Account Defaults
Account defaults define which accounts Acusheet uses automatically when recording transactions — so the correct double-entry postings happen without you having to select accounts manually every time.
How to Access Account Defaults
Go to Settings → Account Defaults
System Accounts
System accounts are created and managed automatically by Acusheet. They cannot be changed here — they are read-only.
| Account | Purpose |
|---|---|
| Accounts Receivable | Records money owed to you by customers (from invoices) |
| Accounts Payable | Records money you owe to vendors (from bills) |
| Retained Earnings | Holds cumulative profit/loss carried forward between financial years |
These accounts are locked to ensure your accounting remains balanced. You can view them in your Chart of Accounts but they cannot be renamed or reassigned here.
Default Accounts
Default accounts are used automatically when transactions are created. You can reassign them to any appropriate account in your Chart of Accounts.
| Setting | Description | Typical Account Type |
|---|---|---|
| Inventory | Where the cost of inventory items is posted | Asset (Current Asset) |
| Sales | Revenue account credited when you sell a product or service | Income |
| Purchase | Expense account debited when you buy a product or service | Expense |
| Discount | Account used when a discount is applied to a sale or purchase | Income or Expense |
| FX Gain | Records profit from favourable foreign exchange rate movements | Income |
| FX Loss | Records loss from unfavourable foreign exchange rate movements | Expense |
| Deposit | The bank/cash account used when recording received payments | Asset (Bank/Cash) |
| Payment | The bank/cash account used when recording made payments | Asset (Bank/Cash) |
How Default Accounts Are Used
Inventory
When you create an item with inventory tracking, the cost of stock is posted to this account. When inventory is sold, the cost of goods sold is debited from here.
Sales
Used as the default income account on new invoice line items. Can be overridden per line item or per product/service item.
Purchase
Used as the default expense account on new bill line items. Can be overridden per line item or per product/service item.
Discount
When a discount percentage is applied to an invoice or bill, the discount amount is posted to this account. Using a separate discount account helps you track how much revenue you discounted.
FX Gain / FX Loss
When you invoice or pay in a foreign currency, the exchange rate at the time of payment may differ from the rate at the time of the invoice. The difference is automatically posted to the FX Gain or FX Loss account respectively.
Deposit (Received Payments)
When you record a received payment (customer pays an invoice), the money is deposited into this account. Typically your main business bank account or petty cash account.
Payment (Made Payments)
When you record a made payment (you pay a vendor bill), the money leaves from this account. Typically your main business bank account.
Transaction Lock
The Transaction Lock prevents any changes to transactions dated before a specified date.
| Setting | Description |
|---|---|
| Lock Before | Set a cut-off date — no one can create, edit, or delete transactions dated before this date |
When to Use Transaction Lock
- After submitting your VAT/tax return — lock the period so no one accidentally changes historical figures
- After completing your year-end — lock the previous financial year
- After your accountant finalises a period — lock it to protect the reconciled figures
How It Works
Once a lock date is set:
- Creating a transaction dated before the lock date is blocked
- Editing or deleting an existing transaction dated before the lock date is blocked
- The lock date can be updated at any time (moved forward or cleared entirely)
Tip: Lock the previous month after reconciling your bank statement to prevent accidental changes to reconciled transactions.
Frequently Asked Questions
What happens if I select the wrong default account?
You can change it at any time. Existing transactions won't be affected — defaults only apply to new transactions created after the change.
Can I override the default account on individual transactions?
Yes — every line item on an invoice or bill has an account selector. The default just pre-fills it; you can change it per line.
What account should I use for Discount?
Common choices:
- A sub-account under Sales Revenue (e.g. "Sales Discounts") — treats discounts as a reduction in revenue
- An expense account (e.g. "Discounts Given") — treats discounts as an expense
Both are valid. Your accountant can advise which approach suits your reporting needs.
What if I don't use foreign currencies?
You can leave FX Gain and FX Loss blank or point them to any placeholder account. They will only be used if a foreign currency transaction results in an exchange rate difference.
Can I use the same account for Deposit and Payment?
Yes — most small businesses use a single bank account for both incoming and outgoing payments. Simply select the same account for both.
Does the lock date affect reports?
No. Reports always reflect all historical data regardless of the lock date. The lock only blocks edits and new entries.
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