Manage Payment Methods

After setting up your business in Acxite, it is essential to create and maintain an up-to-date list of your payment methods. This ensures that Acxite’s intelligent document processing accurately links all uploaded invoices and receipts to the corresponding payment method within your financial records, streamlining your bookkeeping and financial reporting.

Prerequisites

Before you begin, ensure you have:

• Set up your business in Acxite.

You can manually add a payment method in Acxite using the ‘Add Method’ button from the Master Data page.

Step 1 – Navigate to the “Master Data” page from the left side of the dashboard menu.
Step 2 – Click the “Payment Method” page.
Step 3 – Click the “Add Payment Methods” button on the top right of the screen.
Step 4 – Provide the necessary information for the payment method.

You can store the following details for a payment method in Acxite:

• Payment Type: Supported types are: “Bank“, “Credit Card“, “PayPal“, and “Cash“.
• Default Currency: The default currency of the payment method. This is used when creating transactions in Acxite where the payment method currency is relevant.
• Bank Name: (Optional) The account issuer; this can be a bank or company name. If you upload a merchant statement, Acxite’s intelligent document processing extracts the merchant company name as the bank name.
• Last 4 Digits: (Optional) The last four digits of the payment method’s account, card, or other identification number.
• Display Name: A short and unique name that will be used to identify the record throughout the Acxite application.
• Bank Phone No: (Optional) The contact information for the bank.
• Bank Address: (Optional) The branch address where the account was opened.
• Account Holder Name: (Optional) The name of the individual or business entity to whom the account belongs, as registered with the bank or payment provider.
• Account Phone No: (Optional) The personal contact information provided to the bank during the account opening.
• Account Address: (Optional) The personal address provided to the bank during the account opening.

Step 5 – Click the Save button.

The new payment method will be added to Acxite. If Acxite’s intelligent document processing identifies the account number or bank details in a statement, it will automatically assign this payment method to that transaction within your Acxite ledger.

The “Import Method” feature is ideal when adding multiple payment methods simultaneously from a CSV/Excel file. Follow these steps to import payment method records:

Step 1 – Navigate to the “Master Data” page from the left side of the dashboard menu.
Step 2 – Click the “Payment Method” page.
Step 3 – Click the “Import Payment Methods” button on the top right of the page.
Step 4 – Download the payment method import template.
Step 5 – Paste your payment method data into the downloaded template file, ensuring it aligns with the column names.

Note: Do not change the column headers or their position.

The following columns are available in the template that can be specified when importing payment methods to Acxite:

• Payment Type: (Mandatory) The allowed values are Bank, Cash, Credit Card, and PayPal.
• Bank Name: The account issuer’s name, usually available only for bank or credit card accounts.
• Display Name: (Mandatory) Specify a display name for your payment method.
• Last 4 Digits: Specify the last four digits of a credit card or bank account number.
• Email: For PayPal accounts, specify the email address as it will be used by Acxite to identify the payment method from documents.
• Currency: Specify the payment method’s default currency. If this is not specified, Acxite will assign the business currency as the default.

Step 6 – Click the Browse button in Acxite and select the template file containing your data.

Acxite will validate your data for several checks, including:

• The file must be in “CSV” format.
• Payment method types assigned to each row must be one of the allowed values: Bank, Credit Card, Cash, and PayPal.
• All mandatory fields must be filled.
• The “Display Name” must be unique across all payment methods for the current business.

Step 7 – Click the Import button.

Your list of payment methods is now imported into Acxite and will be available for automatic assignment to your purchase and sales transactions.

You can update your payment method details or archive unnecessary payment methods so that Acxite no longer assigns them to new invoices.

Step 1 – Navigate to the Master Data page from the left side of the dashboard menu.
Step 2 – Click the Payment Method page.
Step 3 – Click the Edit icon for the payment method you want to edit.

Note: All fields are editable except for the ‘Payment Type’. If a payment method was created with an incorrect payment type, you should create a new record in Acxite and mark the incorrect one as archived.

Step 4 – Click the relevant field and update as required. For example, click the Status field and set it as Archived to archive a payment method.

Archived payment methods will not be assigned to any new document in Acxite, but you will still need to manually update any previously processed documents if required.
By default, archived payment methods are filtered out on the page. You can clear the filter on the Status column to view them.

Step 5 – Click the Save icon.

Your changes will be saved for the payment method in Acxite.

Frequently Asked Questions

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