In addition to the offline payment types that are already in the system (cash, check, offline credit card and other), you may have a need for additional payment types. To configure a custom payment type, do the following:
Select 1 configure | preferences, and in Payment and Transaction Configuration, select 2 Add/View Custom Payment Types.
When you have custom payment types in your system, you can 3 archive them here. To create a new custom payment type, select 4 Add new.
Type a 5 Lookup Code, Lookkup Name and Description for the new payment type. Click 6 Save. Now, when you are processing offline payment for an invoice on your back-end/admin site, this new payment type will be available as an option.