Banks and payment methods

What it is for#

The money that is not in the cash register is in the bank, or on its way there. Four screens work together here:

• Bank accounts (Collections group): your accounts, where transfers land.
• Payment methods (Collections group): how you get paid and how you pay, including your own, such as Zelle or PayPal.
• Banks (Collections group): what each account holds according to the books, and the money that moves between the cash register and the banks: deposits, card settlements, charges.
• Bank reconciliation (Accounting group): the bank's statement against what was recorded.

Before you start#

• Configure the company for bank accounts and payment methods.
• Manage banks to record movements in Banks.
• View accounting to see the bank reconciliation and Manage accounting to do it.
• For a cash register deposit or a withdrawal to the cash register, your open cash register (Cash registers).

Bank accounts#

1. Create the account

   In Bank accounts, click New account. Type the Bank, the Account type (Checking or Savings) and the Account number as they appear on the statement. The Alias is how you recognize it when collecting ("Chase operating"); the holder comes with the legal name. You can upload the bank's logo. Click Create account.

2. Order them

   The first one receives the point of sale's transfers by default. Move up and Move down change the order. An account you no longer use is turned off with Deactivate (its payments are kept); it can only be deleted if no payment uses it.

   

Payment methods#

Every company starts with cash, card, transfer and check. Those can be renamed, but their type cannot change. You create the rest: Zelle, PayPal, Apple Pay, a card terminal.

1. Create the method

   In Payment methods, click New method. Type the Name, which the cashier and the reports will see, and choose the Type. The type decides where the money goes:

   • Cash: goes into or out of the shift's cash register.
   • Card: stays in card receivables until the processor deposits it, minus its fee. Apple Pay or Google Pay are this type.
   • Bank / transfer: goes into or out of a bank account. Zelle or a deposit.
   • Digital wallet: stays in its own "to settle" account until you move it to the bank. PayPal or Cash App.
   • Check: comes out of a bank account; only for purchases and payroll.

   

2. The account and where it is used

   For a bank method, leave Bank account on Chosen each time or set one, if the money always goes into the same account (Zelle into your checking account). For a card, give the method the terminal's name (create one per terminal) and its Processor fee (%), which is suggested when settling. Under Used in tick Sales and payments, Purchases and expenses or Payroll.

3. Your list of methods

   The table shows each method with its type, where it is used and its account. A lock marks the ones that come with the system. From the menu you edit them, reorder them, activate or deactivate them (never cash) and delete one that was never used.

   

Each active method appears in the POS payment, in receivables collections, in deposits, in expenses and in supplier payments, according to where it is used. The Z close and the reports show it by its name.

Banks#

Banks shows what is In banks and the Cards to settle (card collections the processor has not deposited yet), each account with its balance on the books and, for whoever reads the books, its Statement. Below, every movement.

To record one, click Movement and choose the type:

Settling the cards#

1. Record the processor's deposit

   When the processor deposits the batch, click Movement and choose Card settlement. At the top you see what is Pending settlement. Under To choose the account, the Date, the Settled amount (gross) (it comes with what is pending) and the Fee: Pixel One tells you what Goes into the bank. Add the reference and click Record.

   

A wallet is settled the same way with Wallet settlement: you choose the Wallet, the amount (it comes with what it holds) and the fee. You cannot settle more than it holds.

A movement is not edited: Void with a reason reverses its journal entry, and a cash register deposit returns the cash to your open cash register.

Bank reconciliation#

The reconciliation compares the bank's statement with what was recorded in Pixel One.

1. Start with the statement

   In Accounting, Bank reconciliation, click New reconciliation. Choose the account, the Statement date and the Statement closing balance (with a minus sign if it ended overdrawn). Click Start.

   

2. Tick what is on the statement

   You see every movement up to that date, what came In and what went Out. Tick the ones that appear on the statement, one by one or with Tick all. The difference goes down with each one.

3. Record what is missing and close

   If the bank charged a fee or paid interest you did not record, record it in Banks and tick it here. When the difference reaches zero, click Close. An open reconciliation can be discarded with Discard.

By country#

Common mistakes#

• "The account does not show up when collecting by transfer." It is deactivated, or the method has another fixed account.
• "I cannot delete the account or the method." It already has payments: deactivate it.
• "I do not see Wallet settlement." First create a method of the Digital wallet type.
• "The cash register deposit will not go through." You need your open cash register, and you cannot deposit more than is in the drawer.
• "The reconciliation will not close." The difference is not zero: something is still to tick, or a bank charge is still to record in Banks.

Next step#

All of this ends up in the books: Accounting.