About using accounting packages

You can use Quickbooks or other accounting packages with Lightspeed Retail. To access Lightspeed Retail reports, you must have the Reports employee right enabled. Refer to Configuring employee roles.

Accounts you need

Task Account Balances with Source
Recording a sale Sales (+)
Sales Discounts (-)
Local Sales Tax (+)
Undeposited Funds (+) Undeposited Funds (+)
Inventory entries for a sale Cost of Goods Sold (+) Inventory (-) Sales and payments balance report
Credit account deposit Accounts Receivable (+) Undeposited Funds (+) Deposits Report
Payment for sale with a credit account Sales (+) Accounts Receivable (-) Sales and payments balance report
Adding a bill Accounts Payable (+) Inventory (+) PO Report

(+) is an increase and (-) is a decrease for the account.

To record sales

  1. From the main menu, click Reports > Basic Reporting > Sales & Payments Balance.
  2. Set the search parameters to the appropriate date range.
  3. The Sales listing has the totals needed for your books at the bottom.
    • Add the subtotal to your sales account
    • Add the sales tax to your sales tax account
    • Remove the discounts from your discounts account
  4. The Payments listing has your payments, and balances your account adjustments.

To record inventory and cost of goods sold

  1. From the main menu, click Reports > Basic Reporting > Sales & Payments Balance.
  2. Set the search parameters to the appropriate date range.
  3. The Sales listing has the totals needed for your books at the bottom.
  4. The Cost row at the bottom is your cost of goods sold. Balance this with your inventory account.

To export to Quickbooks

Your sales tax ledger should keep a running tally of your sales tax liability. If you are not keeping books you can get your sales tax due for any date range. This number should match your books exactly if you are correctly entering your transactions or if you are using Lightspeed Retail Quickbooks exports.

  1. From the main menu, click Reports > Basic Reporting > Sales Tax.
  2. Set the search parameters to the appropriate date range.
  3. The Tax listing at the bottom of the report shows the amount of tax you have collected for the period.
  4. The subtotal row in the summed section is what you should report as total sales.
  5. The Discounts row will be a deduction on your tax form.
  6. To get a list of all taxable items sold out of state (Taxable but no tax collected), in the Advanced search section at the top of the listing, select Not-Taxed in the Tax drop-down menu.
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