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.
Note: Depending on your account software, the linking may vary. Some software use bank accounts, some ledger accounts and other use payment methods to link and publish the transactions to a specific destination. Below is a general description of how to link the payment method to your software. The more specific instructions depending on your software may be available in the integrations section.
How to link payment methods with a Bank Account?
After connecting a payment method with a specific Bank Account, the transactions will be published to the linked bank account in your accounting software.
- Navigate to Settings - Bookkeeping - Payment Methods
- Add a new payment method or edit the existing payment method
- Choose Publish To as Bank Transactions
- Select a Bank Account that you want transactions with this payment method published to
- Press Save
How to link payment methods with a Ledger Account?
After connecting a payment method with a specific Ledger Account, the transactions will be published to the linked ledger account in your accounting software.
- Navigate to Settings - Bookkeeping - Payment Methods
- Add a new payment method or edit the existing payment method
- Choose correct payment accounts from your ledger accounts
- Press Save
How to link payment methods with a Payment Method Code?
After connecting a payment method with a specific Payment Method Code in your accounting software, the transactions will be published to the linked payment method in your accounting software.
- Navigate to Settings - Bookkeeping - Payment Methods
- Add a new payment method or edit the existing payment method
- Choose correct payment accounts from your ledger accounts
- Press Save
