Lightspeed POS integration with QuickBooks
To access Lightspeed Retail reports you must have the Reports employee right enabled. Go to Configuring employee privileges.
Accounts you need
Task | Account | Balances with | Source |
Recording a sale | Sales (+)
Sales Discounts (-) Local Sales Tax (+) | Undeposited Funds (+) | |
Inventory entries for a sale | Cost of Goods Sold (+) | Inventory (-) | Sales and payments balance report |
Credit account deposit | Accounts Receivable (+) | Deposits Report | |
Payment for sale with a credit account | Sales (+) | Accounts Receivable (-) | |
Adding a bill | Accounts Payable (+) | Inventory (+) | PO Report |
- On the Main Menu click Reports > Basic Reporting > Sales & Payments Balance.
- Set the search parameters to the appropriate date range.
- 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
- The Payments listing has your payments, and balances your account adjustments.
- The Sales listing has the totals needed for your books at the bottom.
- The Cost row at the bottom is your cost of goods sold. Balance this with your inventory account.
- On the Main Menu click Reports > Basic Reporting > Sales Tax.
- The Tax listing at the bottom of the report shows the amount of tax you have collected for the period.
- The subtotal row in the summed section is what you should report as total sales.
- The Discounts row will be a deduction on your tax form.
- 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.