Payment Accounts
What Are Payment Accounts?
Payment Accounts are Fixmo's way of tracking where money physically or digitally sits in your business. Instead of just recording how much money came in, Fixmo lets you track which account it landed in — making reconciliation and cash-flow management straightforward.
- Cash Drawer — physical cash in your shop or per-branch cash box.
- Bank — a commercial bank account where transfers or card settlements arrive.
- Mobile Wallet — digital payment apps (e.g., PayPal, local mobile money services).
- Owner Personal — money belonging to the owner that flows through the business.
- Other — any account that doesn't fit the above categories.
Creating a Payment Account
Create accounts in Settings → Payment Accounts.
- 1Go to Settings → Payment Accounts.
- 2Click 'Add Account'.
- 3Enter a descriptive name (e.g., 'Shop Cash Drawer', 'HSBC Business Account').
- 4Choose the account type.
- 5Enter an opening balance — the balance already in this account before you started using Fixmo.
- 6Click 'Save'.
Set an accurate opening balance when creating an account. The opening balance is the starting point for all balance calculations — an incorrect opening balance will skew every balance report for this account.
Linking Payment Methods to Accounts
Every payment method (Cash, Card, Bank Transfer, etc.) must be linked to a Payment Account. When a customer pays using that method, the payment is attributed to the linked account.
- 1Go to Settings → Payment Methods.
- 2Edit any payment method.
- 3Choose the Payment Account this method should be linked to.
- 4Save the payment method.
A payment method can only be linked to one account at a time. If the same money type goes to multiple accounts (e.g., cash split between two branches), create a separate payment method for each.
How Account Balance Is Calculated
Fixmo calculates each account's real-time balance from four components:
- Opening Balance — the initial amount set when the account was created.
- + Payments Received — the sum of all payments attributed to this account (repairs, sales, invoices).
- − Expenses Paid — the sum of all expenses recorded as paid from this account.
- − Capital Asset Purchases — the total purchase price of capital assets funded from this account.
Balance is shown per account on the Settings → Payment Accounts page. Click any account to see its full transaction breakdown.
Editing and Deleting Accounts
Edit an account from Settings → Payment Accounts — click the account to open its details, then click Edit. You can rename the account, change its type, and update the opening balance.
An account cannot be deleted if it has payments, expenses, or capital assets linked to it. Reassign or remove those records first before deleting.
Frequently Asked Questions
What is a Payment Account?+
What are the Payment Account types?+
How is the account balance calculated?+
Can I have multiple accounts of the same type?+
Where do I manage Payment Accounts?+
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