Default accounts are used in the event that you haven’t configured a specific account. For example, if you haven’t configured a specific asset account for your bottled goods, it will fall into the Asset account that you’ve set up as your default.
Refer to our Configuring vintrace as a Sub-Ledger to Xero article to learn more about setting up and linking your account to an accounting package.
You can set up default accounts from the Winery Setup window (Setup Options > Accounts > Account):
- Click Set Up in the sidebar.
- Click Accounts.
- From the Accounts tile, click Configure.
- Click Defaults.
- From the Configure Default Ledger Accounts window, select the account that you want to use as the default for each category. You can create a new account by clicking the beside the category.
The default accounts that you can configure are described below.
|Work In Progress||Tracks the value of your wine batches through the various stages of the production cycle.|
|Cost of Goods||Tracks the value of the cost of goods sold from your sales.|
|Revenue||Tracks the value of the revenue generated from your sales.|
|Expense||Tracks the cost of the expenses incurred (purchases, services, etc.)|
|Asset||Tracks the value of your resources (finished products, stock)|
|Liability||Track legal debts/obligations that arise during production and business operations.|
|Write off||Tracks the resources that are written off.|
- Click OK.