Configuring your essential settings in Lightspeed Retail involves the following three areas of your account:
- Getting Started Wizard
- General Options
- Optional Modules
Getting Started Wizard
When you log in to your Lightspeed Retail account for the first time, you're greeted with the Getting Started Wizard. It contains two easy steps that will lay down the foundation of your account settings:
- Entering your Shop Details
- Entering your Tax Settings
Once you've completed the Getting Started Wizard, you'll have entered your first shop's information and sales tax.
Under Settings > General Options, you have the choice between two cost methods:
- Average Cost:
- First-In First-Out (FIFO)
The cost method you select will determine the cost calculations your account will make for your inventory's quantity on-hand and your sold items (cost of goods sold). Because the results of these cost calculations are involved in many other calculations in your account (e.g. margins, markups and profits), the cost method you select will consequently affect your reports. For this reason, we recommend confirming your cost method before you start adding and selling your items. If you're unsure on which cost method to select, we also recommend discussing it further with your bookkeeper so that your Lightspeed Retail account is aligned.
For some of our Retailers (e.g. bicycle or jewelry shops), servicing items is just as important as selling them. If work orders and labor charges are an essential part of your shop's everyday functioning, we recommend enabling the Service module.
- From the main menu, click Settings > Optional Modules.
- Enable Service.
- Click Save Changes.
- Sign out and sign back in to see Service in the main menu of your account and the Labor menu button in your register.
We'll get more in-depth on work orders in the upcoming 5.2 Basic Sale article. If you also need to set a labor tax and a labor rate per hour, you'll learn how to do so in the upcoming 1.3 Taxes article.
If you're a Retailer with multiple registers or multiple shops, you can add registers and shops from the Settings > Shop Setup section.