Payables Default Accounts

Use default accounts to assign ledger accounts to Payables distributions for accounts payable summaries, discounts, reclassification, and purchase order encumbrance. Under Settings, select Payables, Configuration, and Default Accounts. For an overview of other Payables settings, including invoice aging and payment terms, see Payables Configuration.

Choose a single account to use the same account for invoices and credit memos, or choose multiple accounts to create an account hierarchy with a primary account and secondary accounts for specific circumstances.

• Single account — Use the same default account for invoices and credit memos. Search by account number or use an account mask to select a range. The account balances automatically by fund and segment when you enter debit accounts.

• Multiple accounts — Create default accounts using the fund segment from an invoice, which you can't change. Specify the account code and department for the new accounts. For example, use **-2000-00 as the default accounts payable summary account. The asterisks represent the invoice's fund segment, 2000 is the account code, and 00 is the department.

Note: For reclassification, use a single default account to keep the projects, classes, and transaction codes attached to credit memos balanced.