You can set Patriot’s Accounting Software to automatically update your accounts when you perform specific activities (e.g. receiving customer payments). When you log in for the first time, you can select the accounts that will record your transactions.
1) When Using Accounting in Patriot Software: You can choose an accounting basis of Cash, Modified Cash, or Accrual basis accounting, depending on how you want to record transactions. For more details, see Which Accounting Basis Should I Use?
2) When Receiving Customer Payments: At the time you enter a payment received from a customer, you will automatically record the payment received into a bank or cash account of your choice. Select the account in the dropdown list.
3) When Paying Vendors: When you pay a vendor, the outgoing payment can be automatically recorded to a bank or cash account of your choice.
If you wish to make changes to your accounts, click “Back” at the bottom of the Transaction Settings page.
When you are finished setting up your transaction settings, click “Continue.” You will proceed with the rest of the Accounting Setup Wizard.”
To Manage Transaction Settings After Initial Setup
- To manage your Accounting transactions settings, go to Settings > Accounting Settings > General Settings > Transaction Settings
- Make your changes, and click Save.
- When an activity is completed, you can view these transactions in your Activity by Account report.
If you import outside transactions from your bank and want to turn off Patriot’s Smart Suggestion feature that automatically suggests expense accounts, you can do this here. See the help article Managing Your Imported Bank Transactions.
You can also manage your credit card payment settings on the Transaction Settings page. See the help article Accepting Credit Card Payments on Customer Invoices.
If you use Patriot Payroll Software, you will maintain the accounts used for recording payroll under Settings > Payroll Settings > Payroll Integration Options. For more details, see Integrating Patriot Payroll with Patriot Accounting.