Mode of Payment
Overview
Mode of Payment — Business Overview
Mode of Payment is a foundational setup document in Dafater that defines how your business receives and makes payments. It standardizes payment methods such as Cash, Bank Transfer, Credit Card, Cheque, Mobile Wallet, or Online Gateway, ensuring consistency across all financial transactions.
What Mode of Payment Is Used For
Mode of Payment is used to:
- Clearly identify the payment method used in sales, purchases, and other financial transactions
- Ensure accurate recording of cash flow and payment sources
- Support clear reporting on how money is received and paid
- Maintain internal control and transparency in financial operations
Every time money is collected from customers or paid to suppliers, the selected Mode of Payment explains how that transaction was settled.
Prerequisites and Setup Requirements
Before using Mode of Payment, businesses should ensure:
- Common payment methods used by the business are clearly defined (e.g., Cash, Bank, Online)
- Related financial accounts or settlement processes are already agreed internally
- Payment policies are aligned across sales, finance, and operations teams
Mode of Payment is typically set up once and maintained periodically as payment methods evolve.
Typical Workflow and Business Fit
Setup Phase
Finance or accounts teams create Mode of Payment records for each accepted payment method.Daily Operations
When processing:- Customer payments
- Supplier payments
- Advances or refunds
users select the appropriate Mode of Payment to record how the transaction was settled.
Reporting & Review
Management uses payment-based summaries to analyze:- Cash vs. non-cash collections
- Bank-related transactions
- Digital payment adoption
This ensures payment information is consistent across the business.
Key Business Scenarios Where Mode of Payment Is Essential
- Sales collections: Differentiating between cash, card, or online payments from customers
- Purchasing and expenses: Tracking whether suppliers were paid via bank, cheque, or cash
- Retail or service operations: Understanding customer payment preferences
- Financial reconciliation: Matching recorded payments with bank statements or cash balances
- Audit and compliance: Providing clear evidence of payment methods used
Important Considerations for Users
- Use clear, simple names that everyone in the business understands
- Avoid creating duplicate or overlapping payment methods
- Review payment modes periodically as new payment channels are introduced
- Train users to always select the correct Mode of Payment to avoid reporting errors
- Keep inactive or discontinued payment methods properly managed
In Summary
Mode of Payment is a small but critical setup in Dafater that brings clarity, consistency, and control to how money moves in and out of the business. Properly maintained, it improves financial visibility, supports better decision-making, and strengthens overall payment governance.
Basic Information
- Module: Accounts
- Document Type: Setup
Fields
| Field Name | Label | Type | Required | Options | Description |
|---|---|---|---|---|---|
| modeofpayment | Mode of Payment | Data | ✓ | - | Name of payment method used for customer and supplier transactions |
| enabled | Enabled | Check | - | Enable or disable this payment mode for Dafater transactions | |
| type | Type | Select | Cash, Bank, General, Phone | Categorizes payment mode such as cash, bank, general, or phone | |
| accounts | Accounts | Table | Mode of Payment Account | Linked Dafater accounts used for posting payments by company |
Child Tables
Accounts (Mode of Payment Account)
| Field Name | Label | Type | Required | Options | Description |
|---|---|---|---|---|---|
| company | Company | Link | Company | Company this payment mode applies to within Dafater | |
| default_account | Default Account | Link | Account | Default ledger account used for this payment mode in Dafater |
Permissions
| Role | Read | Write | Create | Delete | Submit | Cancel |
|---|---|---|---|---|---|---|
| Accounts User | ✓ | |||||
| Accounts Manager | ✓ | ✓ | ✓ |
Related DocTypes
| DocType | Relationship | Module |
|---|---|---|
| Employee Advance | Linked from | HR |
| Expense Claim | Linked from | HR |
| Gratuity | Linked from | Payroll |
| Journal Entry | Linked from | Accounts |
| Loan Disbursement | Linked from | Loan Management |
| Loan Repayment | Linked from | Loan Management |
| Payment Entry | Linked from | Accounts |
| Payment Request | Linked from | Accounts |
| Payment Term | Linked from | Accounts |
| Purchase Invoice | Linked from | Accounts |
| Salary Structure | Linked from | Payroll |