Set up Company Parameters eg. Default Accounts, VAT rates

What is a default account?

A default account is an a account that the company uses as its first account. For instance the company selects the default payments account to make payments.

https://www.easternbank.com/hcdemo/help/WebHelp/Definition_default_payment_account.htm

What are VAT rates?

This is a tax that is on good and services. The traders in the supply chain can reduce that VAT paid on purchases. Traders are that are included would be the manufacturer to the retailer. They generally add vat onto the goods/services.

To learn more about VAT and VAT rates check this link out.

http://www.revenue.ie/en/tax/vat/full-intro.html