Is it possible to set a default Income Account on items? Can the default account be different depending on the item type?

On the accounting tab, of item record you can set an income account. The default income account to be used on items can be set on Accounting preference. Not sure if there's any out of box feature for accounting by Item type.

I think I have a WF that deals with this. But I also know the Item Account fields can be problematic.

@Ashish Atri You said "The default income account to be used on items can be set on Accounting preference". Where is this setting? Does this allow me to set a default income account for all items in my org? I know I can set the income account on individual items by going to the item record for that item, but what if I want to set a default income account that will be universal for all items?

@Dan Warner Check Setup --> Accounting --> Accounting Preference --> Items/Transactions. You can setup a default income account

@Ashish Atri Thank you, this is exactly what I was looking for. @Sheryl Wood Tagging you so that you see this too.

@Dan Warner so you don't need it to be different for the different item types?

@Netsuite Tragic I do indeed want the income account to be different for different item types. My immediate concern was learning the location of the universal setting. But if you know how I can set a different income account for each item type, I would like to know how to do that too.

I think the WF on Create is the way. (Or script of course)