System accounts can be set at the global level, but can be overwritten at the item, project, or invoice level, if needed. You can create and set your own default system , tax, and bank accounts in BQE CORE and then assign them in Settings . This helps you maintain your own Chart of Accounts numbering and hierarchy. CORE uses a combination of 5 digit-4 digit account numbers. Below is a list of System Accounts used in CORE.
Account ID
Account Name
Account Description
Display Account
25100
Main Service Tax Payable
Main Service Tax Payable
25100 - Main Service Tax Payable
2000
Accounts Payable
Accounts Payable
2000 - Accounts Payable
6000
Expenses (Not Billable to Client)
Other Expenses
6000 - Expenses (Not Billable to Client)
4400
AR Discount
NULL
4400 - AR Discount
3000
Opening Balance Equity
Opening Balance Equity
3000 - Opening Balance Equity
1200
Undeposited funds
Undeposited funds
1200 - Undeposited funds
25400
Expense Tax Payable
Expense Tax Payable
25400 - Expense Tax Payable
6045
AP Discount
NULL
6045 - AP Discount
25300
Service Tax Payable
Service Tax Payable
25300 - Service Tax Payable
2200
Client Retainers / Payments Received Unearned
Customer Deposits/Retainers
2200 - Client Retainers / Payments Received Unearned
Accounts can be set at the global level but overwritten at the item, project or invoice level, if needed. You can create and set your own default system, tax and bank accounts. This helps maintain your own chart of accounts numbering and hierarchy.
Default account for sales discounts given to clients on invoices. All the A/R transactions involving discounts are posted to this account. It can be an income or an expense account. If you select an income account here, CORE debits that account in case of discounts on invoices. If you select an expense account here, CORE credits the account for invoice discounts.
The default account you want to set for retainers and other liabilities in CORE. All the transactions involving retainers, pre-payments and related liabilities will be posted to this account, unless overwritten.
The default account you want to set for payments received from clients that are not yet deposited. Typically, all un-deposited payments land in a default account called 'Un-Deposited Funds'. However, you can create and select your own account and have un-deposited payments be posted to that account instead.
Default income account set for service and expense items in CORE. It is affected only when your invoices have time and expenses (as line items). All the transactions involving income from these items are posted to this account.
Default income account set for late fees collected from delinquent clients (on outstanding invoices). This separate account can give you a more realistic view of your revenue breakdown.
Default income account for invoices having service amount without service line items associated with them. Thus, it allows CORE to post income earned on activities or services to this account instead of treating it as uncategorized income or posting it to the default income account. This option affects the reports, especially profit and loss.
Default income account for invoices having expense amount without expense entry line items associated with them. Thus, it allows CORE to post income earned on such expenses to this account instead of treating it as uncategorized income or posting it to the default income account. This option affects the reports, especially profit and loss.
Default expense account set for service and expense items in CORE. All the transactions involving expenses from these items are posted to this account.
The default account you want to use for all your A/P transactions in CORE, such as vendor bills. All the payables will be posted to this account, unless overwritten.
Default account for expense discounts received on vendor bills from vendors. All the A/P transactions involving discounts are posted to this account. It can be an income or an expense account. If you select an income account here, CORE credits the account in case of discounts on vendor bills. If you select an expense account here, CORE debits the account for vendor bill discounts. Discounts that we receive on vendor bills follow the same G/L category as the vendor bills. So if it is a vendor bill for Cost of Goods Sold (COGS), the discount is also in COGS.