Exact Online general accounting options

Lightspeed Accounting supports the following posting methods for your Lightspeed Retail data entries in Exact Online:

  • General Journal Entry
  • Sales Entry

General Journal Entry

Creates a single journal entry with the sales grouped based on the point of sale department or category, as per Lightspeed Retail’s naming convention. With the Journal Entry method, you will see a payment was made but you will have to indicate when the deposit was made for the amount.

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Sales Entry

Creates a single Sales Entry that summarizes the entire day of activity. In order to create a Sales Entry, a Sales Journal is required. 

 

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The following setting options will vary depending on the method selected. 

Customer Only applies to Sales Invoices. Optionally allows you to associate the Lightspeed Accounting posting with a Exact Online Customer.

NOTE: Lightspeed Accounting integration is not based on each point of sale transaction, so this contact should be something like Walk-In or Point of Sale not an individual customer who purchased a product/service.

Sales Journal

In order to create a Sales Entry, a Sales Journal is required.

General Journal

In order to create a Journal Entry, a General Journal is required.

Track Sales Tax in Exact Online

If this is enabled, Lightspeed Accounting uses the sales tax rates as defined in Exact Online, allowing you to match the Lightspeed Retail tax rates with Exact Online. If applicable, you can also specify a non-taxable rate. 

Book Inventory/COGS Creates a journal entry representing Inventory and Cost of Goods Sold offset value amounts based on products sold net of returns. Inventory and COGS accounts are specified at the category level.  Please note that this option is a value based integration, not a quantity based (e.g. Lightspeed Accounting will post the cost of how much was sold and not how many).

If you are applying your vendor invoices directly to a COGS account in Exact Online as you are paying your bills, you do not want to enable this option as it will result in duplicate COGS amounts as well as reduce an Inventory Asset account balance that does not exist.

Sync Purchase Orders When a PO is marked as Completed in Lightspeed Retail, this option will create a Purchase Entry in Exact Online. The PO Vendor is auto-created if it doesn’t already exist in Exact Online. The PO is itemized, using inventory accounts specified in the Inventory/COGS settings.

Once you have set all of your accounting options, press the Apply button to save your settings.

What's next?

Continue with the configuration by mapping your accounting.

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