Payment methods

This form specifies the payment methods for suppliers and customers.

The payment method allows additional processing of the transaction. For example, if an employee pays a purchase invoice using personal funds, a payment method can be created where the account type is set to Vendor, and the employee’s code is selected from the supplier list. When an invoice is posted using this payment method, the liability is transferred to the employee—meaning the company owes the employee who paid the invoice, not the supplier indicated on the invoice. When viewing the transaction receipt, the full flow of funds will be visible.

The payment method can also be used to collect funds into a special account. In this case, the account type is set to Bank, and the appropriate bank account is selected.

Available account types include:

• Vendor
• Ledger
• Customer
• Asset
• Bank