Payment Methods

To access this area, start INSTALLATION Workshop and from the main menu select Install|Cash Management|Payment Methods.

Record Payment Types

Up to 10 different payment types may be assigned to each invoice, point of sale cash transaction or cash book entry. For example, a customer may pay an invoice partly with cash and partly with Mastercard. Payment types designate the methods of payment that are acceptable. Other transaction types might include Bankcard, cheque, cash, etc.

CAPITAL will only prompt for the method of payment when invoicing if this facility is activated.

If you are going to be using the Cash Management system you should always record the payment type. Do not turn this feature off if you will be using the Cash Manager.

Prompt Credit Card Details

Tick this option if you wish to record credit card details on transactions. Card details include the card type, card number, card holder name and expiry date.

If this setting is activated, CAPITAL will include this information on your Bank Deposit List Report. If this option is unticked CAPITAL will only prompt for the total credit card amount. If no credit card payment types are defined in the system, this setting has no effect.

Adding or Editing Methods

To add or edit payment methods press the Add or Edit buttons.

Payment Type Description

The text describing the payment method, i.e., Visacard.

Cash Prompt

Tick to prompt this payment method option for cash sales when you enter transactions through the invoicing system. A Direct Bank Transfer might be an acceptable method of payment in general, but it may not be acceptable from a cash invoice from a computer processing point-of-sale transactions.

Payment Category

The type of cash payment received. This is used by the bank deposit list report and other areas of CAPITAL to determine the category of the payment method. For example, if payment method 3 is Visa and payment method 4 is Mastercard, both of these fall under the category of credit cards. Supported category codes are listed in the following table:

Category	Meaning
Cash	Cash and coins.
Cheque	Cheques.
Plastic/Credit Card	Credit cards.
Direct Transfer	Direct transfers into your bank method.
Other Method	Other types of payments, such as vouchers, barter, gift certificates, etc.

You may use almost any combination of payment category. For example, multiple credit card payment methods are acceptable. You may only nominate one cheque category, however.

Effects on Bank Deposit List Report

Payment method types marked as Cheque are listed in detailed form on the Bank Deposit List Report. Cash, Cheque, and Credit Card types are summarised at the bottom of the report. Direct deposits or Other Method entries are excluded from inclusion on the report.

Deposit In

You can direct particular transaction types to be placed in specific bank accounts if a cash book code is specified here.

This code overrides all other bank account redirections that may be specified in other parts of the system.

Use this facility when:

You work with different bank accounts depending on the transaction type. For example, EFTPOS related transactions may go in a certain bank account, but cheques get deposited in another.
Your bank may not be responsible for directly handling all the different types of bank account that your company deals with. Credit cards dealt with by your bank need no special treatment, but other types of cards may require separate attention. For example, one type of credit card company may transfer payment into your main bank account several days later. It would be convenient to deposit these types of credit transactions in a separate cash book. When the amounts appear on your bank statements you can then transfer the amounts from the "suspense" credit card cash book to your actual bank account. (CAPITAL can then be used to effectively reconcile such credit accounts for you.)
Trade Exchanges. If your company is part of a barter or trade exchange organisation, a separate cash book can be created for handling barter payments. When the "trade exchange" payment type is specified, the payment amount is directed as a credit to your trade exchange cash book, rather than your "real" bank account.
Vouchers. Vouchers, gift certificates and similar promotions can be placed in a separate cash book. This cash book can then be linked to promotional costs rather than monies received.

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