V8 - Payment methods and Terms

 

SOS Inventory allows you to establish payment methods and terms for your business.

 

The Payment methods feature allows you to specify the types of payments your company accepts, such as cash, checks, credit cards, etc. If your subscription to SOS Inventory also includes our online payment processing service, SOS Pay, SOS Pay – credit card and SOS Pay – ACH are included among your payment methods automatically. The Payment methods list stores the records of all the different types of payment that your organization accepts.

 

Terms are the conditions of payment specified by a seller to a buyer. In SOS Inventory, all terms—whether payment terms to your vendors or sales terms to your customers—are stored in the Terms list.

 

Adding and using payment methods

edit_noteNOTE: Only company administrators can create or modify payment methods.

To add a payment method, go to the Payment methods list (Company menu > Miscellaneous > Payment methods), then select Add new. Enter a name for the payment method and save. After saving, go to the sync queue (Sync menu > Preview sync) to verify that the payment method is there. If not, go to the Payment methods list and select Add to sync under the Actions dropdown.  

 

Once defined, payment methods will appear on sales receipts and on payment transactions.

 

Adding and using terms

edit_noteNOTE: Only company administrators can create or modify terms.

To add a term:

 

  1. Go to the Terms list (Company menu > Miscellaneous > Terms), then select Add new.
  2. Give the term a name and complete other fields as needed. SOS Inventory includes an explanation below each data field to assist you. 
  3. Select Save and close.
  4. After saving, go to the sync queue (Sync menu > Preview sync) to verify that the term is there. If not, go to the Terms list and select Add to sync under the Actions dropdown. (Add to sync is also available as a batch action if you have multiple terms that need to be synced and prefer to add them to the sync queue at one time.)

 

An existing term can be opened for editing by selecting the record's name on the Terms list. Use Delete as an action or batch action to remove one or more terms from the Terms list.

 

The Terms field will appear on purchasing and sales transactions. All terms that have been defined in SOS Inventory will appear in the field's dropdown list.