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Set a Default Chart of Account for Payees

Introduction

In Cosmolex, you have the option to set a default COA account for payees. Use this feature to help you record transactions and accounts payable bills in a much easier and faster way.

When you set a default account, it is remembered next time you enter a transaction for a business expense such as a phone bill, or for rent. When you select the payee, CosmoLex will automatically populate the chart of account which. For example, when you pick your Phone Bill company, the transaction will automatically record it under the appropriate account for your books. This saves time from having to choose from a list of accounts every time you record a transaction.

This article refers to default COA accounts for Payees – usually involved with general business transactions and does not apply to trust (escrow) accounting. For more information on what chart of accounts are selected when recording trust transactions, read more here. 

Set Default Account

To set the default account, follow these instructions:

1. Click the Contacts Tab

2. Click Payee Tab

3. Select a payee and click  Edit, or  Add new payee

4. Complete the Edit (or Add) Payee Window. In addition to other payee details, ensure that an account is selected under “Default Account”

5. When ready, click Save

All set! Now, when you enter a payment transaction in your business or operating account, the account field will populate automatically when you select the payee. See it in action below!

Learn More

Add and Manage Clients, Contacts, and Payees

Add and Manage Operating Bank Transactions

Updated on August 27, 2018

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