On Account is a mechanism by which you can sell products “on-account” of the customer – this means that the customer will not pay you at the time of the order, but will pay you at a later point of time.
You can enable/disable On Account for your company by navigating to Settings -> Payments, Taxes and Invoicing -> On Account.
Once enabled, you have to set the default credit period. This period will be used to decide the default Pay by Date on each On Account transaction.
If you disable and later enable On Account, you will be able to see your past on account transactions.
Creating On Account Orders
While creating a POS orders, in the review screen, you can either choose one of the payment methods or choose on account. Once On Account is selected, you cannot add other payment methods. Please note that you have to select/create a customer for on account orders.
The same applies to B2B orders while creating them.
Settling On Account transactions
Whenever you are ready to collect (Settle) the due amount from your customer for all their on-account transactions, you can do that by navigating to to Customers -> Search and select a customer -> On Account Transactions -> Select transactions and “Settle Transactions”. You can also “Write-off” transactions individually from the Actions link for each pending On Account Transaction.