What is payment accounts in iconicERP?

Payment accounts are like for example bank accounts. You can transfer money from one payment account to another, deposit cash in payment account, pay to a supplier or deposit the amount received from a customer here.

NOTE: They are virtual bank accounts, which means that is NOT physically connected to your real bank accounts, whenever you execute a physical bank transaction, you should report it in your iconicERP accounts respectively.

Enabling Payment account

• Go to Settings ->Business Settings -> Modules
• Enable payment ‘Accounts’ option
• Save it.
• After saving you will see the “Payment accounts” option will be visible in the left navigation bar.

Payment account type & sub-type

1. Go to Payment accounts -> List accounts 
2. Account type: to add a account type click on Add button and enter the name of account type and submit. Keep the Parent account type deselected.
3. Sub-Account type: To add a sub-account type click on Add button, enter the name of sub-account type and select the Parent-account-type.
4. When creating account you can select the account type as per your need.

Setting default payment accounts for payment methods
In Add/Edit business location you can select the default account for each payment method.