How to set up Payment Methods

Overview:
Setting up Payment Methods allows users to create company-specific payment options. This streamlines transactions, ensures consistent recording, and improves overall financial management.

Scenario:

A business wants to add a new payment method, such as a digital wallet or bank transfer, to ensure payments are processed and recorded accurately in the system.

Solution:

1. In the Navigation Pane, go to Company > Maintenance > Payment Method. 
 

2. Click the ‘Add’ to create a new option.
 

3. A pop-up window for Payment Method Details will appear, where the user will set up the details of the new payment option.
 

• Code: Select the Payment Method code
• Description: Name of the Payment Method
• Payment Mode: 
      01 - Cash
      02 - Cheque
      03 - Bank Transfer
      04 - Credit Card
      05 - Debit Card
      06 - e-Wallet / Digital Wallet
      07 - Digital Bank
      08 - Others
• Bank / Cash Account: Choose from a selection based on what was set up under Chart of Accounts > Current Assets > Cash at Bank.
• Active: Set this Payment Method active
• Default: Set this Payment Method as default

4. After setting up the Payment Method Details click Submit.

Application:

• Use the newly created payment method when recording receipts and payments in invoices, bills, or journals.

• Automate reconciliation by linking transactions to the correct payment account.

• Standardize payment processing across departments for accurate reporting.

• Simplify cash flow management by tracking all payment types consistently.

Note: 

Setting up payment methods is a prerequisite for using online payment features. Without defining the payment method, online transactions cannot be processed correctly.