Enter a valid receivable type (set up in AR Receivable Types) to be used as default when entering transactions in AR Invoice Entry, AR Cash Receipts (‘on account’ payments), or AR Finance Charge. Only used as a default if no receivable type is specified for the customer. (Note: Default may be overridden during transaction entry if you check the Allow Override of Receivable Type option below.)

Receivable types are used to define the General Ledger accounts for Accounts Receivable, non-contract revenue, retainage, discounts, and write-offs. Many companies may have only one receivable type, but it may be used for divisional reporting, or to define another type of receivables other than customer’s receivables, such as employee receivables.