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Default Settings

The Default Settings section under Financial Settings in the Centric System allows administrators to define standard configurations for financial transactions. These defaults streamline the accounting process, reduce manual entry, and ensure consistency across modules.

Purpose​

Default financial settings provide organizations with:

  • Predefined values for common financial fields.
  • Faster and more accurate transaction recording.
  • Consistency in accounting treatment across all departments.
  • Reduced errors by automating repetitive selections.

Key Fields and Their Functions​

1. Default Payment Account (Required)​

  • The main account used for processing payments.
  • Ensures all outgoing transactions are recorded against a standard account unless otherwise specified.

2. Default Currency​

  • Defines the currency used for all transactions (e.g., Saudi Riyal).
  • Ensures consistent reporting and eliminates currency mismatch errors.

3. Default Tax​

  • Predefined tax rate applied to sales and purchase transactions (e.g., VAT 15%).
  • Simplifies compliance with local tax regulations.

4. Default Payment Method​

  • The standard method of payment (e.g., Bank Transfer, Cash, Credit Card).
  • Helps automate payment workflows.

5. Income Category (Required)​

  • The default income category under the Chart of Accounts (COA).
  • All revenues default to this category unless reclassified.

6. Expenses Category (Required)​

  • The default expense category under the COA.
  • Ensures expenses are properly categorized for reporting.

7. Default Language (Required)​

  • Sets the language for financial documents and reports (e.g., English – GB).
  • Ensures consistency in communication and documentation.

Actions​

  • Save: Stores all selected defaults and applies them system-wide.
  • Defaults can be overridden during individual transactions if necessary.

Benefits​

  • Saves time by pre-filling financial fields.
  • Maintains accuracy and reduces manual errors.
  • Ensures compliance with tax and currency regulations.
  • Provides standardized reporting across the organization.

The Default Settings feature ensures smooth and efficient financial operations by predefining essential values for transactions across the Centric System.