In Party Wise Default Master user can set the defaults like CD, TD, TAX 1,2,3 , SP CD, EXCISE etc for the supplier, customer or items.
Supplier Wise Defaults : This option is used to set defaults for the supplier. User can choose any option according to his need.
Customer Wise Defaults : This option is used to set defaults for the customer. User can choose any option according to his need.
Supplier/Customer Wise Defaults : This option is used to set defaults for customer and supplier both. User can choose any option according to his need.