Set up an alternate Payment Type (i.e. credit card, wire transfer, etc.)
AcctVantage supports the use of A/P Payment Types other than checks! If you pay some Vendors using a credit card, wire transfer, etc. you can set up a new Payment Type and use it to pay your bills.
1. Create a new Payment Type
Navigate to Accounts Payable ➤ Payment Types and click the + symbol to create a new Payment Type.
2. Enter the Payment Type info
- Name: The name of the Payment Type as it will appear elsewhere in the system (e.g. the Voucher and Make Payments screens).
- GL Account Code: The account code tied to the Payment Type. This account will be CREDITED when a voucher or payment is posted.
- GL Account Name: The account name tied to the Payment Type.
- Custom Form Name: If you're using this Payment Type during the Make Payments process, you can designate a custom form to print. This is not required.
- Available on voucher: Check this box enable the Payment Type to be usable during AP Voucher Entry.
- Generate NACHA Export: Check this box if you're only using this option during the Make Payments process and you need to generate a NACHA file for your bank.
Voucher Entry
As mentioned above, the Payment Type is the method the Voucher uses to record the CREDIT side of the transaction.
Click the Payment Type menu during Voucher Entry to see the available options. The first two "AP" Payment Types are default, pre-loaded options. The other options have the Available on voucher setting enabled.
Each Vendor may have a default payment type assigned. This can be a handy tool to simplify data entry. For example, you may have a Vendor who always requires payment via Wire Transfer. Assign the "Wire Transfer" Payment Type on the Vendor record. When you create a Voucher for that Vendor, the "Wire Transfer" Payment Type will be auto-selected.
