Payment Methods contain descriptive details on purchasing payment arrangements used for local or foreign shipments. An unlimited number of purchasing payment methods can be established.
The use of payment methods allows the purchasing personnel to mark a given purchase order or shipment with a particular method of payment i.e. letter of credit, bank transfer/telegraphic transfer.
The Payment Method appears on various displays and reports like the Detailed Purchase Order report, and in Purchase Order displays. They are for documentary use only and do not play a role in actual processing or system decision making.
You can record a payment method against a Suppliers account, and this is then used as the default payment method on any purchase orders created for that supplier. You can override the supplier’s default Payment Method during Purchase Order Entry under the Shipping Details input if required.
Example
Payment Methods are typically used on foreign purchases where you want to distinguish between different payments arrangements such as Letter Of Credit, Fixed Foreign Exchange (fx) Contracts and Floating FX arrangements. It becomes useful as a filter when running reports across your purchase shipments.
Minimum Requirements
Payment Methods are an optional list and do not need to be created unless you intend to use them for tagging your Suppliers and Shipments.
Changing Established Data
Add new Payment Methods and apply to Suppliers and Shipments at any time.
Panel Options
- Standard panel features
- Maintenance
- Views
- Audit – shows an audit of data changes made over time to the payment method currently being viewed
- Where used – shows a list of open purchase orders with the payment method currently being viewed
- Reports
- List Payment Methods