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.

1. 1Go to Settings → Payment Accounts.
2. 2Click 'Add Account'.
3. 3Enter a descriptive name (e.g., 'Shop Cash Drawer', 'HSBC Business Account').
4. 4Choose the account type.
5. 5Enter an opening balance — the balance already in this account before you started using Fixmo.
6. 6Click 'Save'.

Linking Payment Methods to Accounts

Every payment method (Cash, Card, Bank Transfer, etc.) has a receiving account — the account its money lands in. When a customer pays using that method, the payment is attributed to that account so its balance stays accurate. Built-in and custom methods come with a receiving account already set.

1. 1Go to Settings → Payment Methods.
2. 2Use the 'Receiving account' picker next to the method to choose where its money lands.
3. 3The change applies immediately — no separate save needed.

How Account Balance Is Calculated

Fixmo calculates each account's real-time balance from these 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).
• + Transfers In — money moved into this account from another account (Admin-only feature).
• + Owner Deposits — money the owner put into this account.
• − Expenses Paid — the sum of all expense amounts assigned to this account, including split expenses, recurring expenses, and purchase-order supplier payments made from this account.
• − Refunds — processed refunds paid out of this account.
• − Capital Asset Purchases — the total purchase price of capital assets funded from this account.
• − Transfers Out — money moved from this account to another account.
• − Owner Withdrawals — money the owner took out of this account.

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.