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.
You can always assign the payment method on a document or assign a particular contact with a payment method.
After you’ve submitted a document to Envoice, Envoice will extract the last 4 digits of the credit/debit card used to pay the transaction and automatically match it with a specific Credit Card payment method. Please note that this feature is in beta and is not yet generally available.
If a Payment Method is attributed to a document, you’ll be able to publish it to the ‘Bank Accounts’ or ’Spend Money’ sections of your accounting software.
Note: If you choose not to link each Payment Method to an identifier from your accounting software (e.g. Bank Account, Payment Method Code or a Ledger Account), the default publishing destination in your accounting software will be used.
Learn more about how to configure payment methods for different use cases: