Payment Mode
Output books maintains record of all cash/bank transactions. We can create multiple cash and bank accounts.
What is Payment Mode?
A payment mode (also called payment method) refers to the way in which a transaction is made to settle a debt or make a purchase. It is the medium used by the payer to transfer money to the recipient. Different payment modes are used depending on the nature of the transaction, convenience, and security.Types of Payment Mode
Payment modes refer to the different methods or systems used to pay for goods, services, or financial obligations. They can be broadly categorized into traditional and digital forms. Here are some common types of payment modes:- Cash Payments - Common for small transactions and in-person purchases.
- Credit and Debit Cards - Popular for both online and in-person payments.
- Bank Transfers - Direct transfer of funds from one bank account to another, often for larger payments.
- Checks - written and signed by the payer, and processed through banks.
- QR Code Payments - Scanning a QR code to make payments(e.g., UPI transaction like Gpay, Phonepe, BHIM, Paytm).
Uses of Payment Mode:
Each mode has its own advantages and is suited for different situations, depending on factors like convenience, security, and transaction size. Output books maintains separate report for payment mode. Here we can check all kind of payments separately.Transaction Handling
- Deposit and Withdrawal - Allows users to add or remove funds from their accounts.
- Transfer Between Accounts - Enables users to transfer funds between accounts.
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