Lightspeed Accounting - Credit Account payments

LightSpeeder022LightSpeeder022 Member Posts: 2

I can't find a good explanation of the payment type "credit account" - I have it mapped to undeposited funds in our Quickbooks Online and have no clue what to do with it. Help!

6 comments

  • lev_cyclistlev_cyclist Member Posts: 14

    The "credit account" let's you bill invoices straight to a customer's account in Lightspeed. There is no actual money transfer happening but this lets you save an invoice as paid and then receive payment at a later date and apply it to said customer's account to bring the balance back to 0.


    You first need to give a customer an account and determine their credit limit. This happens in Customer>*your customer's name*>Account.


    Once that is done you can use that credit account to pay and sales in partial or in full.


    To apply payments to a custmer's credit account, to bring the balance back down; You make a sale, enter the customer, click "Payment", and then on the left you will see a button to "Make Payment".


    Hope this helps!

  • Fuzzy_MelonFuzzy_Melon Member Posts: 14
    edited July 6

    Doesn't the "credit account" also include the funds associated with any Special Order deposits, refunds of merchandise wthat don't credit the original method of payment, etc?

    So, when someone puts a deposit down on a Special Order, we're routing the funds to a "credit account" in Quickbooks, to be relieved when a sales transaction actually uses the credit account as a method of payment. I look forward to hearing from others re: how they route funds that are not yet for a transaction, thanks.

  • VanessaDVanessaD Moderator, Lightspeed Staff Posts: 712 moderator

    Hey @Fuzzy_Melon

    That's correct. If we're talking about what Lightspeed is currently operating under, the customer account acts both as a Credit Account and a deposit for all funds being taken for future Special Orders, Layaways etc.

    ———


    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)

  • Fuzzy_MelonFuzzy_Melon Member Posts: 14
    edited July 16

    Hi, thank you for the confirmation.

    Side note: I did just learn that , although gift cards purchased are under the customer account, Lightspeed does not pass that transaction over to Quickbooks (like a credit account scenario). We will have a gap in Quickbooks where credit card processor deposits/cash will show up and not be related to any Lightspeed transaction, that is, until someone uses the gift card as payment. Instead of an amount in the "credit account", we will have funds in cash that are not really ours.

  • MagoosMagoos Member Posts: 1

    How do I change the date when processing account customer payments?

    We have just swapped across and are doing our first month of customer payments.

    Where can I change the date to process the customer payment on Lightspeed so it is the same date as was deposited into our bank?

    Thanks for any help

  • VanessaDVanessaD Moderator, Lightspeed Staff Posts: 712 moderator

    Hey @Fuzzy_Melon

    That's correct, for the gift card, they're considered a liability as well, and since they appear like a 0$ sale with no item quantity manipulation, they're not percieved as profit and won't migrate over to Quickbooks since it won't pick up on a sale having been completed to load the gift card in the first place.


    @Magoos This is a bit of a loaded question because the day that you make profit (being the day the gift card or deposit is used to purchase products and turning the liability into a profit) is the day that you received the funds. So if that takes 6 months, it would look strange to change the date of the transaction where the profit was calculated.


    However, to change the date of a sale, you can go into the Totals Report, locate the sale you wish to modify and click on the transaction number in blue (seen below):








    Once in the sale card, you can modify the date/time of the sale and click the Change Date/time button to confirm and modify the sale date.


    ———


    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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