You can quickly and easily set up Personal, Company and Cash Payment Methods on the Dext Prepare platform.
This article outlines how Payment Methods can be used for:
1. Personal Card Payments
2. Company Funds Payments
3. Cash (Petty Cash) Payments
After you’ve submitted an item, Dext Prepare will extract the last 4 digits of the credit card or debit card used to pay the transaction. This will be displayed in the Payment Method field of the Inbox and Item Details page. If a Payment Method is attributed to an item, you’ll be able to publish it to the ‘Bank Accounts’ or ’Spend Money’ sections of your accounting software.
If you wish you can also add cheque numbers as payment methods and assign those to your items paid by cheque. We might even extract the cheque numbers if they are written on the item and present those as payment methods.
You can view and edit the existing Payment Methods on an account by navigating to the Lists section of the menu and selecting Payment Methods.
Please Note: The available fields will be different depending on the software that the account is integrated with.
Personal Card Payments
Navigate to the Payment Methods screen. You’ll see any extracted payment methods detailed here. You can also manually add new payment methods.
To note Personal Card Payments, fill in the ‘Name’ field with a description of who uses this card. You can also complete the ‘Payment Method’ dropdown to indicate that a debit or credit card is being used.
By doing this, you ensure that the card number is correctly attributed to the person who owns it.
You can use the Set User Defaults section of this page to apply Payment Method Rules for the account users. This means that the specified Payment Method Default will automatically be applied to any items that this user submits.
You can use the Application Rule dropdown to specify when this takes effect:
- No default set: the Payment Method Default will not be applied when this user submits an item
- Use default if blank: the Payment Method Default will only be applied if no other Payment Method has been detected on the item.
- Always use default: the Payment Method Default will always be applied, even if it overwrites another Payment Method that has been identified on the item.
Company Funds Payments
Navigate to the Payment Methods screen. You’ll see any extracted payment methods detailed here. You can also manually add new payment methods.
To note Company Card Payments, fill in the ‘Name’ field with a description of the company card. We’ll be specifying a Bank Account for this payment method, so that the paid item can be automatically sent to the correct section of the integrated accounting software.
Use the Bank Account dropdown to specify which bank account that transactions paid with this payment method should be published to.
Any transactions with this Payment Method will now be directly assigned to the specified Bank Account in the integrated accounting software.
Cash (Petty Cash) Payments
Navigate to the Payment Methods screen. You’ll see any extracted payment methods detailed here. You can also manually add new payment methods.
Create a new Payment Method called ‘Petty Cash’ (or similar). You do not need to provide a card reference number.
Use the Bank Account dropdown to specify a Cash Account that these transactions should be applied to*.
Now you can specify your Cash Payment Method from the Item Details page, and have them default to this account when published to the integrated accounting software.
* If you don’t have a Cash Account already set up in your accounting software, you should first create a dummy Bank account in there and then link the payment method to it.
* If you are using Xero, please note that if you wish to send Cash items to the Bank accounts section in Xero you need to set this dummy account with the type ‘bank’. Alternatively, you can always send such items to the ‘Purchases’ section as ‘Paid (where possible)’.