Managing Payment Methods

With MYOB Advanced, you can configure the payment methods that your organization uses to pay its vendors, as well as the payment methods that are used by customers to pay your organization. You configure these payment methods and then you use the payment methods for vendors in accounts payable and the payment methods for customers in accounts receivable.

The settings of a payment method to be used in accounts payable describe the way outgoing money is actually transferred from your organization to the vendor destination, such as by check, wire transfer, credit or debit card, cash, or bill of exchange.

The settings of a payment method to be used in accounts receivable describe the way incoming money is actually transferred to your company. You set up these payment methods, which in some cases (such as with cash and check) can be used for customer payments without more specific information being specified in the system. For other types of payment methods (such as credit card, debit card, or wire transfer), the payment method you define serves as a template that you use to easily define the customer payment methods that contain customer-specific information. You can enter this specific information when you set up the customer account or any time afterward.

This chapter will help you to understand what payment methods are, how they are used in MYOB Advanced, and how to configure payment methods.