Home > Settings > Invoicing and Payments
The Invoicing and Payments screen details your invoicing contact and mail-to address. You can also set up your TrulySmall Accounting business to receive payment by credit card.
By enabling Payments, the invoices you email to your clients can contain a link that allows them to pay you online using Visa, MasterCard, or American Express. Once cleared, those Payments are automatically logged in TrulySmall Accounting. Then, when the money is transferred to your bank account, that Transfer transaction is also created in TrulySmall Accounting along with any associated fees for processing the online payment transaction.
The Business Information section stores the "Name" and "Contact Email" address for the primary contact managing invoicing and payments for your company. The email address will also appear as the sender when invoices are emailed to clients.
The address you type in the Mailing Address section will appear as the payment mailing address on your invoices.
The Additional Details section is where your business "Website" address, and "Phone", "Mobile", "Fax", and "Toll-free" numbers can be added.
Click on the Save Invoicing button when your changes in the Invoicing section are complete.
In the Payments section, you have the option to accept payment by credit card.
The person identified here will receive email from the payment processor. You can view the "Fee Details" by clicking the link next to the rates. Be sure to read the "terms of service", then click on the checkbox to accept them. When you are ready, click on the Start Accepting Payments button.
Note: The option to accept payment by credit card is only available on invoices that are issued in the home currency of your business (limited to CAD or USD only). If you create an invoice in a different currency, you will not have the option to accept payment by credit card for that invoice.
Once your request is processed you will see a message that you are ready to accept credit card payments from your emailed invoices.
Note: Clicking on the Start Accepting Payments button will not save changes you may have made to the Invoicing section. If you have made any changes there, remember to click on the Save Invoicing button before leaving the screen.
This section appears once you have been setup to accept credit card payments. At this point you can add additional contacts can be added to your notification list. These people will receive Payment Notification emails when online payments have cleared.
This section also appears once you have been setup to accept credit card payments. It identifies the three G/L accounts that will be associated with payment transactions. You can use the default accounts or make changes that may better suit your business.
WePay Account is where processed credit card payments are held temporarily before being transferred to your bank account.
Expense account used to track payment processing fees is the account that TrulySmall Accounting will associate with the transaction fees you incur for online payments. TrulySmall Accounting automatically creates an expense transaction for the credit card processing fee that you are charged when your client pays an invoice online.
Bank account where cleared funds are recorded When your funds have cleared from the online payment, they will be transferred to the bank account you define here. TrulySmall Accounting automatically creates a transfer transaction to indicate the amount deposited to your bank account.
Company Default Payment Settings:
You have the option set the default way that you allow credit card payments, you can also choose to have no credit card option as your default.
To exit the Settings section at any time, click the X in the upper right.