Lightspeed Accounting and QBO

bottlehousebottlehouse Member Posts: 3

I think I am stuck in an accounting nightmare!

I have Lightspeed and Lightspeed Accounting connected to Quickbooks, but the data available to map the two platforms does not match (or make any sense). I have all the appropriate accounts set up in my QBO chart of accounts, and when I refresh data on the Lightspeed Accounting platform, none of it populates in the Sales Receipt view. If I switch to Journal entry, I have more options to select from, but there are still gaps in credit/debit and tax mappings.


Lightspeed help articles do not address this issue, QBO doesn't advise and my accountant who works with QBO closely also doesn't have any suggestions. HELP!!


Example: I would like to map my credit/debit sales to an "undeposited funds" account, so I can manage my transaction costs when I am reporting sales. I had this category nested under a top-line Sales account - and Lightspeed Accounting couldn't recognize it as an option to select under "accounting=>Payments". I moved the account out from under Sales in QBO to see if it would pop up, refreshed data in Lightspeed Accounting.... still not available.


In fact, the accounts available to map to in Lightspeed Accounting do not match any that I have in QBO - so where is this data pulling from?


I am at my wits end... any help would be gratefully appreciated.


Laura

4 comments

  • TrungTrung Member, Lightspeed Staff Posts: 3 Lightspeed

    Hi @bottlehouse,

    When using the Sales Receipts posting method, Lightspeed Accounting pulls your list of Products and Services (item) instead of G/L accounts from your chart of accounts. As such, you will need to create the item in QuickBooks Online under SalesProducts and Services ➔ Create a new Product/Service (as a service or non-inventory). Make sure to associate the `Income Account` to the desired G/L account. You will need to create a new item for each category you wish to report on by repeating this process.

    Once that is done, log back to Lightspeed Accounting ➔ `Refresh Reference Data`. The newly created items should now appear for you to map.

  • bottlehousebottlehouse Member Posts: 3

    Trung - as obvious as this was AFTER you pointed this out, I want to say "you are my hero!!" THANK YOU!!

  • bottlehousebottlehouse Member Posts: 3

    @Lightspeed Team @Lightspeed - I have another issue with the integration of Lightspeed Accounting and QBO. The credit an debit transactions are flowing through to QBO as negative. My accountant believes it is because Lightspeed Accounting is sending the credit/debit transactions as Account Receivables Out - but QBO assumes that the reconciliation out AR in and out has already happened.


    What I see in QBO are no sales and all credit/debit transactions as negative balances. Can you please explain what set-up adjustment I need to make in Lightspeed Accounting?


    Also - there really needs to be more support documentation for this accounting platform. I think it was an acquisition - but its hard to navigate!!


    Thank you,


    Laura

  • VD_LSVD_LS Administrator, Moderator, Lightspeed Staff Posts: 788 moderator

    Hey @bottlehouse


    Since this sounds like it could be mapping related, I suggest calling in to our support team so we can assist.


    Enjoy your week!

    ———

    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)

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