Payment accounts for cash, bank and cards
Payment accounts track where your money actually sits: the till, the safe, the business chequing account, the card merchant account. Link payments to them, record deposits and transfers between them, and open each account's book to see every entry and its balance.
Payment accounts in SeroPOS
Accounts you name
Add accounts with a name, type, sub-type, account number, note and opening balance.
Capital accounts
Keep owner capital in its own tab, separate from operating accounts.
Default account per method
Each location sets a default account for every payment method, so payments link themselves.
Transfers and deposits
Move money between accounts and record deposits, such as the day's cash going to the bank.
Account book
Every debit and credit on an account with a running balance, for any date range.
Unlinked payment warning
SeroPOS warns you when payments are not linked to an account, and lets you link them.
Turning on payment accounts
Payment accounts are a module in the core back office. In Business Settings, go to the Modules tab and turn on Account. A Payment Accounts menu appears with List Accounts, the balance sheet, trial balance, cash flow and the payment account report. It is a simple way to track money without full double-entry books.
List Accounts has three tabs. Accounts holds your operating accounts: cash on hand, the bank, card merchant accounts. Capital Accounts holds owner capital. Account Types lets you set up the types and sub-types you want to group accounts by. Most businesses only need a handful of accounts to start. Add more as you need them.
Linking payments to accounts
Each business location has its payment methods, and for each method you can choose a default account. Cash payments at the main store might go to Till cash, card payments to Card clearing and cheques to the bank. From then on, payments taken at that location link to the right account automatically.
If some payments were taken before you set this up, or with a method that had no default, the accounts screen warns you about payments not linked to an account. The payment account report lists them and has a Link Account action to fix each one. Fixing them keeps your account balances complete.
- Set a default account per payment method per location
- New payments link automatically
- Unlinked payments are flagged
- Link them from the payment account report
Transfers, deposits and the account book
Use Fund transfer to move money from one account to another, such as cash from the till to the safe or to the bank. Use Deposit to add money to an account, such as an owner putting funds in. Each entry has a date and a note, and you can delete a mistaken transaction if your role allows it.
Open an account to see its account book: every debit and credit in date order with the running balance. Compare the closing balance with your bank statement or your counted safe to check that everything is recorded. Any difference points to a missing or wrong entry. Check it every week or so.
Reports built on your accounts
The balance sheet compares liabilities, such as supplier dues and account balances, with assets, such as customer dues, closing stock, accounts and capital. The trial balance lists debits and credits across supplier dues, customer dues, account balances and capital accounts. Both can be printed. Print them for your records or your accountant.
The cash flow report filters by account, date and transaction type, showing debit, credit and running balance. The payment account report lists payments by account. Together they show where your money came from and where it went, without a separate accounting system. It suits owners who want a clear picture of their money without bookkeeping software.
Frequently asked questions
Do I need the Accounting add-on to use payment accounts?
No. Payment accounts are part of the core back office. Turn on the Account module in Business Settings. The Accounting add-on is separate and adds a full chart of accounts, journals and further financial statements. Many small businesses start with payment accounts and add accounting later.
How do card and cash payments go to the right account?
On each business location, set a default account for each payment method. Payments taken at that location with that method then link to the account automatically. Set it up once for each location and each method, and it applies to every sale from then on.
What does the unlinked payments warning mean?
Some payments are not linked to any account, so account balances will not include them. Open the payment account report and use Link Account on each payment to attach it to the right account. Check the report regularly so balances stay complete.
How do I record cash going to the bank?
Use Fund transfer from your cash account to your bank account, with the date and amount of the deposit. Both account books update, and the transfer shows in the cash flow report. Do it each time you bank the takings.
Can I see a running balance for an account?
Yes. Open the account from List Accounts to see its account book, with every debit and credit and the running balance for the date range you choose. Compare it with your bank statement each month to catch anything missing. It takes only a few minutes.