Payment Settings

Payment Settings

Payment settings for purchases in EquiBillBook allow you to configure how supplier payments are processed, recorded, and managed. These settings control payment terms, methods, accounts, and reconciliation options.

Accessing Payment Settings

To configure payment settings:

1. Navigate to Settings → Purchase Settings
2. Go to Payment Settings section
3. Configure various payment-related options
4. Click "Update" to save changes

Default Payment Terms

Configure default payment terms for suppliers:

• Default Terms: Set default payment terms (e.g., Net 30, Net 60)
• Payment Due Calculation: Set how due dates are calculated
• Grace Period: Configure grace period before overdue
• Early Payment Discount: Enable early payment discount options

Payment Methods

Configure available payment methods:

• Cash Payments: Enable/disable cash payments
• Bank Transfer: Enable bank transfer payments
• Cheque: Enable cheque payments
• Credit Card: Enable credit card payments
• Online Payment: Enable online payment gateways
• Other Methods: Configure additional payment methods

Payment Accounts

Configure payment accounts:

• Default Payment Account: Set default account for supplier payments
• Cash Account: Select cash account for cash payments
• Bank Account: Select default bank account for transfers
• Payment Account Selection: Allow selecting account per transaction

Partial Payments

Configure partial payment options:

• Allow Partial Payments: Enable partial payment processing
• Payment Allocation: Configure how partial payments are allocated
• Multiple Payments: Allow multiple payments against one bill
• Payment Reminders: Enable reminders for outstanding payments

Advance Payments

Configure advance payment handling:

• Allow Advance Payments: Enable advance payment to suppliers
• Advance Account: Select account for recording advances
• Advance Adjustment: Configure how advances are adjusted
• Advance Tracking: Track advance payments separately

Payment Reconciliation

Configure reconciliation options:

• Auto Reconciliation: Automatically reconcile payments
• Manual Reconciliation: Allow manual reconciliation
• Reconciliation Accounts: Configure reconciliation accounts
• Outstanding Tracking: Track outstanding supplier payments

Payment Workflow

Configure payment approval process:

• Require Approval: Enable approval workflow for payments
• Approval Limits: Set approval limits based on amount
• Multi-Level Approval: Enable multi-level approval if applicable
• Payment Authorization: Configure authorization requirements

Payment Notifications

Configure notification settings:

• Supplier Notifications: Notify suppliers when payments are made
• Payment Receipts: Automatically generate payment receipts
• Overdue Alerts: Alert when payments are overdue
• Payment Reminders: Send reminders for upcoming payments

Cheque Management

Configure cheque-related settings:

• Cheque Numbering: Configure cheque number tracking
• Cheque Date: Set cheque date options
• Cheque Status: Track cheque status (issued, cleared, bounced)
• Bounce Handling: Configure handling of bounced cheques

Payment Reports

Configure payment reporting:

• Payment History: Track payment history
• Outstanding Reports: Generate outstanding payment reports
• Payment Summary: Enable payment summary reports
• Aging Analysis: Configure payment aging reports

Best Practices

• Set appropriate payment terms for your business
• Configure proper payment accounts for accurate accounting
• Enable approval workflow for significant payments
• Set up notifications for timely payment processing
• Regularly reconcile payments for accuracy

Payment settings help you effectively manage supplier payments and maintain accurate financial records in EquiBillBook.