Payment Method describes the way in which money is received. In this table you specify which methods may be used, e.g. EFT, Credit Card, Cash. Every payment receipt has to be linked to a Payment Method, which is selected from this table. There is no restriction on which Payment Methods may be used with which Banks / Cash Points.
However, there are 3 system protected methods that are subject to different rules. These methods cannot be edited or deleted. Nor can they be selected on the capture of a normal receipt.
These methods are:
Write off This is used by the facility on the Folio / Invoice report to write off outstanding amounts on selected folios. When this is done the system generates a payment to a system controlled Cash Point and allocates ‘Write off’ as the Payment Method.
Adjustment When a payment is voided, the system generates a contra payment and allocates ‘Adjustment’ as the Payment Method.
Posted to Ledger If the financial interface is active and the option to ‘Clear debtors’ is turned on, any outstanding amount on a folio is cleared when the invoice is generated. The system clears the debt by automatically generating a balancing payment with a ‘Posted to Ledger’ as the Payment Method.
To create, edit or delete Extra Categories, navigate through Admin > Setup > Code Tables > Financials > Payment method.
Editing a Payment Method
When you edit a Payment Method the new description will appear everywhere in the system where that Payment Method is referenced.
Deleting a Payment method
If the Payment method has not been used it will be permanently deleted. If it has already been used, it will remain in the list but will be marked as inactive. Inactive items will no longer be available for selection no any future payment receipts.