The nominal accounts in your company’s chart of accounts can now be given ‘default’ tax codes, meaning that the next time you're fast-coding a bank statement, selecting a particular nominal account will automatically populate the corresponding default tax code!
Whilst an effective time-saving when used at a company-level, the real efficiency-gains are had when you apply default tax codes to your Organisation template charts of accounts - in that way, all companies created using one of these Organisation templates will automatically inherit the default tax code settings!
Defining your default tax codes
Each nominal account can actually have two default tax codes - one for receipts and one for payments. The exercise of populating the default tax codes can in itself be fast-coded in the 'Chart of Accounts' page of your company (or the 'Chart of Accounts' tab of your Organisation template) in a similar way to how you fast-code bank statements:
These defaults can also be set within the individual nominal account record itself:
Coding with default tax codes set up
Thereafter, coding a bank statement (or cash sales or expenses line) to a nominal account will automatically populate the relevant default tax code. This default can of course still be overwritten, and all related postings are as always handled automatically in the background.
e.g. fast-coding a selection of bank payments:
A nominal account's default tax codes can be changed at any time (from the 'Chart of Accounts' page). Changing a default tax code will only affect subsequent (first-time) assignments of nominal accounts to transaction lines - it will not affect already-posted transactions (or indeed any transaction lines in draft that have already had nominal accounts assigned).
If adding data "on-screen" (rather than importing from AutoEntry or CSV), then default tax codes will only populate if you enter the receipt or payment amount before selecting the nominal account (if the nominal account is selected first, then AccountsPrep simply won't know whether to populate the default for a receipt or a payment!).
e.g. adding bank statement data "on-screen": entering the amount before selecting the nominal account will allow the default tax code to populate.