Default GL Accounts

Note: ​​Finance must be enabled to configure Default GL Accounts.

Ordway allows you to select default GL Accounts for specific transactions generated by the system. Each transaction listed below is tied to a specific debit or credit entry which is detailed below. These GL Accounts can be overwritten when adding or editing Product-related Accounting Information for Orders/Contracts, Invoice Posting, and Revenue Schedules, but can also be modified when generating Payments and Refunds.

Note: ​​Product level transactions do not determine how payments are offset. Therefore, it is important that the defaults are set properly.

Navigate to Menu > Setup > Finance to access Default GL Accounts.

• Income Account - Default credit entry for Invoice Posting transaction for non-deferred revenue transactions and the credit entry for Revenue Schedule transactions for deferred revenue transactions. The GL Account selected as the default can be overwritten when modifying the Accounting Information for Products, Plans, and Subscription Charges.

Non-Deferred Income

Deferred Revenue Schedules

• Accounts Receivable - Default debit entry for Invoice Posting transaction. This selection can apply to both non-deferred and deferred revenue related transactions. The GL Account selected as the default can be overwritten when modifying the Accounting Information for Products, Plans, and Subscription Charges. The GL Account selected will also be used as the Credit side of the Payment Transaction for both External and Electronic Payments as well the debit entry for Refunds.

• Deferred Revenue - Default credit entry for Invoice Posting and debit entry for Revenue Schedules transactions for deferred revenue transactions. The GL Account selected as the default can be overwritten when modifying the Accounting Information for Products, Plans, and Subscription Charges.

• Unbilled Accounts Receivable - Default debit entry for deferred revenue transactions for Orders / Contracts transactions and the credit entry for Invoice Posting transactions. The GL Account selected as the default can be overwritten when modifying the Accounting Information for Products, Plans, and Subscription Charges.

• External Payments - Default debit entry for External Payment transactions. The default account can be overwritten when adding or editing Payments.

• Electronic Payments - Default debit entry for Electronic Payment transactions. The default account can be overwritten when adding or editing Payments.

• Payment Transaction Fees - Default credit entry for transaction fees associated with both External & Electronic Payment Fees. The account selected will be used in all journal entries and cannot be modified when adding or editing a payment.

• Credits - Default credit entry for Credits.

Note: this is currently overwritten by the credit entry of the invoice posting accounts for the product used in the Credit Line. The Credit Account can be overwritten when adding or editing a Credit.

• Refunds - Default credit entry for Refunds. The GL Account selected can be overwritten when adding or editing a Refund.

• Taxes - Default GL Account used to capture Sales Tax associated with Invoice Lines and Credit Lines. The Default GL Account selected for Sales Tax cannot be overwritten and will be used for Sales Tax in all Invoice journal entries.
• Realized Foreign Currency Gain & Loss  - If ‘Automate Realized Gain / Loss for Foreign Currency Transactions’ is enabled, this is the Default GL Account used to capture the associated gain or loss journal entry.  The Default GL Account selected for Realized Foreign Currency Gain & Loss cannot be overwritten and will be used for Realized Gain and Loss journal entries.