Mode of Payment

The Mode of Payment stores the medium through which payments are made or received.

To access the Mode of Payment list, go to:

Home > Accounting > Settings > Mode of Payment

1. How to create a Mode of Payment

1. Click on New from the Mode of Payment list.
2. Give the mode of payment a name.
3. You can choose a kind from Cash, Bank, or General. Knowing the payment method utilized at the point of sale is helpful (PoS).
4. Establish a default payment account for each business.
5. Save.

Tip: Setting the default Account will this account fetched into Payment Entries.

Note: When making Payment Entries, the default bank account will be fetched in the following order if set:

• Company form
  • Mode of Payment default account
  • Customer/Supplier default bank account
  • Select manually in Payment Entry