This screen is used to create/view/edit the details of the Custom Payment Type lookups. When you make a payment, there is a pull-down list of payment types (Credit Card, EFT, Cash, Cheque, Other, and Discount). If you select Other, then the available Payment Types are the Custom Payment Types.

The fields are as follows:

Name - the Custom Payment Type
default - check the box to make this the default custom payment type
Active - uncheck the box to deactivate the custom payment type