Inventory exercise

Creating items, replenishing your inventory, processing a sale, and generating sales reports are an integral part of your business day.

This exercise gives you some practice with these common useful tasks.

  • Creating an item
  • Purchasing and receiving inventory
  • Opening a register
  • Processing a sale
  • Closing the register
  • Running an end of day report
  • Running a sales report by item tag

Creating an item

  1. From the main menu, click Inventory > + New Item.
  2. In the Description box, enter Allen Edmonds Wing Tip Lace-Up Boots and define the item Type as Single to indicate a basic inventoried item.
  3. Enter these item details:
    1. Under IDs, enter 1234567890123 as the item UPC barcode number.
    2. Under Organize create a new manufacturer by picking New Manufacturer from the list, entering Allen Edmonds and clicking OK.
    3. In the Tags field, enter boots, leather, mens, summer2015.

      NOTE: Tags are a great way to manage your items by applying keywords or search terms to them. It's another way to organize your data and quickly pull up referenced items. An item can have multiple tags separated by a comma (,).

    4. Under Pricing, enter a sell price of $295.00, enable Taxable and select Default/Item as the item Tax Class.
    5. Under Inventory Defaults, enter an item Default Cost of $130.00.
    6. From the list of Vendors select Alegria Shoes.

      NOTE: The vendors displayed in the list is drawn from the industries you enabled in your account settings. If Alegria Shoes isn't in your list of vendors, select any other vendor.

  4. Under Automatic Re-Ordering, enter a Reorder Point of 1 and a Reorder Level of 2 for the item.

    NOTE: Specifying a reorder point and level for an item works with automatic reordering in Lightspeed Retail.

  5. Click Save Changes.
  6. To add product images, click + Add Images, click Browse Files, select the images, and then click Choose.
  7. Click Save Changes.
  8. In the left menu, click Vendor IDs, enter a Vendor ID of 123456, and click + Add Vendor ID.

    NOTE: When you add the item to a purchase order, the vendor ID is automatically added.

  9. Click Save Changes.

Purchasing and receiving inventory

  1. From the main menu, click Inventory > New Order.
  2. From the Vendor list, select Alegria Shoes, or the vendor that you selected for the item.
  3. Select an Ordered and Expected date for the purchase order.
  4. Click Save Changes.
  5. There are several ways to add items to a purchase order in Lightspeed Retail. This example uses the automatic re-ordering method with item reorder point and level. Click + Auto Add All to add all items that are currently at their reorder points. Since the item reorder point is set to 1 and you currently have 0 items in stock, the item is automatically added to the purchase order and the item Order Qty is automatically set to the specified reorder level of 2.
  6. Click Save Changes.
  7. To send the purchase order to the vendor, in the left menu click Email. You can choose to email or print and fax the purchase order.
  8. When you receive the order, add the items to your inventory. From the main menu, click Inventory > Purchase Orders, open the purchase order and click Check In.
  9. Click Mark All Items Received > Add Received Items to Inventory.  The new quantity is now added to your inventory.
  10. Click the Finished button to finalize the purchase order.

Opening a register

Now that you have stock in inventory, you can start processing sales. First you open a register from which to process sales.

  1. If a register is not currently open, from the main menu, click Sales and click the register you want to open.

    NOTE: To use a register other than the current register, from the main menu, click Sales> Switch Registers, and click the register you want to use. You can also select a register from the main menu.

  2. You can enter the opening cash count for the register by cash denomination or by entering the total cash amount in the Extra field. In this example, enter an opening count of $200.00 for the register by entering 2 in the $50 field and 5 in the $20 field.
  3. Click Submit Count. The register is now ready to process sales.

Processing a sale

  1. From the main menu, click Sales > New Sale.
  2. To create a new customer and add them to the sale, click + New. You can enter as much customer information as you like. In this example we enter John Humphrey for the first and last names and click + Attach To Sale. John is added to the sale, and to your list of customers in Lightspeed Retail.
  3. Add the item to the sale by entering Allen in the Item field and clicking Search. The Allen Edmonds Wing Tip Lace-Up Boots are added to the sale.
  4. Click Payment.
  5. For this example, we'll assume that the total cost of the sale is $319.34. John gives you three $100 bills and one $20 bill for a total of $320.00. You can enter the total amount in the Cash field, or use the cash denomination buttons to track the denominations in your register when you close the register. Click the $100 button three times, and the $20 button once. Lightspeed Retail calculates the change ($0.66) and displays it under the Cash field in the Payment screen, and on the Receipt screen.
  6. Click Finish Sale.
  7. You can print the receipt, email it to John Humphrey’s email address, and print a gift receipt.

Closing the register

When the day’s sales are over, you can reconcile (close) your register.

  1. To close the currently selected register, from the main menu, click Sales > Close Register.

    NOTE: To select another register, from the main menu, click Sales > Switch Registers and select the register.

  2. A monetary breakdown appears for the register that shows your opening count ($200.00), the payments received ($638.68) and the total ($838.68). Count the money in your register, enter the closing count by denomination or the total amount in the Extra field, and then click Submit Counts.
  3. Review your closing count, and then click Save Counts.

Running an end of day report

With Lightspeed’s End of Day report, you can track each station’s sales, payments, credits, and expected versus actual totals. You can run the report at any point during the day, and you can generate a report for any previous day.

  1. From the main menu, click Reports.
  2. Click Basic Reporting and under Roll-Up Reports, click End of Day.
  3. Select today’s date and click Search. The End of Day report provides the day's total sales, tax, refunds, returns, and products sold, as well as a dollar breakdown by payment type. It also details the first and last invoice IDs for the day, and a sales breakdown by category.

Running a sales report by item tag

You can create an item sales report to view a detailed breakdown of the day’s itemized sales.

  1. From the main menu, click Reports.
  2. Click Basic Reporting and under Point of Sale Reports, click Lines.
  3. Select today's date.
  4. Display the advanced filters by clicking + Advanced.
  5. In the Tags field, enter boots, mens, and click Search. This filters the report to show just the items with boots and mens as tags. The report displays the invoice ID, monetary breakdown, and associated customer for each item, and a summary of all sales.

 

Have more questions? Submit a request