How to create your own payment types

Payment types describe the methods used by customers to pay for any invoices you raise. There are default payment types such as " Credit card" and "Cash", but you may wish to add your own payments types too.

Here are some creative ways to use payment types:

  • If you have a card reader (like iZettle or Square) that deposits your payments in bulk, you can create one payment type for that card reader. That way, it will be even easier to reconcile those payments to your bank account.
  • If you would like to issue discounted or free Gift Vouchers to customers, you will need to apply a payment to activate the voucher. Adding a specific payment type for promotional or pro bono vouchers will allow you to activate the voucher, while recording the "payment" separately from your actual payments.
  • A similar process can be used if you wish to issue Customer Credit to the customer.
  • Are you a business of the future? Add "Bitcoin" as one of your payment types 😂

This feature may not be available on your current plan. Find out how to upgrade in our How to change your Timely plan guide.

Add a new payment type

  1. Go to Setup > Sales settings.
  2. Go to the Payment types section: 

  3. Click the green [+] button to add a new payment type.
  4. Write your new payment type in the field provided.
  5. Click Save to create the new payment types.

Use a payment type

When you raise an invoice in Timely, you can select the payment type you wish to apply:

We'll record the total balance for each payment type in the Transaction summary report, so you can easily see how much you have received via each method:

Working with integrations?

If you have an accounting system integrated with Timely (e.g. Xero, MYOB or QuickBooks Online), you will be prompted to map any new payment types to an account. 

You can map all payment types to the same account in your accounting system, or set up a new account for each payment type. 

Check out the guides for each respective integration, for more information:

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