Payment GL Definitions allow you to designate where GL entries for specific transactions will be made. This is a good tool to use when GL entries need to be consistently set based on transaction details, regardless of product.
For example, if all credit card payments should debit a specific cash account instead of the default cash account, you can specify this through the Payment GL Definition.
Note: If GL entries should be product specific, you will want to use Product GL accounts. For details on setting up and using Product GL accounts, click here.
2. Create a Payment GL Account Definition by clicking +New. Fill Out Required Fields and Save.
- Name - Friendly name for the definition
- Entity Type - Drop down allows you to select which entity you want this payment definition to be triggered from (credit, invoice, etc.)
- Account Type - Make sure to set the GL account type that matches the GL account you look up to in the General Ledger Account Field
- General Ledger Account - Look up to the General Ledger Account that GL entries will be directed to
- Sort Order - If you are using multiple payment definitions, set the order in which the system should evaluate them.
3. Save the Record.
4. Click '...' in the Toolbar and select View Query.
5. Set your criteria to adjust the GL entries just as you would for an Advanced Find, and click Save. Then close your query.
Records that meet your type/query will now have GL entries set to match the record.
NOTE: If you set a definition for Payment records, it is advisable to set up a matching refund definition.
This will allow records to balance the same account. Make sure you set up definitions to handle changes/reversals from the same account. Otherwise, you may end up with a Debit to one and a Credit to another.