– Payment accounts function like bank accounts, allowing transactions such as transfers, deposits, and payments to suppliers or from customers.
– Enable Payment Accounts:
1. Go to Settings -> Business Settings -> Modules.
2. Enable the “Payment Account” option and save the settings.
– After enabling, the “Payment Accounts” option will be visible in the left navigation bar.
– Payment Account Type & Sub-Type:
1. Go to Payment Accounts -> List Accounts -> Account Types.
2. Add Account Type or Sub-Account Type as needed, specifying parent account types where applicable.
– Creating Payment Accounts:
1. Navigate to Payment Accounts -> List Accounts and click the Add button.
2. Fill in account details such as name, account number, type, opening balance, and additional information.
– Transferring Funds between Payment Accounts:
– Transfer funds between payment accounts by accessing Payment Accounts -> List Accounts and clicking on the fund transfer option.
Setting Default Payment Accounts for Payment Methods:
1. Navigate to Add/Edit Business Location.
2. In this section, you can select the default payment account for each payment method.
3. Link the payment account to the respective payment method.
4. When adding a payment for sales, purchases, or expenses: – Upon selecting the payment method, the associated payment account will be automatically selected.