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ManualDoc:W3CAAC7D54593489384452416ACF356DD

Payment Methods represent means of payment employed by your enterprise or by a business partner, such as:

Each payment transaction is associated with a Payment Method. A payment method defines how a payment in/out is going to be managed within the receivables and payables Payment Cycle, and besides how it is going to be accounted.

Payment Methods are associated to Financial Accounts, so that payments can be registered in a bank or cashbook.
The payment methods which can be used within the payables and receivables management are the ones assigned to a Financial Account, therefore if any payment method configuration needs to be modified, that has to be done in the Payment Method tab of the financial account.

It is possible to associate multiple Payment Methods to a single Financial Account.
For instance, both checking and electronic payments may be associated to a single Financial Account as each payment method has its own configuration.


Payment Cycle

To better understand the configuration of a Payment Method, it is necessary to understand the flow of events within the payment cycle:

In the image below, a Simple Payment Workflow is shown:

Payment Method 01.png

The way to create each payment stage in Openbravo is described below:

First Stage:
A "Receipt" can be registed in:

A "Payment" can be registered in:

Above payment stages can create an accounting event depending on the payment method accounting configuration.

Second Stage:
A "Deposit" can be registed in:

A "Withdrawal" can be registed in:

Above payment stages can create an accounting event depending on the payment method accounting configuration.

Third and final Stage:
A "Reconciliation" can be registered in:

Above payment stage can create an accounting event depending on the payment method accounting configuration.

Payment Status

To better understand the configuration of the payment method, it is also necessary to understand the payment status related to the process steps.

During the whole Payment Cycle, the payment is defined by one status so the user knows the last step of the process that took place and the following step that should take place.

In the following explanation and diagram below, the different Payment Statuses are explained.

Payment Method 02.png


In more detail, the way those payment status change within the payables and receivables payment cycle is:

1. The Receipt of the money in or the Payment of the money out, before the transaction is confirmed on the bank account, changes the payment status to either:

If there is an execution process set up in the payment method, the extra action of executing that process changes the status from "Awaiting Execution" to either "Payment Received" or "Payment Made".

2. The Deposit of the payment in the financial account changes the payment status from "Payment Received" to "Deposited not Cleared"
and the Withdrawal of the payment from the financial account changes the payment status from "Payment Made" to "Withdrawn not Cleared".

3. The Clearing or reconciliation of the payments changes the payment status from either "Deposited not Cleared" or "Withdrawn not Cleared" to "Payment Cleared"

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