This guide explains why you should retain the original bill date imported from Lightspeed into Xero.
Lightspeed calculates inventory value based on the purchase order (PO) receipt date within Lightspeed. Xero, however, calculates inventory value based on the bill date.
Lightspeed sends bills to Xero using the Lightspeed receipt date as the bill date.
While standard accounting practice dictates that bill dates should reflect the actual bill date, doing so in this integration will create significant discrepancies in inventory values between Lightspeed and Xero.
Therefore, PSC recommends the following:
- Xero Bill Date: Do not change the imported bill date. Keep the Xero bill date identical to the Lightspeed receipt date. This ensures both Lightspeed and Xero update inventory values on the same date.
- Xero Bill Due Date: Change the due date to reflect the actual bill due date. This provides the correct payment date and ensures accurate cash flow projections.