Receivables Default Accounts

From Settings, Receivables, Configuration, select Default accounts to use specific accounts in distributions. Since the accounts you select impact records and distributions, evaluate each setting closely.

For a consistent receivables and reconciliation workflow, select at least one default account. These accounts default on the credit side for payments and debit side for charges and credits.

Warning: Don't switch between single and multiple accounts. If changes are needed, post all receivables first.

  • Single account — Adds the same account for all charges, credits, and payments, including applied and unapplied payments (unless you select a different default account for Unapplied payments).

    If the account you select is in a fund that requires balancing by net asset class, use a single net asset class value for all receivables transactions. Using more than one may result in unbalanced financial statements by net asset class. If changes are needed after activity begins, post all receivables first.

    Note: For a single account, you can't select a different account on records. Debit distributions don't display for charges and credit distributions don't display for payments.

  • Multiple accounts — Adds new default accounts based on the fund segment from a charge. You'll also select the account code and department to use. For example, select account **-2000-00 as the default account. Asterisks represent the fund from data entry that you can't change, 2000 represents the account code, and 00 represents the department. When you add an invoice that credits account 01-5200-00, the debit account is 01-2000-00 based on this setting.

    Note: To ensure debits and credits in different funds remain balanced, add interfund entries before adding charges, credits, and payments. You can't save distributions for non-balancing accounts when an interfund entry doesn't exist for them.

Mask accounts to quickly select ranges of accounts without entering specific numbers. For details, see Mask Accounts.

Tip: When you select the Use a single receivables summary account and never post applications business rule in Settings, Receivables, you can only work with a single summary account.

Select at least one default account for discounts.

  • Single account — Adds the same account for all invoices and credit memos.

  • Multiple accounts — Adds new default accounts based on the fund segment from an invoice. You'll also select the account code and department to use. For example, designate account **-2000-00 as the default account. Asterisks represent the fund from data entry that you can't change, 2000 represents the account code, and 00 represents the department. When you add an invoice that credits account 01-5200-00, the debit account is 01-2000-00 based on this setting.

Mask accounts to quickly select ranges of accounts without entering specific numbers. For details, see Mask Accounts.

Select a single default account to ensure that projects, classes, and transaction codes attached to credit memos stay balanced.

Tip: Reclassification only displays when your organization uses multiple summary accounts.

Select a default account to ensure unapplied payments are held separately from the receivables summary account. This improves reconciliation and helps determine the balance for unapplied payments.

The default account you select for unapplied payments automatically displays on new payments.

Tip: Unapplied payments only displays when your organization uses multiple summary accounts.