Payment Types

What is it and what is it for?

A Payment Type identifies the channel your company uses to hand over the money of a payment to a vendor, account or employee: whether it's a Check, a Bank Transfer, or some other channel (cash, PayPal, wire, etc.) that is neither of those two. It is not the same as a Payment Method: Payment Methods describe how you get paid (or how a customer pays cash on an invoice), while Payment Types describe exclusively the channel you use to pay someone from your bank accounts.

You'll find and use it when recording payments from the Banking module:

• Bill Payments (settling purchase invoices).
• Account Payments (payments that don't settle a specific invoice).
• Vendor Prepayments.

It's a required field on those transactions, and it also drives two automatic features:

• Check Printing only lists payments whose Payment Type has the Is Check checkbox marked.
• The Generate Transfer File button (on a bank screen) only enables, and only includes in the file, payments whose Payment Type has the Bank Transfer checkbox marked.

How it's used

1. Open "Payment Types" from System Administration. You'll see the list of types already created, sorted alphabetically.
2. Create a new one with the add button, or open an existing one to review or edit it from its detail screen.
3. Type the name of the payment type (for example "Check", "Transfer" or "PayPal"). It's the only required field.
4. Mark "Is Check" or "Bank Transfer" if the channel matches one of those two cases; leave both unmarked if it's some other payment channel.
5. If your company is set up as Dominican Republic, also fill in the fiscal code that matches this payment type for the 606 purchases report (see below).
6. Save. The payment type becomes available right away to select when recording Bill Payments, Account Payments and Vendor Prepayments.

Key fields

Fiscal codes for the Dominican Republic

If your company is set up as Dominican Republic, the screen shows a guide with the official DGII codes for the 606 purchases report, so you can pick the right one for the payment channel:

This code is what the 606 fiscal report later uses to automatically classify your purchases for the DGII.

Validations when saving

• The Name is required.
• The Name can't repeat: if a payment type with that name already exists, AdmCloud rejects the save.
• When recording a Bill Payment, an Account Payment or a Vendor Prepayment, the Payment Type is required: the transaction can't be saved without selecting one.

Deleting a payment type

A payment type can't be deleted while it's in use. AdmCloud blocks the deletion when it detects the payment type is assigned to a transaction already recorded (Bill Payments, Account Payments, Vendor Prepayments or other payment documents). While that dependency exists, you must first record the transaction with a different payment type or fix it before you can delete the payment type.

Availability

• Available on every AdmCloud plan; it doesn't depend on an add-on module.
• Requires the matching "Configuration" System Administration permission in your user group to view, create, edit or delete payment types.
• The 606 fiscal code only appears and applies for companies set up with the Dominican Republic country.

Tips and common errors