Lightspeed Accounting supports the following posting methods for your point of sale data entries in Xero:
- Journal Entry
- Summary invoice
- Itemized Sales Receipt
Creates a single journal entry with the sales grouped based on the point of sale department or category, as per Lightspeed’s naming convention.
Summary customer invoice
Creates a single Customer Invoice (net-to-cash) based on the point of sale department or category, as per Lightspeed’s naming convention.
Itemized customer invoice
Creates a single Sales Receipt (net-to-cash) based on the as per Lightspeed item (SKU/PLU)
The individual options are as follows and will vary.
|Customer||Only applies for Sales Receipts and optionally allows you to associate the Lightspeed Accounting posting with a Xero Contact.
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 or service
|Deposit Account||Only applies to Sales Receipts. Unlike a Xero Summary Invoice, will create a net balance which will represent the amount of the cash deposit, which will be recorded into this Deposit Account. This will, typically, be a Cash on Hand account, the Undeposited Funds account, or (not recommended) an actual bank account.|
|Track Sales Tax in Xero||If this is checked, Lightspeed Accounting use the sales tax rates as defined in Xero, allowing you to match the point of sale tax rates with Xero. You can also optionally specify a non-taxable rate, if applicable.|
|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 not a quantity based integration. For example, Lightspeed Accounting will post the cost of how much was sold not how many. If you are applying your vendor invoices directly to a COGS account in Xero 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.|
|Book Purchase Orders||Currently only available for Lightspeed Retail. When a PO is marked as Completed in Lightspeed, this option will create a Purchase Order in Xero. The PO Vendor is auto-created if it doesn’t already exist in Xero. The PO is itemized, using inventory accounts specified in the Inventory/COGS settings.|
|Deposit Checks with Cash||If you deposits checks together with your cash in the same deposit, as recorded on your bank statement, this option will group all cash and check tenders processed on a given date in Lightspeed into one amount to facilitate matching with the actual bank deposit.|
|Ignore Over/Short||Depending on your store operations, you can select to ignore any over/short reported by Lightspeed and instead book the expected cash amount. This is most often used when the merchant knows that the cashiers will frequently not close the drawer properly.|
Once you have set all of your accounting options, press the Apply button and you can then continue with your accounting mapping.