Payment Type-GL Account Type Defaults

You can map Payment Types to GL Account Types, helping you link one GL Account default to another GL Account Default. The GL Account Types are, in turn, linked to GL Account IDs in GL Account Type Defaults

Examples of Payment Types are as follows:

• Commission Payments
• Customer Payments
• Vendor (or Supplier) Payments
• Customer Refunds
• Customer Prepayments or Deposits

These payment types can then be mapped to the required account type in the Chart of Account.

Examples of these type of mappings could be as follows:

• Customer Payments mapped to Account Receivable
• Vendor (or Supplier) Payment mapped to Account Payable
• Customer Refunds mapped to Customer Credits