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PAYMENT METHOD BASICS RELATED TOPICS Entering Payment MethodsTo enter a Payment Method, follow these steps:
Data FieldsEnter the following information for each Payment Method:Name-- Type in a brief name for this payment method. This is the text that will appear in clairvoyant fields. Comments-- Type in any comments you'd like to make about this item. Type-- Enter the type of payment method. Discount-- If you give a discount on sales that are paid with this payment method, enter it here. NOTE-- For early payment discounts on billed sales, use Customer Payment Terms. For discounts you give to just some customers, use Customer Discounts. Income Value-- If the payment type is Foreign, enter the exchange rate value that you offer on sales. If the payment type is Freebie or Redeemable, enter the redemption value of one item. Other payment types do not use this field. Deposit Value-- If the payment type is Foreign, enter the exchange rate that is given to you when you deposit the currency. If the payment type is Redeemable, enter the redemption value that you receive. Other payment types do not use this field. Allow Variable Terms-- If the payment type is Billing, turn on the checkbox if each sales transaction can have its own payment terms. Turn the checkbox off if all sales use the same payment terms. Other payment types do not use this field. Use Customer Terms-- If the payment type is Billing, turn on the checkbox if the customer's usual payment terms are used for sales. Turn off the checkbox if all sales that use this method use the same payment terms. Other payment types do not use this field. Usual Terms-- If the payment type is Billing, and the Use Customer Terms box is not checked, this field becomes active. Enter the customer payment terms that are used. Otherwise, this field is not used. Currency Values-- For foreign currencies, enter the currency values that you give to customers, and that the bank gives to you when you deposit the currency. Transaction Fee-- If you pay a transaction fee for payments of this type, choose whether the fee is a fixed dollar amount or a percentage, and enter the amount of the fee. Pay Fee To-- If you pay a transaction fee for payments of this type, enter the type of account to which you make payments. Account-- Enter the specific account to which you pay transaction fees. Payment TypesPayment Types are used to group deposits. They also identify some special payment methods that receive special treatment.Most payment methods will be one of four basic types: Billing-- for sales or purchases made on credit. When Billing is selected, the customer's or vendor's usual payment terms will be used. If the
payment terms are Øcash only", Billing will not be available as a choice. There are also some special types of non-standard payment methods, often used to pay for just part of a sale: Barter-- for payments made by an exchange of goods or services. Using Variable TermsYou probably always use the same payment terms for each customer or for each payment method. If that is the case, turn off the Allow Variable Terms checkbox. Each Sales transaction or Billing Record will get payment terms from the Payment Method or the Customer account (depending on the status of the Use Customer Terms checkbox).Turn on the Allow Variable Terms checkbox if you want to change the payment terms in each Sales transaction or Billing
Record. Using Payment MethodsAssign payment methods in each Sales transaction.You also use payment methods in Payment Receipts, in the Deposit Funds command, and in Bank Deposits that have a payment breakdown. Main Page | Accounts | Lists | Transactions | Menus | Index | Website | User Page |