Payment Types
Introduction
In the sales and purchase transactions, there are various options to settle the payment. We can do it in cash, via bank transfer, via promotion voucher to list a few. In iVendNext, you can create Mode of Payments as per your requirement. The Mode of Payment stores the medium through which payments are made or received.
Access Mode of Payment
To access the Mode of Payment list, navigate to: Home > Accounting > Payments > Mode of Payment
Steps to create a Mode of Payment
The steps to create a Mode of Payment are explained below:
Navigate to: Home > Accounting > Payments.
Click on the “Mode of Payment” shortcut to open the Mode of Payment List View screen.
Click on the “Add Mode of Payment” button. This will open the Mode of Payment master screen. All the settings pertaining to setting up a Mode of Payment can be found on this screen.
Mode of Payment Screen
The Mode of Payment master screen is split into the following sections:
The Details Section
The Retail Section
The Details Section
The various fields in the Details Section of the Mode of Payment screen are explained below:
Mode of Payment
Specify a name for the Mode of Payment.
Description
Specify a description for the Mode of Payment type.
Enabled
Check this box to enable the Mode of Payment Type. Keeping this unchecked will mark the Mode of Payment as Inactive.
Type
Select the Mode of Payment Type for the drop down list. For example, Cash, Credit Card, Gift Certificate, On Account, etc This is useful for knowing the mode of payment used in Point Of Sales (PoS).
Accounts
Use the Accounts Template to configure and manage all the Account related settings that will be used by the default payment account.
Company
Select the Company from the drop down list or choose to create a new company by clicking on the Create a new Company option. The value in this field should auto populate based on the information provided on the Company screen.
Account
Select the Default Account from the drop down list or choose to create a new account by clicking on the Create a new Account option. This Default account will be automatically updated on the POS Invoice.
Setting the default Account will fetch this account into Payment Entries. A Payment Entry is a record indicating that payment has been made for an invoice. Payment Entry can be made against the following transactions.
Sales Invoice
Purchase Invoice
Sales Order (Advance Payment)
Purchase Order (Advance Payment)
Expense Claim
Internal Transfer
Payment Field Name
Select the Payment Fieldname from the drop down list.
Currency Denomination
Use the Currency Denomination Template to configure and manage all the settings that will be used to determine the face value of the currency to be used as the Mode of Payment. You will have to click the Add Row button to add a row to the Currency Denomination Template. Then click on the Pencil symbol under the Gear icon to open the Editing Row screen.
Specify the following on the Editing Row screen:
Code
Specify the Currency Denomination Code. For example, USD, INR, EUR, etc
Description
Specify a Description for the Currency Denomination. For example US Dollar, Indian Rupee, etc
Value
Specify the Currency Value. The rate of exchange for foreign money is called the Currency Value.
The Retail Section
The various fields in the Retail Section of the Mode of Payment screen are explained below:
Min Amount
Specify the Minimum amount. This will set the minimum limit that can be transacted in that currency.
Max Amount
Specify the Maximum amount. This will set the maximum limit that can be transacted in that currency.
Counted
Check this box if you want to mandate the till count.
Count Type
Select the Count Type from the drop down list. This field is activated only when the Counted check box is ticked.
Print Payment Receipt
Check this box if you want to print a payment receipt for the selected payment type.
Payment Receipt Format
Select the Payment Receipt Format from the drop down list. This field is activated only when the Print Payment Receipt check box is ticked.
Open Cash Drawer
Check this box if you want the cash drawer to open automatically at POS on receiving the payment for this mode of payment type.
Rounding Method
Select the Rounding Method from the drop down list. This will determine if the total amount would be “rounded up” or “rounded down”.
Allow Over Tender
Check this box if you want to allow the customer to pay more than the total amount due. For example, if the customer has a total amount of $80 to be paid, he may pay $100 and take back $20 as cash
Affects Tipple Point
Check this box if you want the payment type to affect the upper limit of the till amount (tipple point). The field is automatically enabled for the payment type cash
Click the Save button to save the changes and exit the screen.
When making Payment Entries, the default bank account will be fetched in the following order if set:
* Company form
* Mode of Payment default account
* Customer/Supplier default bank account
* Select manually in Payment Entry