Lightspeed | Fast track | Retail Inventory Manager

Lisette Wingelaar

Modified on: Mon, 9 Sep, 2024 at 1:03 PM

Module 1 - Items / products

COMPONENTS	INSTRUCTIONAL GUIDE LINK	STANDARD OPERATING PROCEDURE
Adding New Products Adding Composite Products Adding Product Serial Numbers and Selling Serial Number Products Editing Products one at a time and editing multiple product prices at the same time Delete a Product Deactivate Products in Lightspeed Printing Barcode Labels Customer-specific Product Pricing	Adding New Non-composite Products VIDEO Adding Composite Products VIDEO Adding Product Serial Numbers and Selling Serial Number Products VIDEO Editing Products one at a time and editing multiple product prices at the same time VIDEO Delete a Product VIDEO Deactivate Products in Lightspeed VIDEO Printing Barcode Labels from Catalogue VIDEO Customer-specific Product Pricing VIDEO	When a Product has "Has Serial Numbers" ticked, the product's serial number must be entered in the Sell screen before proceeding to the Pay screen. You can operate one of two policies depending on your business preference: When you receive a serial product, immediately enter its serial number in the Inventory>Serial Number screen. That way you are tracking the product by serial number as soon as it enters your business. Don't pre-record the product's serial number prior to selling the product. Instead only enter the product's serial number when proceeding to the Pay screen. You can view unsold pre-recorded serial number products and all sold serial number products in Inventory>Serial Number. Serial Number Check
Warranty but the original invoice is not in Lightspeed (classified as an unreferenced refund)	1) create a refund of the item with negative qty on sell page (-1) 2) create a new invoice with the qty of 1 for the replacement item. (1) 3) then create a Purchase Order for the replacement of the item returned. (1) 4) create return from the PO(-1) This procedure only works for swapped item (amount is zero), and utilising notes on transactions to track the changes/replacement details
Warranty Claims Management in Lightspeed when the invoice is also in Lightspeed	Login into LightSpeed with valid credentials. Navigate to Sell > Sell Select or create a client profile and attach it Add the 'Warranty - Repair/Maintenance' product Click on "More actions" and select "Create service". Select “Add an item”. Enter details in the Item Name, Serial number, description and condition fields. If no physical item is involved, choose “There is no item”. Click “Next” to proceed. Optionally, schedule the service for a specific date and time. To skip, click Next. Enter a description of the work to be completed into the Notes field. Add where in the store the item/s are located in the “Location of items” field. Click “Create service”. If an email or phone number is not attached to the client profile, you will be prompted to enter the client’s contact information before the service can be created. Navigate to the Services page from the main menu. Click on a service to expand and view its details. Update internal notes related to the service, such as serviced items and work details. Choose the appropriate service status from the available options. Update the status as needed to reflect the progress of the warranty claim or repair. Click Change Status, and select Completed. Click the checkmark icon. Enter the item's location in the store to ensure a smooth pickup. You can send a notification email to your client to let them know their item is ready to be picked up. By default the toggle is set to on for this feature. If you do not wish to email them, click the toggle off. Click “Change status to completed”.

Module 2 - Vendors / suppliers

COMPONENTS	INSTRUCTIONAL GUIDE LINK
Adding/Editing Suppliers Creating a Purchase Order and Send a Purchase Order Receiving Stock/PO's Create Bill in Xero from LS PO Allocate Received Item to Unfulfilled Client Order Return Stock to Supplier	Adding/Editing Suppliers VIDEO Create a Purchase Order How to Send a Purchase Order VIDEO Receiving Stock/PO's VIDEO Create Bill in Xero from LS PO VIDEO Allocate Received Item to Unfulfilled Client Order VIDEO Return Stock to Supplier VIDEO

