diff --git a/InvenTree/common/models.py b/InvenTree/common/models.py
index 924c55b54d..b3ac4e0381 100644
--- a/InvenTree/common/models.py
+++ b/InvenTree/common/models.py
@@ -153,6 +153,13 @@ class InvenTreeSetting(models.Model):
             'validator': bool,
         },
 
+        'PART_VIRTUAL': {
+            'name': _('Virtual'),
+            'description': _('Parts are virtual by default'),
+            'default': False,
+            'validator': bool,
+        },
+
         'BUILDORDER_REFERENCE_PREFIX': {
             'name': _('Build Order Reference Prefix'),
             'description': _('Prefix value for build order reference'),
diff --git a/InvenTree/part/forms.py b/InvenTree/part/forms.py
index 458667f3fe..072e1da8c3 100644
--- a/InvenTree/part/forms.py
+++ b/InvenTree/part/forms.py
@@ -236,6 +236,7 @@ class EditPartForm(HelperForm):
             'trackable',
             'purchaseable',
             'salable',
+            'virtual',
         ]
 
 
diff --git a/InvenTree/part/migrations/0061_auto_20210103_2306.py b/InvenTree/part/migrations/0061_auto_20210103_2313.py
similarity index 85%
rename from InvenTree/part/migrations/0061_auto_20210103_2306.py
rename to InvenTree/part/migrations/0061_auto_20210103_2313.py
index fa1f8c04c6..ca0c2a277f 100644
--- a/InvenTree/part/migrations/0061_auto_20210103_2306.py
+++ b/InvenTree/part/migrations/0061_auto_20210103_2313.py
@@ -1,9 +1,10 @@
-# Generated by Django 3.0.7 on 2021-01-03 12:06
+# Generated by Django 3.0.7 on 2021-01-03 12:13
 
 import InvenTree.fields
 import InvenTree.validators
 from django.db import migrations, models
 import django.db.models.deletion
+import markdownx.models
 import mptt.fields
 import part.settings
 
@@ -61,6 +62,11 @@ class Migration(migrations.Migration):
             name='name',
             field=models.CharField(help_text='Part name', max_length=100, validators=[InvenTree.validators.validate_part_name], verbose_name='Name'),
         ),
+        migrations.AlterField(
+            model_name='part',
+            name='notes',
+            field=markdownx.models.MarkdownxField(blank=True, help_text='Part notes - supports Markdown formatting', null=True, verbose_name='Notes'),
+        ),
         migrations.AlterField(
             model_name='part',
             name='revision',
@@ -71,4 +77,9 @@ class Migration(migrations.Migration):
             name='variant_of',
             field=models.ForeignKey(blank=True, help_text='Is this part a variant of another part?', limit_choices_to={'active': True, 'is_template': True}, null=True, on_delete=django.db.models.deletion.SET_NULL, related_name='variants', to='part.Part', verbose_name='Variant Of'),
         ),
+        migrations.AlterField(
+            model_name='part',
+            name='virtual',
+            field=models.BooleanField(default=part.settings.part_virtual_default, help_text='Is this a virtual part, such as a software product or license?', verbose_name='Virtual'),
+        ),
     ]
diff --git a/InvenTree/part/models.py b/InvenTree/part/models.py
index 900e0e5a98..fdd80e71b6 100644
--- a/InvenTree/part/models.py
+++ b/InvenTree/part/models.py
@@ -802,11 +802,15 @@ class Part(MPTTModel):
         help_text=_('Is this part active?'))
 
     virtual = models.BooleanField(
-        default=False,
+        default=part_settings.part_virtual_default,
         verbose_name=_('Virtual'),
         help_text=_('Is this a virtual part, such as a software product or license?'))
 
-    notes = MarkdownxField(blank=True, null=True, help_text=_('Part notes - supports Markdown formatting'))
+    notes = MarkdownxField(
+        blank=True, null=True,
+        verbose_name=_('Notes'),
+        help_text=_('Part notes - supports Markdown formatting')
+    )
 
     bom_checksum = models.CharField(max_length=128, blank=True, help_text=_('Stored BOM checksum'))
 
diff --git a/InvenTree/part/settings.py b/InvenTree/part/settings.py
index 1705f96a80..801b4dd2ec 100644
--- a/InvenTree/part/settings.py
+++ b/InvenTree/part/settings.py
@@ -24,6 +24,14 @@ def part_template_default():
     return InvenTreeSetting.get_setting('PART_TEMPLATE')
 
 
+def part_virtual_default():
+    """
+    Returns the default value for the 'is_virtual' field of Part object
+    """
+
+    return InvenTreeSetting.get_setting('PART_VIRTUAL')
+
+
 def part_component_default():
     """
     Returns the default value for the 'component' field of a Part object
diff --git a/InvenTree/templates/InvenTree/settings/part.html b/InvenTree/templates/InvenTree/settings/part.html
index 415449a559..fe46911dae 100644
--- a/InvenTree/templates/InvenTree/settings/part.html
+++ b/InvenTree/templates/InvenTree/settings/part.html
@@ -25,6 +25,7 @@
         {% include "InvenTree/settings/setting.html" with key="PART_TRACKABLE" icon="fa-directions" %}
         {% include "InvenTree/settings/setting.html" with key="PART_PURCHASEABLE" icon="fa-shopping-cart" %}
         {% include "InvenTree/settings/setting.html" with key="PART_SALABLE" icon="fa-dollar-sign" %}
+        {% include "InvenTree/settings/setting.html" with key="PART_VIRTUAL" icon="fa-ghost" %}
         <tr><td colspan='5'></td></tr>
         {% include "InvenTree/settings/setting.html" with key="PART_COPY_BOM" %}
         {% include "InvenTree/settings/setting.html" with key="PART_COPY_PARAMETERS" %}