Setting up Payment Accounts Overview
Creating New Payment Accounts - Name and Account Type
You can have as many Payment Accounts as needed. We recommend only one Accounts Payable, but we often see multiple Credit Cards and Checking accounts. To get started, navigate to Accounting > Setup. Click “Add Account ” and follow the instructions below for what is needed in each column.Set the Payment Account Name
For any account other than Accounts Payable, you can create/edit the name. In order for us to choose the correct account, please be as specific as you can!- For credit cards or multiple checking accounts, we strongly suggest you include the last four digits of the card number in the Payment Account name.
- For credit cards or multiple checking accounts, we strongly suggest you include the last four digits of the card number in the Payment Account name.
- Checking BankX ####
- ACH/EFT
- AMEX ####
- CCARD ####
- DEBIT CARD ####
- Petty Cash
- Paid Out
Choose the Account Type
Account type sets how the data will be sent to your accounting system. There are three choices of account types in Garde: Accounts Payable - used typically for just one payment account. Payment accounts set to Accounts Payable will be sent as a bill to an accounts payable account (DO NOT MAP THIS) Checking - recommended for invoices paid with a check upon delivery. Invoices closed to payment accounts set as Account Type “checking” will be sent as a bill to your accounts payable along with a check payment marking the invoice as paid by the checking account mapped under the accounting system account.**** The check number used will either be the check number you provide on the invoice, or if no check number is given, the check number is randomly generated. If you are using invoice approval to edit your Payment Accounts yourself, you’ll see an “Auto-Generate Check Number” option. Other - commonly used for petty cash purchases and internal transfers. For payment accounts set to this category type, no invoice is sent to the accounting system, only a journal entry. Common examples include purchases with petty cash (paid-outs) and internal transfers. Other - commonly used for petty cash purchases and internal transfers. For payment accounts set to this category type, no invoice is sent to the accounting system, only a journal entry. Common examples include purchases with petty cash (paid-outs) and internal transfers. Please note that the general journal entry exported to your accounting system will not be tied to a specific vendor, the vendor will simply be referenced in the memo on the Journal Entry. As such, if you export an invoice to accounting using an “Other” payment account type, you will not need to map that Garde Vendor; and if you lock a Vendor to only export invoices to an “Other” Payment Account type, the Vendor Mapping page with display “Not Applicable” in the Accounting System Vendor column. ***Credit Card -***available for QuickBooks Online and QuickBooks Desktop. Invoices closed to account type “Credit Card” will report a credit card charge to the mapped account (must be a Credit Card account in QuickBooks). If no vendor is mapped, the name of the vendor paid will show up as a memo on your credit card register. If the vendor is mapped, you will see the vendor listed as the payee on the credit card register and it will appear as an expense on your Vendor transaction list for the mapped vendor. For QuickBooks Online, an image will also be exported with the Credit Card Payment Account. For more details on what Credit Card type payment account exports will look like in the accounting system, see this article. *Note: Credit Card payment types cannot be mapped to a bank account.*EFT/ACH
Generally speaking, payment accounts are used to record unpaid invoices or payments made on invoices prior to upload. If you have an auto-draft arrangement with a vendor, you can have those invoices marked as paid from the desired bank account and the payment will include a randomized transaction number as a check number. We recommend you map this payment account to the account the funds are drafted from. Two things to note about this arrangement. The first is that doing this will send one check per invoice to your accounting system and the check date will match the invoice date. Since we do not know exactly when or which invoices will be included in an auto-draft, there is no way to mark invoices to reflect a future draft from your bank account for several invoices. Second, since we cannot export a check for a negative amount, credits from your vendor will be sent to your AP and not marked as paid with a check. To override the default, follow the instructions to lock your vendor to a checking type payment account that is mapped to the balance sheet account the funds are drafted from.Mapping the Payment Accounts
Map the Accounting System Account
Go to Accounting > Payment Accounts from the main menu to view, add or edit your payment accounts. Your payment accounts page includes payment account options for Accounts Payable, Checking, Credit Card, and Petty Cash as shown below. We will discuss how to handle each of these options.- Accounts Payable: LEAVE THIS BLANK.
- Checking : Map this to the bank account you use for writing checks. (You can set up multiple bank accounts, see above!)
- Credit Card: Map this to the account set for your credit card. (You can also set up several credit cards! We recommend using a title such as “Visa 7458”, using the last four digits of the card that will show on receipts.)
- Petty Cash: Map this to your petty cash/cash on hand account
- Checking: Map this to the bank account you use for writing checks. (You can set up multiple bank accounts!)
- Credit Card: Map this to the account set for your credit card. (You can also set up several credit cards! We recommend using a title such as “Visa 7458”, using the last four digits of the card.)
- Petty Cash: Map this to your petty cash/cash on hand account.
When finished, be sure to click “Save Changes”!
Ensuring your Invoices are Closed to the Right Payment Account
When uploading invoices, the default is to mark them as unpaid by assigning them to the Accounts Payable payment account. If you want the correct payment method recorded during invoice processing, there are two ways you can help ensure that this happens:- You can adjust the vendor settings to define a default payment account, or
- You can write the payment used on the invoice itself