Mode Of Payment

The Payment Method module records the various channels utilized for processing payments, whether they are outgoing or incoming.

To access the Payment Method list, follow these steps:

Home > Accounting > Settings > Payment Method

Creating a Mode Of Payment:

1. Access the Payment Method list and select New.
2. Provide a distinctive name for the Payment Method.
3. Specify the type, such as Cash, Bank, or General. This categorization proves beneficial for identifying the payment method employed, particularly in Point Of Sale (PoS) scenarios.
4. Assign a default payment Account that applies universally across all companies.
5. Save the configuration.

Tip: Configuring the default Account ensures its automatic inclusion in Payment Entries.

Note: When executing Payment Entries, the default bank account will be retrieved based on the following order if configured: