Payment Methods

Each Transaction is allocated a Payment Method. This describes the method of Payment, for example Cash, Cheque, Credit Card etc.

From the Configuration & Administration tab of the ribbon menu click the Financial icon and choose Payment Method from the drop-down list or directly from the Account tab when adding a Transaction.

New Payment Methods can be created at any time and there is no limit to the number of them defined.

Each Product can store the following information:

• Description

• Clearance Period - the number of days a payment required to clear with a bank. Typically Cheques will clear in 7 working days.

• Acquaint automatically creates a number of default Payment Methods:

  • Cash

  • Cheque

  • Credit Card

  • Standing Order

  • Account Transfer

     

• The Clearance Period is used by the Payment Run procedure to determine whether a Contact should be paid.

If a Credit hasn't cleared but is subsequently included on a Bank Reconciliation then it is marked as cleared as it is assumed that it must of cleared.