Payment Methods

Adding new payment methods is crucial for accommodating diverse customer needs and ensuring smooth transaction management. Follow these steps to create a new payment method:

1. Click on "NEW": Start the process to create a new payment method.
2. Fill in the details: Provide the following information:
   • Code: Assign a unique identifier to distinguish the payment method.
   • Name: Enter a descriptive name, e.g., "Credit Card" or "Bank Transfer."
   • Type: Specify the type of payment method (e.g., Credit Card, PayPal, Bank Transfer).
   • Account: Link the payment method to the relevant financial account for recording transactions.
   • Integration: If applicable, select a payment gateway or third-party service for integration.
   • Is Fiscal: Indicate if the payment method is fiscal, relevant for financial compliance.
   • Is Grouping: Specify if this method groups payments (useful for aggregating related methods).
   • Location: Define the geographical or business unit location associated with the method.
   • Company: Select the company for multi-entity systems.
   • Currency: Choose the currency used for transactions.
   • Parent: If applicable, associate the method with a parent payment method for categorization.
   • Description: Add notes or details about the method, including usage instructions or limitations.
3. Set Status: Mark the payment method as Active when ready for use.
4. Save: Click "Save" to finalize and add the payment method to the system.

Payment Terms

Payment terms specify the conditions for settling invoices. To create a new payment term:

1. Navigate to the Payment Terms section in your account.
2. Click New to begin adding a payment term.
3. Fill in the details:
   • Code: Assign a unique identifier for the payment term.
   • Name: Provide a descriptive name (e.g., "Net 30" or "2/10 Net 30").
   • Status: Mark the term as Active to enable its use in transactions.
   • Days: Specify the number of days for payment (e.g., 30 days from the invoice date).
4. Save: Finalize the payment term for application in transactions.

Incoterms

Incoterms define the responsibilities and costs between buyers and sellers in international trade. To add a new Incoterm:

1. Access the Incoterms section in your Composity account.
2. Click New Incoterm to start the process.
3. Fill in the details:
   • Code: Provide a unique identifier for the Incoterm.
   • Name: Enter the name or description of the Incoterm (e.g., "FOB," "CIF").
4. Save: Confirm and save the Incoterm, making it available for trade transactions.