Payment Modes

Payment Modes represent the different methods by which your Invoices will be paid by your Customers (and by which you will pay your Suppliers). Typical examples are cash, cheque, direct debit and credit card. For many businesses, the difference between such payment methods in terms of the way they are accounted for is minimal, but where appropriate, you can configure each Payment Mode to debit a different Account and to be paid into a different bank account. In other words, you should have a separate Payment Mode for each bank account that will issue or receive payments. Payment Modes can also be differentiated by Object.

The Payment Modes setting is in both the Sales and Purchase Ledgers. To open this setting, ensure you are in either of these modules and then click the [Settings] button in the Navigation Centre. Double-click 'Payment Modes' in the 'Settings' list. Fill in the fields as described below. Then, to save changes and close the window, click the [Save] button. To close the window without saving changes, click the close box.

You can enter as many Payment Modes as you need, using the matrix on the 'Payment Modes' screen. To add a Payment Mode, click in the Code field of the first blank row and enter appropriate text. To remove a Payment Mode, click on the row number on the left of the row and press the Backspace key.To insert a new row, click on the row number and press the Return key.

The Payment Mode in the first row of this setting will be offered as a default in each new Receipt and Payment that you create. It is therefore recommended that you enter your most commonly used Payment Mode in this row.

The Payment Modes setting is spread over five flips. To view specific flips, click one of the five flip tabs (marked A-E) on the right of the matrix:

Please click the following links for details about each part of the setting:

Settings in the Sales Ledger:

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