for bank transactions receive and spend money,
a) i had selected my only bank account as default
b) Accounts receivable or Accounts payable as default under the line account column
c) status as Cleared by default.
but only the status appears as cleared by default on the form.
i have not checked the Cash transactions.
for a bank transaction the form has Amounts are tax inclusive checked by default. this should be the same in the new Form Defaults. the user can uncheck it if they do not want to in the Form Defaults.
as confirmed by @Tut the same happens with Cash Transactions.
the majority of receive and spend money transactions are related to the sale and purchase in a business. in most of the cases the expenses too are mostly associated with receivable and payable (freight, bank charges, etc.). it would be easier and time saving for the user if the accounts used for almost 90% of a day’s transactions can be set as default.