DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Payment Method


#1

Are there any plans to add Payment Method"? Maybe as Sub accounts under Bank or Cash Account.


#2

Not sure about future plans however I would add for your own information that from what I can see, unless your accounting system differs from the normal, the payment method is ultimately dictated by the accounts you allocate payments.

For example if you receive payments by bank deposit then you would add receipts to your bank account, if you receive payments by credit card then you would set up a separate settlement account and reconcile this to the software or simply mark payments as being “Credit Card Payments” as they are paid into your account as a nett to gross transaction (ie. Minus credit card processing costs).

Therefore if you wanted to review data on a payment method basis you would simply repot on the relevant accounts.


#3

Payment method is not relevant as per double-entry accounting principles.

I’m not saying it’s a bad idea to track this information but I wonder what would be the purpose.


#4

If multiple Payments were received in a day (MasterCard, Visa, Discover, Check, Cash, etc:… Counting the total payments at the end of the day of each Payment, and total of ALL payments are extremely helpful, if the totals are off somewhere, it’s much easier to find the mistake.
Credit card companies charge different fees for using their services. It’s good to be able to see these numbers so you can know which Payment Methods are costing your company the most.
I know that multiple accounts for receiving payments can be set up, but these accounts have to be viewed separately.