diff --git a/client/src/containers/Items/ItemForm.js b/client/src/containers/Items/ItemForm.js
index 97fd4a492..d9ab4f86a 100644
--- a/client/src/containers/Items/ItemForm.js
+++ b/client/src/containers/Items/ItemForm.js
@@ -19,6 +19,7 @@ import withMediaActions from 'containers/Media/withMediaActions';
 import useMedia from 'hooks/useMedia';
 import withItemDetail from 'containers/Items/withItemDetail';
 import withDashboardActions from 'containers/Dashboard/withDashboardActions';
+import withSettings from 'containers/Settings/withSettings';
 
 import { compose, transformToForm } from 'utils';
 
@@ -54,6 +55,11 @@ function ItemForm({
   changePageTitle,
   changePageSubtitle,
 
+  // #withSettings
+  preferredCostAccount,
+  preferredSellAccount,
+  preferredInventoryAccount,
+
   // #withMediaActions
   requestSubmitMedia,
   requestDeleteMedia,
@@ -89,14 +95,16 @@ function ItemForm({
     sku: Yup.string().trim(),
     cost_price: Yup.number().when(['purchasable'], {
       is: true,
-      then: Yup.number().required()
-      .label(formatMessage({ id: 'cost_price_' })),
+      then: Yup.number()
+        .required()
+        .label(formatMessage({ id: 'cost_price_' })),
       otherwise: Yup.number().nullable(true),
     }),
     sell_price: Yup.number().when(['sellable'], {
       is: true,
-      then: Yup.number().required()
-      .label(formatMessage({ id: 'sell_price_' })),
+      then: Yup.number()
+        .required()
+        .label(formatMessage({ id: 'sell_price_' })),
       otherwise: Yup.number().nullable(true),
     }),
     cost_account_id: Yup.number()
@@ -132,7 +140,9 @@ function ItemForm({
   const initialValues = useMemo(
     () => ({
       ...defaultInitialValues,
-
+      cost_account_id: parseInt(preferredCostAccount),
+      sell_account_id: parseInt(preferredSellAccount),
+      inventory_account_id: parseInt(preferredInventoryAccount),
       /**
        * We only care about the fields in the form. Previously unfilled optional
        * values such as `notes` come back from the API as null, so remove those
@@ -283,4 +293,9 @@ export default compose(
   withItemDetail,
   withDashboardActions,
   withMediaActions,
+  withSettings(({ itemsSettings }) => ({
+    preferredCostAccount: itemsSettings.preferredCostAccount,
+    preferredSellAccount: itemsSettings.preferredSellAccount,
+    preferredInventoryAccount: itemsSettings.preferredInventoryAccount,
+  })),
 )(ItemForm);
diff --git a/client/src/containers/Settings/withSettings.js b/client/src/containers/Settings/withSettings.js
index 1713f375d..68588c579 100644
--- a/client/src/containers/Settings/withSettings.js
+++ b/client/src/containers/Settings/withSettings.js
@@ -10,6 +10,7 @@ export default (mapState) => {
       estimatesSettings: state.settings.data.salesEstimates,
       receiptSettings: state.settings.data.salesReceipts,
       invoiceSettings: state.settings.data.salesInvoices,
+      itemsSettings: state.settings.data.items,
     };
     return mapState ? mapState(mapped, state, props) : mapped;
   };
diff --git a/server/src/data/options.js b/server/src/data/options.js
index 38d52c7d2..1f369748d 100644
--- a/server/src/data/options.js
+++ b/server/src/data/options.js
@@ -105,12 +105,26 @@ export default {
   ],
   payment_receives: [
     {
-      key: 'next_number',
-      type: 'number',
+      key: "next_number",
+      type: "number",
     },
     {
-      key: 'number_prefix',
-      type: 'string',
+      key: "number_prefix",
+      type: "string",
     },
-  ]
+  ],
+  items: [
+    {
+      key: "preferred_sell_account",
+      type: "number",
+    },
+    {
+      key: "preferred_cost_account",
+      type: "number",
+    },
+    {
+      key: "preferred_inventory_account",
+      type: "number",
+    },
+  ],
 };