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Configuration Manager - Menus - Tables - Purchases Payment Types - Settings - Payment Type

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The Purchases Payment Types Payment Type setting defines the manner in which the payment is handled (as cash, like a credit card, credit, etc.).

Most of the time, "Payment Type" refers to a method of tendering (payment) that may be created, modified, and is displayed on the Purchases (and Sales) Payment Types list.

However, when referring to the Payment Type field on the Payment Types Settings screen, it refers to the 5 Categories of Payments into which all Purchases Payment Types fit and may be thought of as the "Payment Type - Type".

The 5 Types are:

Credit - Payments On Account going to "Payables". This includes any kind of credit issued by the Vendor. Credit Payments Types may viewed on the Purchases - Payables Report and remain on the transaction until changed to another Payment Type to reflect the final form of payment.

Cash - Any kind of payment that is redeemable in cash. If the Vendor can take it to the bank, it is a Cash Type which includes actual cash and checks, and may also include credit cards and debit cards unless it is desired to isolate those in the separate Payment Card Type for subtotaling purposes.

Payment Card (Credit/Debit Card) - The Payment Card Type is equivalent to the original Cash and Other payment types. It is typically used to separate credit/debit cards from cash & checks for sub-totaling in Reports.

Gift Card - The Gift Card Type is equivalent to the original Cash and Other payment types. It is typically used to separate gift cards from cash, checks, and credit/debit cards for sub-totaling in Reports.

Other - Payments that aren't Vendor-bankable Cash, or Vendor-issued Credit (not included as money owed in Payables). It is subtotaled separately in Reports.

See:

Purchases Payment Types - Settings

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