Trade Ins - How to?

DrGasDrGas Member Posts: 6

I want to be able to do customer trade-ins but, as many know, LS has no such built-in functionality. So there seem to be a bunch of various work arounds. It seems the most common method is to:

*Have a generic, non-inventory item called Trade-In that gets added to a sales ticket with a negative value. That ticket is then paid out either in cash or store credit.

*A PO is then created with the actual items that were traded in to properly adjust and track inventory.

My concern with this is that it seems to double cost impact in the system. Once cause you are paying out to the customer, and then again when the PO gets accounted for. Am I wrong, here? Is there a better way of doing this?

Just trolling for ideas here!

5 comments

  • VanessaDVanessaD Moderator, Lightspeed Staff Posts: 643 moderator

    Hey @DrGas ,


    You could go to Sales - Refund and basically create a negative sale where you add the item going back into stock and then pay it to the customer in Cash /gift card/account balance etc.


    This helps streamline your procedure and you could even go further by adding a 0$ non-inventory item called Trade-in to know which negative sales were trade-ins or not.

    ———


    If you have any further questions Please do not hesitate to contact LightSpeed support or check out our Support Page.


    All the best!

    Vanessa

    Lightspeed Retail Support

    866-932-1801 ext. 2 (Toll-Free)

    514-907-1801 ext. 2 (Montreal)

  • DrGasDrGas Member Posts: 6

    You literally just suggested to do what I said *I already do*!

    I'm getting the feeling that you folks don't actually read the questions with comprehension in mind...

  • gregaricangregarican Member Posts: 683 

    @DrGas for our implementation, we have a dummy SKU for trade-ins. Default of $0 price and $0 cost. To handle a trade-in within Retail POS we pull in that as a sale line item, with an assigned negative price and $0 cost.

    We can report off trade-ins by querying the specific item category for it, or querying the item tag. Then the trade-in item is directly put into stock. Not put through the entire PO/receipt process.

    This all seems to work well, and we handle maybe 1-2 trade-ins a week.

  • VanessaDVanessaD Moderator, Lightspeed Staff Posts: 643 moderator

    Thanks for your input @gregarican! It's appreciated to see our customers helping out one another when there isn't any official workflows to support it in retail.

    ———


    If you have any further questions Please do not hesitate to contact LightSpeed support or check out our Support Page.


    All the best!

    Vanessa

    Lightspeed Retail Support

    866-932-1801 ext. 2 (Toll-Free)

    514-907-1801 ext. 2 (Montreal)

  • danmccloskey1danmccloskey1 Member Posts: 7

    @gregarican How do you make the sales tax correct? Doing it this way does not assess the tax to the difference, but taxes the whole amount (If that makes sense).

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