Module 3 - Stocktakes & Stock Movements

COMPONENTS	INSTRUCTIONAL GUIDE LINK
Transferring Stock in POS Using the Lightspeed App for Transferring Stock Into Vans, Between Vans and from Van to Store Processing Inventory Adjustments Inventory Counts (aka stocktakes)	Transferring Stock in Lightspeed VIDEO Using the Lightspeed App for Transferring Stock Into Vans, Between Vans and from Van to Store Processing Inventory Adjustments VIDEO Inventory Counts (aka stocktakes) VIDEO

Module 4 - Admin

COMPONENTS	INSTRUCTIONAL GUIDE LINK
Guidepost to Inventory Report screen and knowledge base guide Promotions	Inventory Reports Promotions VIDEO

Module 5 - Mobile App

COMPONENTS	INSTRUCTIONAL GUIDE LINK
Installing the Lightspeed App	Install the Scanner app Pick the correct store code
Manage purchase orders	Create lists and purchase orders. Receive purchase orders. Transfer stock.

Business process

Business process	Reasoning
Inventory Management Inventory counts are scheduled for the financial year, in advance.	Scheduling inventory counts for the financial year in advance is essential for effective inventory management. By planning these counts, you can ensure that you have resources and personnel allocated accordingly, minimising disruptions to daily operations. Additionally, scheduling counts in advance allows for comprehensive assessments of stock levels, aiding in budgeting, forecasting, and strategic decision-making. This proactive approach helps maintain accurate inventory records, identifies potential discrepancies or shortages early on, and facilitates timely adjustments to optimise stock levels and minimise carrying costs. Overall, scheduling inventory counts in advance promotes efficiency, accuracy, and cost-effectiveness in inventory management practices
Inventory Management Utilise 'Outlets' in Lightspeed to Manage Inventory, the standard setup of Lightspeed for each business will be: - Each retail store will have a dedicated outlet. - Each Warehouse will have a dedicated outlet. - Each Van/Vehicle will also have its dedicated outlet	Implementing Lightspeed's outlet system streamlines inventory management by assigning specific locations for stock storage, such as retail stores and vans/vehicles. This structured approach always provides clear visibility of stock location, enabling efficient tracking and replenishment. Moreover, by assigning dedicated outlets to each retail store and van/vehicle, businesses can generate detailed performance metrics on technicians and ensure accurate dosing in the field. Furthermore, the designated outlets facilitate the early detection of any discrepancies or irregularities in stock levels, allowing for timely resolution and improved inventory accuracy.
Store inventory count Conducted monthly, minimum quarterly	Regular inventory counts help identify discrepancies, such as shrinkage or overstocking, on time. Monthly counts ensure accurate stock levels for efficient operations, while quarterly audits provide deeper insights into inventory trends and help in strategic planning.
Van/Vehicle inventory count Conducted weekly, minimum monthly	Regular inventory checks for vans or vehicles ensure that technicians have the necessary supplies and equipment readily available to fulfill service requests. Weekly counts minimise the risk of stockouts or overlooked items, optimising service efficiency and client satisfaction. This will also help identify trends in theft, damage, and shrinkage per van/vehicle
Product Record Serial Numbers for High-Value Products on the Sell Screen	Noting serial numbers for high-value products directly on the sell screen provides businesses with precise tracking of each unit sold to individual clients. This practice ensures accountability and accuracy in product transactions, particularly beneficial for managing returns, unwanted purchases, or warranty claims. By associating specific serial numbers with clients' purchases, you can easily identify and verify the exact unit being returned, minimising errors, and streamlining the return process. This enhances client satisfaction by facilitating swift and accurate resolution of returns or warranty claims, ultimately fostering trust and loyalty towards the business.

COMPONENTS

INSTRUCTIONAL GUIDE LINK

COMPONENTS

INSTRUCTIONAL GUIDE LINK

COMPONENTS

INSTRUCTIONAL GUIDE LINK

COMPONENTS

INSTRUCTIONAL GUIDE LINK

COMPONENTS

INSTRUCTIONAL GUIDE LINK