The 'Accounts' tab resides on the System Preferences screen. Click here for more information on System Preferences. On the Accounts tab, System-wide Account settings are set. The values provided in these settings will be used as the Default Accounts throughout the System.
1) Accounts Payable - set the Default Accounts Payable GL Account for all AP Transactions
2) Accounts Receivable - set the Default Accounts Recievable GL Account for all AR Transactions
3) Credit Expected - set the Credit Expected GL Account used on the 'Vendor Credit Expected' field on an AP Invoice transaction
4) Retained Earnings - set the Retained Earnings GL Account used for year-end close
5) Undeposited Funds - set the Undeposited Funds GL Account that will populate the 'Undeposited Funds' on the Bank Deposit screen, as well as match Undeposited Funds on the Bank Activity Screen
6) Checking - System wide default Checking Account. Optional field
7) Food Sales - System wide default Food Sales Account. Optional field
8) Sales Tax - set the Sales Tax Payable GL Account used on taxable AR Transactions