How to Add and Manage Payment Methods

This guide explains how to view, create, and manage Payment Methods in Exacc. Payment Methods define how your business receives or records payments - such as Cash, EFTPOS or Direct Deposit - and link each one to an account in your chart of accounts for accurate financial reporting.

For example, you might create separate Payment Methods for "Bank Transfer - Commonwealth Bank", "Cash", "EFTPOS", and "Credit Card - Stripe". Each of these would be linked to its corresponding bank account or cash account in your chart of accounts. When an invoice is paid via EFTPOS, selecting that Payment Method automatically records the transaction in the correct EFTPOS clearing account, making reconciliation straightforward and reducing manual data entry errors.

Payment Methods can also be configured with specific attributes such as default status (automatically selected for new transactions), active/inactive status (to hide outdated payment options without deleting historical data), and payment type classifications (Electronic, Manual, or Other). Properly configured Payment Methods streamline your accounting workflows, ensure consistency across your organisation, and provide clear audit trails for compliance and financial reporting purposes.

This tutorial will guide you through accessing the Payment Methods configuration area, viewing existing payment options, creating new methods with proper chart of accounts linkage, and managing or deactivating methods as your business needs evolve.