The Default Settlement Accounts window defines the bank accounts to which your company generally sends payments to settle deals. You can define several default settlement accounts for a counterparty and set up each account to receive payments for a specific kind of deal. You can associate a combination of deal type, deal subtype, product type, and amount type with a default settlement account. For example, if a counterparty requires you to send settlements for bond deals to one account, and settlements for negotiable securities to another, then you can define two default settlement accounts for that counterparty and associate the bond deal type with one account and the negotiable securities deal type with the other.
You can also define default settlement accounts to accommodate a counterparty that requests that a company send settlement payments for the premiums to one account and settlement payments for exercising the options to another.
If a counterparty has only one account for a currency, then set that account as the default settlement account in the Settle Account Detail window.
Use the Default Settlement Accounts window to define the default accounts which you want to use to perform settlements for a deal.
Set up settlement accounts for your companies and counterparties. See: Company Profiles and Counterparty Profiles.
In the Default Settlement Accounts window, select a party code.
Select the currency of the bank account.
Select the bank account number.
To set this account as the default settlement account for a particular deal type, select a deal type.
If the account receives settlement payments for a deal subtype, enter the deal subtype.
If the account receives settlement payments for a product type, enter the product type.
If the account receives settlement payments for an amount type, enter the amount type.
Save your work.