Payment Methods refer to the way by which your customer chooses to pay for the order or how you chose to pay for the purchase. Examples of Payment Methods include Bank Transfer, Credit Cards, Personal Funds and Cash (Petty Cash). These can be used to identify transactions paid for in a specific way.
Payment Methods can also be imported from specific integrated Accounting Software. In some cases, it may be necessary to link Payment Methods to specific Bank Accounts or other identifications (e.g. ledger account, payment method code) used by your software before you can publish transactions with these payment methods.
Payment Method Types
- Bank Transfer - Used for documents that have been or will be paid by a bank transfer.
- Credit Card - Used for Company Credit Cards. There can be multiple payment methods with this type. For each Credit Card, the last 4 digits can be entered for auto-matching of the payment method.
- Personal Funds - Used for any personal funds payment that must be reimbursed to the person. This includes payments by users personal credit card, personal cash etc.
- Custom - User-defined custom payment method type that does not have any pre-defined behaviour in Envoice.
How to set up a payment method?
- Go to Settings - Bookkeeping - Payment Methods
- Press Create new or Edit for existing Payment Method
- Fill out the payment method details
- Depending on your accounting software, you may have to:
- Use the Bank Account dropdown to specify which bank account that transactions paid with this payment method should be published to.
- Enter a Payment Method Code from your accounting software.
- Link specific ledger accounts from your chart of accounts.
- Choose Default payment method of the type if this is the primary method for the type. For example, if not a specific Cash type of payment method is assigned, the default payment method will be used.
- Choose Mark invoices automatically as paid if you wish to add the automatic payment for the document in Envoice. This does not affect the payment status in accounting software.
For credit card payment methods we suggest filling in the ‘Name’ field with a description of who uses this card.