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ENABLING & USING PAYMENT ACCOUNT OR BANK ACCOUNT

Payment Accounts (Bank Accounts)

Payment Accounts represent the bank accounts, cash accounts, card settlement accounts, and other financial accounts used by your business to receive and make payments.

These accounts are integrated with IsleBooks Accounting and are used throughout the system for customer payments, supplier payments, cash deposits, and other financial transactions.

Note: Payment Accounts require the Accounting module to be enabled.

Enabling Payment Accounts

  1. Go to Settings → Business Settings → Modules.

  2. Enable Accounting (Double Entry).

  3. Save your changes.

After enabling the Accounting module, the Accounting menu becomes available, including Bank Accounts.

Creating a Payment Account

  1. Go to Accounting → Bank Accounts.

  2. Click Add Account.

  3. Complete the account details.

  4. Click Add Account.

Account Details

Account Type

Choose the type of account.

Examples include:

  • Current Account

  • Savings Account

  • Cash on Hand

  • Petty Cash

  • Card Settlement Account

The selected account type determines the default accounting behavior.

Account Name

Enter a descriptive name.

Examples:

  • Bank of Maldives

  • MIB Current Account

  • Cash on Hand

  • Main Cash Drawer

Currency

Select the account currency.

If left blank, the business default currency is used.

Account Number

Enter the bank account number or account identifier.

GL Account

Choose the General Ledger account this payment account should post to.

By default, IsleBooks automatically selects an appropriate GL account based on the account type.

You may override this if required.

Bank

Select the bank associated with the account.

If your bank is not listed, create it first and then select it.

Location

Optionally assign the account to a specific business location.

If left as All Locations, the account can be used throughout the business.

Branch

Enter the bank branch name or code if required.

SWIFT / BIC

Enter the bank's SWIFT or BIC code for international transfers.

Opening Balance

Enter the account balance at the time the account is created.

The opening balance becomes the starting balance for accounting purposes.

Notes

Add any additional information relating to the account.

Customer Portal Visibility

Enable Show in Customer Portal if customers should be able to transfer payments directly to this account from the customer payment portal.

Accounts that are not enabled remain hidden from customers.

Active Status

Only Active accounts are available for selection throughout IsleBooks.

Inactive accounts remain in historical records but cannot be selected for new transactions.

Using Payment Accounts

Payment Accounts are used throughout IsleBooks for:

  • Customer Payments

  • Supplier Payments

  • Cash Sales

  • Bank Transfer Payments

  • Purchase Payments

  • Default Store Payment Accounts

  • Accounting Entries

Selecting the correct payment account ensures transactions are posted to the appropriate ledger automatically.

Best Practices

  • Create separate accounts for each business bank account.

  • Maintain a dedicated Cash on Hand account for cash transactions.

  • Assign accounts to specific locations where appropriate.

  • Configure default payment accounts under Settings → Stores to automate payment posting.

  • Only enable customer portal visibility for accounts that customers should pay into.

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