Addition of Online Wallet Payment

MitsMits Member Posts: 11

With the increasing use of online wallet payment (e.g., Paytm, Freecharge, PhonePe, Mobikwik and UPI payments), is it possible to add account type and payment methods so that books of accounts can be managed properly?

Comments

  • AlexiaAlexia Administrator Posts: 3,314 admin

    Hi @Mits.

    Those would just be considered bank accounts for the purpose of your accounting (same as PayPal, actually). Is there a specific reason why you would want those accounts in a separate category from other payments accounts in your asset category?

  • MitsMits Member Posts: 11

    Hi @Alexia,

    Actually we consider bank payment as payment via cheque, DD, account transfer (NEFT, RTGS, IMPS). Mobile wallet payments work differently from bank payments and they sort of are intermediary form of payments. Sometimes we have to transfer the money we receive in the mobile wallet to our respective bank accounts. So we would like another category as "mobile wallet" so that on the invoice when we record a payment, it will show as "paid via mobile wallet" rather than "paid via bank payment". This should simplify the process of account keeping. We tried using the "other" option for payment category but on the invoice it just shows as "paid on...." and it doesn't mention the mode of payment.

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