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1. In GL Account Defaults there is a specific tab 'FinAccount Type Gl Account' for specifying which type of Financial accounts are posted to which general ledger account.
2. In GL Account Defaults there is also a tab 'Payment Method Id / GL Account ID' for specifying the account  to post transactions to if 'Financial Account' is selected as the Payment Method instead of (Cash, Cheque, Credit Card, etc). By default the demo setup posts transactions to 111100 GENERAL CHECKING ACCOUNT. TO DO: Need to investigate to see if you can separate a party financial account

You can also setup each financial account to post to a specific

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general ledger account

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for each party. This is done via a specific field during the creation or update of a financial account. This will override the default setting by type.

What is it used for?

These include:

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1. The  'Create/Update Financial Account' screen is displayed.
2. Keep the default entry of 'Deposit Account' for the Fin Account Type field
3. Keep the default entry of 'Active' for the status field
4. Enter a description (eg ABC Customer Prepaid Account) for the 'Fin Account Name' field
5. Leave the Fin Account Pin field blank (NOTE TO CHECK: I think this is only used in creation of Gift Cards and Certificates..)
6. Leave the Fin Account Code field blank (NOTE TO CHECK: I think this is only used in the creation of Gift Cards and Certificates...)
7. The currency field will be the default currency of Company (eg USD). If this account is to be in another currency (eg EUR) then select it from the drop down list.
8. Leave the Organization Party ID field blank (NOTE TO CHECK: Need to investigate where this is used..)
9. Fill in the Owner Party Id field with the party id of the customer who has the Financial Account (eg DemoCustomer or DemoCustCompany)
10. Fill in the 'Post to Gl Account field' to post the transactions for this financial account to post to a specific GL Account 

TO DO

How to update a financial account?

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