In Cosmolex, you have the option to set a default chart of account for payees so when you enter a transaction for a business expense such as a phone bill, or for rent, the payee when entered will automatically populate the chart of account which saves time having to choose from a list of chart of accounts in the add transaction window.
To do this:
- Go to Contact > Click Payee tab > Click Add/Edit
In the Add/Edit Payee Window:
- Type in Name(In the Print as field the name will auto-populate here once you click in this field)
- Default Account: Choose the chart of account for this payee.
- Notes: Type in any additional info about the payee. This will show for internal use only.
- Put in contact info such as address, email, phone number, etc.
- When ready, click Save.
When you enter a payment transaction in your business or operating account, where it says payee, you would type in the payee name and the chart of account will automatically populate as shown below: