Vendor Payment Methods

The identifier used by users, vendors, and processes to select how a payment will be made. It dictates the payment processing logic, such as electronic file generation or cheque printing.

The descriptive name for the payment method, displayed in forms and reports. It should clearly indicate the type of payment, e.g., 'Cheque', 'SEPA Credit Transfer'.

Payment schedules define installment due dates for payments. When linked, the payment method will inherit or apply the rules defined in the payment schedule, such as weekly or monthly installments.

Payment terms dictate when an invoice is due (e.g., Net 30, Due End of Month) and if early payment discounts are available. This field provides a default for the payment method.

This links a specific payment method to a particular company bank account, ensuring that payments processed with this method are drawn from the correct funds. Critical for bank reconciliation.