Payment Methods in AccountingSuite™

Payment Method

Payment Method in CustomBooks™

A Payment Method refers to the type of transaction or instrument used to settle financial obligations, such as paying a bill, invoice, or receiving payments from customers. It specifies how the payment is made, whether through cash, electronic transfers, credit cards, or other forms of payment.

Default Payment Methods in CustomBooks™

CustomBooks™ comes with default Payment Methods, including:

  • American Express
  • Cash
  • Check
  • Credit/Debit Card
  • Discover
  • MasterCard
  • PayPal
  • Visa


Viewing Payment Methods

To view the list of Payment Methods:

  1. Navigate to Lists > Payment Methods.


Creating a Payment Method

To add a new Payment Method:

  1. Navigate to Lists > Payment Methods.
  2. Click Create > New.
  3. Enter the Payment Method Description.
  4. Optionally, check the "Exclude from 1099" box to exclude the payment method from 1099 reporting.
  5. Click Save or Save and Close.



    You can also create a Payment Method on the fly by clicking the green plus icon in the Payment Method dropdown field.



See How to Create a Payment Method

This video shows how to add a new Payment Method in CustomBooks, including entering a description and code, optionally excluding the method from 1099 payments, and saving it for use in sales and purchase transactions.

Video Summary

To create a Payment Method, go to Lists > Payment Methods and select Create > New. Enter a description and either provide a code or let CustomBooks generate one. If needed, select the option to exclude the method from 1099 payments, then save it. The new Payment Method will then be available when entering sales or purchase transactions.

Key Takeaways

  • Access Payment Methods from Lists > Payment Methods.
  • Create a new Payment Method by entering a description and a code, or allow CustomBooks to generate the code.
  • Select the option to exclude the Payment Method from 1099 payments when applicable.
  • After it is saved, the new Payment Method is available for sales and purchase transactions.
＋ Read the Full Video Transcript

In this video, we’re going to show you how to add a new Payment Method to CustomBooks.

To get started, go to Lists and select Payment Methods. If you need to make any edits to an existing Payment Method, simply open the record from this list.

To add a new Payment Method, click Create and select New. Enter a description for the Payment Method—in this case, we’ll enter Venmo. You can either enter a code manually or let CustomBooks automatically generate one for you.

If you need to exclude this method from 1099 payments, check the corresponding box. Then, click Save to add the new Payment Method to CustomBooks.

Now, when entering sales or purchase transactions, you’ll have this new Payment Method available as an option.

CustomBooks makes it easy to manage your payment options and streamline transactions.


Deactivating a Payment Method

To deactivate a Payment Method:

  1. Navigate to Lists > Payment Methods.
  2. Open the Payment Method you wish to deactivate.
  3. Check the Inactive box.
  4. Click Save or Save and Close.