Overview

Payment methods define how payments are received and processed within the system. They allow firms to manage different payment channels such as cash, EFT, credit card etc.

Setting up Payment Methods correctly ensures:

• Accurate financial processing
• Correct reconciliation and reporting
• Proper handling of client and office payments
• Compatibility with bank file imports (where applicable)

What is a Payment Method

A Payment Method represents the way funds are received or processed within the system. 

Payment Methods are used for:

• Client Payments
  
• Client and Office Receipts
• Disbursements & Expenses
• Bank reconciliation and exports

By default this system includes a General payment method, but additional methods can be created to suit your firm's accounting requirements.

Creating a Payment Method

To create a new Payment Method:

• Navigate to Settings → Firm Settings → Payment Methods
• Click Add Payment Method
• Enter a Name, Payment Type (from the drop-down), Display Name, and Clearance Days if applicable. If banking is not required, leave Requires Banking unticked.
• If the payment type will be included in bulk bank payments (AU only), tick Include in ABA.
• Click Save

Payment Method Settings Explained

Editing an Existing Payment Method

To edit an existing Payment Method:

1. Navigate to Settings → Firm Settings → Payment Methods
2. Click the Payment Method you wish to edit
3. Make the necessary changes and click Save
4. A confirmation message will appear briefly

Disabling/Reactivating a Payment Method

Payment Methods that are no longer required can be disabled.

To disable a Payment Method:

1. Navigate to Settings → Firm Settings → Payment Methods
2. Click the Payment Method you wish to disable
3. Tick the Disable box
4. Click Save → confirmation appears briefly

To reactivate a Payment Method:

1. Select the relevant Payment Method
2. Untick the Disable box
3. Click Save → confirmation appears briefly

Note: Disabled payment methods:
Will no longer appear for selection
Cannot be used for new payments or requisitions
Historical transactions remain unchanged
System-based methods cannot be disabled

Tips & Best Practices

• Use clear, consistent naming conventions
• Only create payment methods that are actively used
• Set clearance days correctly to avoid reconciliation issues
• Use ABA-enabled methods only when required
• Disable unused payment methods to reduce errors
• Review payment methods regularly for accuracy

Payment Methods work closely with Client/Trust Banking & Requisitions. For further information, refer to the Client/Trust Banking and Create a Requisition guides here.