Payment Methods

A payment method records how money changed hands on a receipt or payment: by Cash, Bank Transfer, Cheque, Credit Card, and any others you add. It is a label you attach to money-in and money-out transactions so you can later group and report on them. The bookkeeper or accountant sets these up once, and everyone picks from the list while entering transactions.

A payment method is a reference label, not an account. It does not post to the ledger and does not decide where the money lands. The bank or cash account you choose on the transaction is what moves the money. The payment method sits alongside that account to describe the tender.

Where payment methods are used

You select a payment method when you record money moving in or out, including:

• Bank Receipt and Bank Payment
• Customer Receipt and Supplier Payment
• POS sales

On Customer Receipts and Supplier Payments the payment method is optional, so a credit-only receipt (one that only allocates existing credit, with no cash) can be saved without one.

You can also set a Default Payment Method on a customer or supplier, and a business-wide default under Settings → Defaults, so the field arrives pre-filled on new transactions.

Before you start

ZyncLedger seeds four payment methods for every new business: Cash, Bank Transfer, Cheque, and Credit Card. For most businesses these are enough, and you only need this screen to add your own (for example, a mobile wallet) or to retire one you do not use.

You need the create payment methods permission to add one, and the approve payment methods permission to approve it. Both are set per user under Permissions.

Create a payment method

1. Open the Payment Methods list

   Go to Lists → Payment Methods. The list shows every method with its Status (Active or Inactive, and Approved or Pending) and who created it.

2. Start a new method

   Select Add Payment Method. The Create New Payment Method panel opens from the right.

3. Enter the method name

   Type the Method Name (required), for example Cash or Mobile Wallet. Each name must be unique.

4. Set the status flags

   Two checkboxes control whether the method can be used:

   Field	What it does
   Active	On by default. An inactive method stays for history but is not offered on new transactions.
   Approved	Off by default. A method is only offered for selection on transactions once it is both Active and Approved. Ticking this needs the approve permission.

5. Save

   Select Create Payment Method. The method appears in the list and, once approved, in the payment-method dropdown on every relevant transaction.

Edit, deactivate, or delete

Select the edit icon on any row to rename a method or change its flags. To stop a method being used without losing its history on past transactions, clear its Active flag rather than deleting it.

Related

• Customers — set a default payment method per customer.
• Suppliers — set a default payment method per supplier.
• Customer Receipt — where you pick a method when receiving money.
• Supplier Payment — where you pick a method when paying out.
• Payment Terms — the companion list for credit terms and due dates.