The Mode of Payment stores the medium through which payments are made or received.

To access the Mode of Payment list, go to:

Home > Accounting > Settings > Mode of Payment

1. How to create a Mode of Payment

1. Go to the Mode of Payment list and click on New.
2. Enter a name for the Mode of Payment.
3. Set a type whether Cash, Bank, or General. This is useful for knowing the mode of payment used in Point Of Sales (PoS).
4. Set a default payment Account for all the companies.
5. Save.

Tip: Setting the default Account will this account fetched into Payment Entries

Note: 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