Set Up Vendor Payment Methods

Payment methods identify how you are paying for something (for example, by cash, check, credit card, and so on). You can select a payment method when you make a payment from the Payments, Write Checks, or Purchases/Receive Inventory screens.

Note: Using payment methods is important if you pay 1099 vendors. That's because you may need to specify which payments should be included in 1099 calculations in Sage 50 based on payment method. Tell me more about this.

To set up vendor payment methods:

Go to the Vendors & Purchases Navigation Center, click the Vendors navigation aid, then select Set Up Vendor Defaults.
In the Vendor Defaults window, select the Pay Methods tab.
Enter up to 20 payment methods that your company accepts from customers. You must have at least one payment method.

These payment methods have automatically been set up for you: Cash, Check, AMEX, Discover, Mastercard, VISA, PayPal, and Electronic. You can edit or delete these as well as add more payment methods.

When finished, select OK to save your defaults.

Note: Payment methods are used for reporting purposes only.