Stock Balance Sheet Groups can be assigned to sale products and surcharges. They determine how inventory values are categorized on the balance sheet, ensuring accurate representation of stock-related assets in financial reporting.
If you’re using an accounting integration, your stock balance sheet groups can be mapped to your accounting integration for stock tracking.
Stock transactions are assigned to the Stock Balance Sheet Group in your linked accounting system when any of the following actions occur:
Posting an invoice
Confirming a sales invoice
Receiving purchase orders
Performing manual stock transactions
Creating stock items manually
Importing stock data
Processing sales returns
Crediting a sales invoice
You can set a stock balance sheet group against actual stock levels (also known as individual items / assets) - if you add the item directly on to your orders, this stock balance sheet group will be used instead of the one set at product level. If you choose a product then later allocate the item, the one set at product level will take priority.
Note: In order to assign stock balance sheet groups to your products and surcharges. You will need to create a General Ledger Template.
Get started
Head to System Setup > Stock Balance Sheet Groups to add or change your stock balance sheetgroups.
System groups
We have created a system stock balance sheet group when you sign up for ERP Go:
Add new stock balance sheet groups
To add new COGS groups, go to System Setup > Stock Balance Sheet Groups and click the blue add Stock Balance Sheet group button.
Name - Enter a name for your stock balance sheet group.
Description - Specify a description for your reference.
Active - You’ll generally want to keep this to YES. Toggle to NO if you don’t wish to be able to use this stock balance sheet group.
Edit a stock balance sheet group
To edit a stock balance sheetgroup, find it in the list and click the name of the stock balance sheet group and this will take you to the edit page.
Delete a stock balance sheet group
To delete a stock balance sheet group, find it in the list and click the bin icon to the right of it. A pop up will appear to confirm you would like to delete this, simply select Yes.
Once you are happy with your stock balance sheet groups, learn about General Ledger Templates to understand how you assign these to your products, accounts, or surcharges.
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