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).
In addition, we can add other payment modes in settings > General.

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.
In Output Books, we can transfer amount from one bank account to other bank account by using cash contra.

Receipt/payment

When making or receiving a payment, it is important to record the payment mode and the respective bank. This helps maintain clear records, ensures proper tracking of financial transactions, and provides transparency in case of future audits, disputes, or reconciliations.

Bill Payment

Payment Mode Report

Output Books has a distinct Payment mode report. This report will be useful to distinguish different modes of payment. Here, we can check the report month-wise, year-wise, or custom date-wise. There exists another filter option to check sales rep-wise. You can check debit, credit, and balance of any custom period.

Sales Register

Sales register will display month-wise data. We can choose any month and view all the transactions. Here, we are displaying the Transaction number, items name, qty, rate, taxable amount, total amount, and Payment Mode.

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