the appropriate receivable account. The receivable account will be used for sales and receipt transactions. The account must exist for a company referenced in the current Org Unit ID and must be an asset account. This account comes in a pair with the prepaid liability account. Prepaid Liability Account Defaults based on the receivable account identified above. This is the account that is used to store payments prior to invoicing. It must be valid for a company referenced in the current Org Unit ID and it must be a liability account. This account automatically populates when the Receivable Account is selected based on the AR/PPL pair defined. Writeoff Account Search for the appropriate write-off account. When a write-off of an open balance (including tolerance write-offs) is created, the transaction is DR Write-off Account, CR Accounts Receivable. The account must be either an income or expense account. Cancellation Account Search for the appropriate cancellation account. When cancellation fees are charged, this account is used. It is typically an unearned income account, though it may also be defined as an expense account. Discount Account Search for the appropriate discount account. When a discount is granted for this product, this account number is used. It reduces the AR number while maintaining the full revenue account amount. It may be either a revenue or expense account. Entry defaults the deferred discount account to the same account. Deferred Discount Account Search for the appropriate deferred discount account. When a deferred revenue transaction is created, this account is used. If no deferred transactions are expected, this account should be the same as the discount account. Agency Discount Account Search for the appropriate agency discount account. When a discount is granted to the agency for this product, this account number is used. It reduces the AR number while maintaining the full revenue account amount. It may be either a revenue or expense account. Entry defaults the deferred discount account to the same account. Agency Deferred Account Search for the appropriate deferred agency account. When a deferred revenue transaction is created for an agency, this account is used. If no deferred transactions are expected, this account should be search for the appropriate fund asset account. When accepting a hard asset or a gift as a donation, this account is used. This is related to the Fundraising subsystem. the same as the agency discount account. Fund Asset Account Search for the appropriate fund asset account. When accepting a hard asset or a gift as a donation, this account is used. This is related to the Fundraising subsystem. In kind Expense Account Search for the appropriate in-kind expense account. When accepting an in-kind expense and record, this account is used. This is related to the Fundraising subsystem. Trade for Services Account Search for the appropriate trade for services account. If you accept trade for services in lieu of cash, this account records it. This is related to the Exhibitions subsystem. Space Credit Account Search for the appropriate space credit account. If you grant a value to a space credit, this account tracks the value. This is related to the Exhibitions subsystem.