Balance sheet
The balance sheet in SeroPOS sets what the business is owed and holds against what it owes, using the sales, purchases, stock and payment accounts already in the back office. It gives you a quick read on your financial position without exporting anything to a spreadsheet first.
Balance sheet in SeroPOS
Customer dues as assets
Money customers still owe on unpaid and part-paid invoices is counted on the assets side.
Closing stock value
The value of the stock on hand is included, taken from your inventory records.
Payment account balances
Balances of the accounts you set up under Payment Accounts, such as bank and cash, are included.
Supplier dues as liabilities
Unpaid purchase amounts owed to suppliers sit on the liability side.
Capital accounts
Capital accounts set up under Payment Accounts are shown on the sheet.
Ready to print
Print the balance sheet to take to a meeting with your bookkeeper or bank.
What the business owns and owes
A balance sheet is a snapshot of the business at a point in time: what it has and is owed on one side, what it owes on the other. In SeroPOS it is built from records you already keep. Every credit sale adds to what customers owe you, every unpaid purchase adds to what you owe suppliers, and every stock movement changes the value of what is on the shelves.
The report sits in the web back office under Payment Accounts, as Balance Sheet. It needs the Account module switched on in Business Settings under Modules, and a role with access to accounts. Once the module is on, Payment Accounts appears in the sidebar with List Accounts, Balance Sheet, Trial Balance, Cash Flow and Payment Account Report, so all the account reports sit together.
What is on each side
On the assets side, the report shows customer dues, closing stock, the balances of your payment accounts and your capital accounts. On the liability side it shows supplier dues and account balances. Because these figures come straight from sales, purchases and payments, the sheet moves as soon as you record a sale, receive stock or pay a bill.
The closing stock figure depends on your stock records being accurate. Purchases, opening stock, stock adjustments and transfers all feed it, so a stock count that has drifted from reality will show up as a balance sheet that looks off. Run the stock report and fix any obvious stock errors before relying on the balance sheet.
- Assets: customer due
- Assets: closing stock
- Assets: payment account balances
- Assets: capital accounts
- Liabilities: supplier due
- Liabilities: account balances
Setting up payment accounts first
The account balances on the sheet come from Payment Accounts. Under List Accounts you can create accounts with a name, type, sub type, account number and a note, and keep capital accounts on their own tab. Fund transfers and deposits move money between them, and each account has an account book showing its history.
Payments only count toward an account's balance when they are linked to it. You can set a default account for each payment method at each business location, so new payments link automatically. The payment account report shows anything left unlinked, and you can link it from there. Do this before you rely on the sheet.
Where this fits with full accounting
This balance sheet is an operational view built from your POS data. It is useful for a quick check between visits from your accountant. If you need full double-entry books with a chart of accounts and journal entries, the Accounting add-on module has its own balance sheet with an as-of date, alongside a trial balance and statement of cash flows.
Many businesses use both: the Payment Accounts balance sheet day to day, and the Accounting module or their accountant's own software for year-end statements. If you are not sure which you need, ask your accountant what they would like to receive at year end. Some are happy with the POS reports plus a QuickBooks connection, and others prefer the Accounting module's working papers.
Frequently asked questions
Where is the balance sheet in SeroPOS?
In the web back office, open Payment Accounts in the sidebar, then Balance Sheet. If you do not see Payment Accounts, the Account module needs to be switched on in Business Settings under Modules, and your role needs access to accounts.
Why does my balance sheet show a large customer due?
Customer due is the total still owed on sales that are unpaid or partly paid. Credit sales and old invoices that were paid but never recorded as paid both add to it. Recording those payments through Receive Payment or the customer's Pay due button brings the figure back in line.
How is closing stock valued on the balance sheet?
Closing stock comes from your inventory records, which are built from opening stock, purchases, sales, adjustments and transfers. If the figure looks wrong, the stock report is the best place to check what is on hand and its value before looking at the balance sheet again.
Is this a full double-entry balance sheet?
It is built from your POS sales, purchases, stock and payment accounts rather than from journal entries. For full double-entry books with a chart of accounts and journals, the Accounting add-on module includes its own balance sheet with an as-of date.
Can I give the balance sheet to my accountant?
You can print it from the report screen. Many accountants will also want the trial balance, profit and loss and the payment account report. If you use the Accounting add-on, its working papers pack bundles the main statements into one Excel file.