Account Defaults

Sprout uses account defaults for all GL transactions within that category. The defaults are found under GL - Account Defaults.

These defaults do not directly go to financial statements, but their selected general ledger account and the general ledger account’s type do impact what financial statement the transaction appears on.

Account Defaults and their Uses

The table below shows all current Account Defaults and their use. This is used by Sprout to set defaults, but in many cases, such as inventory and adjustments, this is overridden by specific items or adjustment reasons

Account Default	Use	Financial Statement	Required
Accounts Receivable	The default for accounts receivable transactions	Balance Sheet	Yes
Accounts Payable	The default for accounts payable	Balance Sheet	Yes
Cash	The default for cash transactions	Balance Sheet	Yes
Inventory	The default for inventory transactions - this can be overridden at the item level	Balance Sheet	Yes
Inventory Suspense	This is often used for manual GL entries or when an integration is created without a matching GL category. It is not typically used in normal day to day activity and can be left blank.	Balance Sheet	No
Inventory Adjustments	The default used for inventory adjustments - this can be overridden at the adjustment reason level	Income Statement	Yes
Sales Tax	The default for sales tax records	Balance Sheet	No
Sales	The default used to record sales - this can be overridden at the item level	Income Statement	Yes
Cost of Goods Sold	The default used to record cost of goods - this can be overridden at the item level	Income Statement	Yes
Undeposited	The default for cash received, but not deposited	Balance Sheet	Yes
Sales Discount	The default for sales discounts - this can be modified at the customer level	Income Statement	Yes
Accounts Payable Discount	The default for vendor discounts - this can be overridden at the vendor level	Income Statement	Yes
Earnings	The default for retained earnings at year end close	Balance Sheet	Yes
Net Income	The default for net income at year end	Balance Sheet	Yes
Goods Received Not Invoiced / Unvouchered Payable	The default for purchases that have been received and accrued, but the invoice has not been applied	Balance Sheet	Yes
Sales Returns and Allowances	Used when a receivable credit is entered	Income Statement	Yes
Unapplied Customer Credits	Credits given to a customer but not applied to a specific invoice. This credit can be used laster	Balance Sheet	Yes
Unapplied Customer Cash Receipts	Cash receipt received from a customer, but not applied to a specific invoice. This can be used later.	Balance Sheet	Yes
Inventory Adjustments	The default used when adjusting inventory - this can be overridden at the inventory adjustment reason level	Balance Sheet	Yes
Realized Foreign Exchange Gains and Losses	Used when the foreign exchange module is used to record gains and losses Only Required if the Foreign Exchange module is used	Income Statement	No
Vendor Credit	A credit applied to a vendors payable invoice	Balance Sheet	Yes
Packing Variance	This is for variances occurring during component cost changes after receipt	Balance Sheet	No
COGS Rounding Adjustment	When using Sprout for kit/BOM building there can be some costs that are less than one cent. This account default holds the rounding differences	Income Statement	No

Updating Account Number Used

To edit a default account, click the edit number and enter the new account. This will not change historical uses, but will be used for new entries. The name and description can’t be changed.