Use Payment Methods to define kinds of payment methods such as cash, check, credit card, EFT, or wire transfer. This information is helpful to better understand the methods most frequently used by your company to make payments.
Setting Up Payment Methods
Select Financials | Setup | Payment Methods.
Click New to create a new payment method.
In Description, specify a description for the payment method.
ACH – Predefined for use when generating ACH payments for customers only.
ACH-CCD – Predefined for use when generating ACH payments for vendors that are set up as a Company. This payment method is predefined. Do not rename or remove.
ACH-PPD – Predefined for use when generating ACH payments for vendors that are set up as a Person. This payment method is predefined. Do not rename or remove.
In Where Used, select whether this payment method applies to customers, vendors, or both. The following options are available:
Customers and Vendors – The payment method may be used for both customers and vendors.
Customers Only – The payment method is available to be used for customers only.
Vendors Only – The payment method is available to be used for vendors only.
Click to select the Active check box if the payment method is available to be used.
Click Save and New, or click Save and then click New, to save the current payment method and start adding the next.