When a new customer account is being added, by default, "Business Account" ("AcctCD" field in "BAccount" table in database) is a mandatory field that has to be filled before submitting the form, however, I prefer to make this field an auto-generated field so this field wouldn't require manual input - is it possible? If it is possible, how would I configure it?
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You could set auto-generation of Business Accounts in Configuration > Common Settings > Segmented Keys, then first setup the BIZACCT to setup proper segmentation (make sure that there will be a segment for auto-numbering or if only one segment make sure the Edit Mask is set to "Alphanumeric"), it is also the parent of EMPLOYEE, VENDOR, and CUSTOMER ID. Then after that, set an auto numbering sequence in each ID's (EMPLOYEE, VENDOR, CUSTOMER) on Numbering Sequence, make sure the length of the numbering sequence is the same as the length of the segment. Then choose one of the ID's (EMPLOYEE, VENDOR, CUSTOMER) then set your created numbering sequence on Numbering ID field then select the segment on the grid and check the Auto Number column on the grid.