Default bookkeeping accounts

You can find the default bookkeeping accounts under Settings → Bookkeeping settings and automation → Default bookkeeping accounts.

Default accounts are accounts that NoCFO uses for automatic postings. They let the program post entries to the right accounts without you having to select each account manually every time.

NoCFO has already set good default values for these accounts — you usually don't need to change them unless there's a specific reason to.

Default accounts

VAT account — the account used for VAT postings. Default: 2939 VAT payable.

Profit or loss from previous financial years — the account to which the result of previous financial years is transferred at the change of financial year. Default: 2251 Profit/loss from previous financial years.

Accounts receivable — the account used in accrual-based bookkeeping when a sale has been made but payment hasn't been received yet. Default: 1701 Accounts receivable.

Accounts payable — the account used in accrual-based bookkeeping when a purchase has been made but hasn't been paid yet. Default: 2871 Accounts payable.