This is how the systems handle POS 'cash' transactions (not Vital invoices or Lightspeed 'on account' invoices) when you close the register each day aka how Xero and LightSpeed will manage your inventory and COGS figures.
Make sure all registers (inc. vehicles) are closed daily at end of trade
Lightspeed does not post the COGs value to Xero for invoices/bills as they occur. It will post the total COGs movement when the register/s are closed for the outlet. nb. Vehicle registers will automatically re-open when Vital sends an invoice
Register close process
- When you close the register in LightSpeed, three things are automatically posted to Xero:
- Register close invoice - this updates the sales Account and AR in Xero.
- Register close bill - This will be posted across as a lump sum to COGS in the Bill.
- Payments received - These are linked to the close invoice and posted per payment type.
- When integrated with Xero, the COGS line will appear on the register closure. This is the sum of the average cost of each product sold within that register closure. For a detailed explanation of how LightSpeed calculates COGS, please refer to this article.
- When you sell a product (e.g., a widget for $100), LightSpeed uses the supplier cost (e.g., $10 or $80) to determine the COGS and posts this to Xero during the register close process.
- Please note, Xero will not manage individual adjustments made outside of the selling process for products directly. Instead, inventory adjustments will need to be done manually via journal entries in Xero. Click here for guide on creating journal entries in Xero.
EXAMPLE OF LIGHTSPEED REGISTER CLOSE SUMMARY
EXAMPLE OF REGISTER CLOSE INVOICE IN XERO:
EXAMPLE OF PAYMENT TYPE WINDCAVE (linked to close invoice)
EXAMPLE OF PAYMENT TYPE CASH (linked to close invoice):
EXAMPLE OF REGISTER CLOSE BILL IN XERO:
