This function allows you to maintain payment methods operated by your company. Payment method are usually distinguished by Cash, different banks or any other payments that you used to pay to your supplier or receive from your customer.
To access Payment Method, click on the Master Data icon > Payment Method.
Payment methods are usually auto created when you create a Bank, Cash or Deposit account at Chart of Account (See also Chart of Account). However, you can also add new payment methods here and link it to any Bank, Cash or Deposit account.
Creating a new Payment Method
To create a new Payment Method, click on the “+New” button.
Fields
Basic
Active: Indicate if Payment Method is still active. Unticking this will cause you unable to select this Payment Method at your entries.
Payment Method: Key in your Payment Method.
Payment Method Type: Select Payment Method type.
Journal Type: Key in posting Journal Type.
Bank/Cash Account: Select Bank or Cash Account (Special account created at Chart of Account). The payment amount will be posted into this account code when using this Payment Method.
Payment By: Key in default payment by description such as Cash, Bank etc. Leave blank if do not wish to default.
Need to specify additional information such as cheque number or credit card number: Tick this option if wish system to prompt a warning for not entering Cheque or Credit Card number.
Bank Charge
Bank Charge Account: Key in bank charge account. If there is any bank charge it will post into this account.
Min. Bank Charge: Key in minimum bank charge. Leave blank if no minimum is applied.
Bank Charge Rate (%): Key in bank charge rate. Bank charge will be automatically calculated when this payment method is applied.
Merge Bank Charge Transaction in Bank Reconciliation: Tick this option if wish to merge bank charge amount into payment amount as one line in bank reconciliation. Unticking this will separate the payment amount and bank charge amount into 2 lines.
Click “Save” to commit the changes once you had done keying in or editing the required information.