Each Transaction is allocated a Payment Method. This describes the method of Payment, for example Cash, Cheque, Credit Card etc.
From the Configuration & Administration tab of the ribbon menu click the Financial icon and choose Payment Method from the drop-down list or directly from the Account tab when adding a Transaction.
New Payment Methods can be created at any time and there is no limit to the number of them defined.
Each Product can store the following information:
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Description
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Clearance Period - the number of days a payment required to clear with a bank. Typically Cheques will clear in 7 working days.
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Acquaint automatically creates a number of default Payment Methods:
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Cash
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Cheque
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Credit Card
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Standing Order
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Account Transfer
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The Clearance Period is used by the Payment Run procedure to determine whether a Contact should be paid.
If a Credit hasn't cleared but is subsequently included on a Bank Reconciliation then it is marked as cleared as it is assumed that it must of cleared.