Buying a store that runs Modisoft
When you buy a gas station that runs Modisoft, most of its financial history lives in the seller's Modisoft account and bank statements. This page lists what to ask for, how to tie it to the bank before you commit, and what to check on closing day and in your first month. We are not Modisoft, and this is not legal advice.
Works with your POS, back-office & accounting stack
Ask for a year or more of daily reports, the matching bank and card processor statements, the fuel inventory history, the lottery statement and balance, vendor balances and the user and admin list. Tie the daily reports to the bank yourself before you commit, and have a lawyer review how the Modisoft account and equipment terms transfer.
By the FuelCFO team. Where this page describes a vendor's product, the details come from the vendor's own public descriptions and can change, so confirm them with the vendor. Figures in diagrams are illustrative.
Modisoft is a cloud point-of-sale and back-office system, so a store's sales history sits in an online account that the seller controls. What you can see, and what can be transferred, depends on the seller's plan and agreements, so confirm both with the seller and with Modisoft. We work from the reports Modisoft already produces, your statements and your QuickBooks Online file. We are not part of Modisoft, we do not set up or change anything in it, and what your own plan includes is something to confirm with Modisoft.
Request as many months of daily Modisoft reports as the seller will provide, and ask for at least a full year so you see every season. Ask for the report sets that show sales by department, fuel by grade, lottery, tax and the payment split. A seller who cannot produce them is telling you something.
A report is only the store's version of events. Take a sample of months and match the cash and card totals in Modisoft to the seller's bank and processor statements. Do it yourself, or have your accountant do it. Large or repeated gaps are the single best warning sign.
Fuel on hand, the amount owed to the lottery and the vendor balances all change hands at closing. Get each in writing as of closing day, from the reports and from the supplier or lottery statement, so there is no argument about who owes what.
Because Modisoft is cloud-based, the account may be in the seller's name or tied to their other stores. Ask how the data and admin rights move to you, whether history comes with it, and whether you will need a new account. Get the answer from Modisoft, not only the seller.
Look at the Modisoft agreement, any hardware lease, and the card processing agreement. Some do not transfer automatically, and a processing change can alter fees and deposit timing. Ask your lawyer to review the transfer terms before you rely on them.
For the list to send the seller, go to the request table. For warning signs, go to what to watch for. For the Modisoft side of the books, see Modisoft back office and Modisoft accounting. To have a team check the numbers with you, see what we do.
We list what to ask the seller for, in plain words.
We match sample months of reports to statements and note every gap.
Fuel, lottery and vendor balances are confirmed as of closing.
Account access, reports and opening balances are set before you take over.
Every deposit is tied to a Modisoft day before you relax.
Send the seller a written request list.
Written requests leave a record if there is a dispute later. Ask for a year or more of daily reports and the matching statements.
We help you word the list so nothing is missed.
Look for gaps, late edits and odd cash.
Match sample months of Modisoft cash and card totals to bank and processor statements.
Repeated gaps are worth raising before you agree a price.
Fuel, lottery and vendor balances are written down.
Both sides sign off so there is no argument afterwards.
Anything uncertain is settled in the contract, not afterwards.
New logins and admin rights are set up, and old ones removed.
Confirm with Modisoft how the account and history move to you.
Do this on day one, before the first sale under your ownership.
Every deposit is tied to a day.
The first month is the one that shows what you really bought.
We report the result and anything that needs fixing.
Report names and what can be shared depend on the seller's Modisoft plan and agreement. Ask the seller or Modisoft what each is called.
Days or weeks are missing with no explanation.
Many days were corrected after they were closed.
Cash or card totals differ from the bank in a pattern.
The inventory shows negative fuel or large unexplained variances.
The amount owed does not match the statement.
The cloud account is tied to the seller's other stores.
You want to know what the numbers really say.
You want a repeatable checklist.
You want records you can show them.
Still negotiating? Send what you have and we will tell you what is missing.
Book a 30-minute call. We then take about 48 hours to review the records you have and send you what we found, at no charge.
If you go ahead, we agree what we own, what you send and the dates for each step.
The first close is the slowest. After that, the same rhythm repeats.
Taking Over a Modisoft Store: fuel balances and variance history checked first.
5 services →Taking Over a Modisoft Store: store, lottery and vendor balances confirmed as of the change date.
9 services →Tax records checked for gaps before they become yours.
4 services →The acquisition or cutover recorded, with each store kept separate.
3 services →FAQ
More guides on the same system, or send us a day or a month for a free review.
Monthly bookkeeping for stores that run Modisoft: daily reconciliation, month-end close and Modisoft totals posted into QuickBooks Online.
Read more →What the Modisoft back office does, which reports to pull each month, and how its totals reach QuickBooks Online.
Read more →Which Verifone records to request, what to tie to the bank, and what to check after closing.
Read more →Send us a day or a month and we'll show you where the three systems disagree.
Get started →See all Modisoft guides →| Every gas station software guide →
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