Streamlining Business Transactions with Empress Payment Modes

Guides & Tutorials
1

Introduction

In this guide, we’ll walk you through one of the most fundamental features in Empress - the Mode of Payment. This feature allows you to define the method through which payments are made or received, helping you streamline your business transactions.

Introduction

From a business perspective, the Mode of Payment feature greatly enhances the efficiency and accuracy of your financial operations. It allows you to track and sort payments, ensuring that each transaction is allocated to the correct account.

Navigating to the Mode of Payment List

To start using the Mode of Payment feature, you first need to navigate to its list. Here’s how:

  1. From your Empress home page, click on Accounting.
  2. In the Accounting section, select Settings.
  3. Finally, click on Mode of Payment.

Creating a New Mode of Payment

Creating a new mode of payment is a breeze. Follow these simple steps:

  1. Navigate to the Mode of Payment list.
  2. Click on the New button.
  3. In the name field, type a unique name for your new mode of payment.
  4. Choose the type of mode of payment from the dropdown menu. Your options are Cash, Bank, or General. This is especially important for Point of Sale transactions.
  5. Set a default payment account applicable to all companies.
  6. Click on Save.

Important Tips

  • Setting a default account will automatically fetch this account into Payment Entries. This is a great way to save time.

  • When creating Payment Entries, if a default bank account has been set, it will be fetched in the following order of preference:

    • Company form
    • Mode of Payment default account
    • Customer/Supplier default bank account
    • Manually selected in Payment Entry

Conclusion

The Mode of Payment feature in Empress is a powerful tool that can significantly improve your financial operations. By allowing you to define and track the method of payments, it provides you with greater control over your transactions and aids in accurate financial reporting.

For more information or assistance with this feature, please visit our support page or contact our customer service team.