Setting Default Payment Accounts
Default Payment Accounts determine where payments are posted automatically when transactions are recorded.
For example, cash payments can be posted to a Cash on Hand account, while bank transfers can be posted directly to a bank account.
This helps reduce manual accounting and ensures payments are recorded in the correct ledger accounts.
Note: This feature is available when the Accounting module is enabled.
Configuring Default Payment Accounts
Go to Settings → Stores.
Edit the required business location.
Scroll to Default Payment Accounts.
Select the default account for each payment method.
Save the changes.
Default Cash Account
The Default Cash Account is used whenever a transaction is paid using Cash.
Example:
Cash on Hand
Main Cash Drawer
Reception Cash
Cash sales, customer payments, and supplier payments recorded as Cash are automatically posted to this account.
Default Bank Account
The Default Bank Account is used whenever a transaction is paid using Bank Transfer.
Example:
Bank of Maldives
MIB Current Account
HSBC Business Account
Payments received through bank transfer are automatically posted to the selected account.
Creating Bank Accounts
Before selecting a bank account, create it in the Accounting module.
Go to:
Accounting → Bank Accounts
From there you can:
Create new bank accounts.
Edit existing bank accounts.
Manage business bank accounts used for accounting transactions.
Once created, the accounts become available in the Store payment account settings.
How It Works
When a payment is recorded, IsleBooks automatically determines the destination account based on the payment method.
For example:
Payment Method | Posted To |
Cash | Default Cash Account |
Bank Transfer | Default Bank Account |
This ensures accounting entries are recorded consistently without requiring users to select the account for every transaction.
Best Practices
Configure default payment accounts for every business location.
Use separate cash accounts for different stores or cash drawers if required.
Create all business bank accounts under Accounting → Bank Accounts before assigning them.
Review these settings whenever opening a new store or adding a new payment account.