A Payment Method is the method an individual or company uses to pay for a product or service. Payment Methods are added to Business Units in the Accounting module.
Some examples of payment methods are:
When a payment method is created, a payment type must be set. These are the standard payment types available:
The payment types listed above are hard coded on the payment type drop-down list which is found on the Add - Payment Method page. These cannot be modified.
You can define the G/L Account that should be used for each Payment Type that you accept.