How to Set Up Default Accounts in QNE AI Cloud

Overview:

Setting up default accounts in QNE AI Cloud ensures that financial transactions are automatically posted to the appropriate general ledger (GL) accounts. This streamlines data entry, reduces manual errors, and promotes consistent reporting. Whether it’s sales, purchases, taxes, or currency adjustments, properly configuring these defaults helps maintain accurate and efficient financial records.

Scenario:

You're preparing your company's accounting environment in QNE AI Cloud. To streamline transaction processing and maintain consistency across financial entries, you want to set up default accounts for:

• Customer and supplier control
• Bank-related charges
• Rounding differences
• Foreign exchange gains or losses
• Global discounts

Procedure:

To configure the default accounts in QNE AI Cloud:

1. Navigate to Company > Maintenance > Default Accounts.
   This section allows you to define the GL accounts the system will use automatically across various modules.
2. Configure the Default Accounts You Need. Once done, click Save to apply the changes.
   
   You are not required to configure all default accounts — only those relevant to your company’s processes. For each section, use the dropdowns to define the appropriate GL account. The system will display only compatible options based on each account’s classification in your Chart of Accounts.
   
   Here’s a guide to the available default accounts:
    
   • Bank Account - Auto-fills “Deposit To” or “Payment By” fields in receipt or payment transactions. Displays only “Bank Account” types.
     
     
   • Bank Charges - Automatically posts fees or service charges related to bank transactions to the assigned GL account.
     
     
   • Customer Control Account - Displays only “Debtors Control Account” types. This account is automatically assigned to new customer profiles.
     
     
   • Supplier Control Account - Displays only “Creditors Control Account” types. Used as the default control account for new suppliers.
     
     
   • Rounding Adjustment - Captures minor rounding differences in transaction amounts (e.g., A sales invoice of PHP 999.995 rounded to PHP 1,000.00 results in a PHP 0.005 adjustment).
     
     
   • Unrealized Forex Gain / Loss - Automatically posts currency exchange gains or losses on unpaid foreign currency transactions.
     
     
   • Global Discount - Records overall discounts applied to the total transaction amount.
     
     Note:
     It’s not mandatory to configure all default accounts. Set only those that apply to your current workflows. Any fields left blank will require manual account selection during transactions.
     
     Reminder: In compliance with the Ease of Paying Taxes Act (EOPT), VAT must now be recognized at the point of invoicing or sale. Thus, the practice of deferring VAT is no longer allowed.
     

Application:

Once you've configured your default accounts, QNE AI Cloud will automatically apply them during transactions. This removes the need for manual selection and helps ensure consistency across your financial data.

Example 1: Bank Account in Receipt Voucher

When you create a receipt voucher, the system will automatically populate the Deposit To field using the configured default bank account.

Example 2: Customer Control Account in Customer Setup

When adding a new customer, the Control Account field will auto-fill with the defined customer control account, ensuring all receivables are properly tracked.