From Melbourne to Madrid, LightSpeed offers extensive support for tax-inclusive selling prices for European and Australian customers, providing a simple, straightforward, accurate and comprehensive system for tax-inclusive pricing, VAT calculations, multiple currencies, and regionalized document printing.
LightSpeed can be configured to accommodate several currencies, allowing you to display your costs and prices in the currency of your choice.
For example, if your store is in Amsterdam, and you have a supplier in London, you can enter your “raw” cost and send your Purchase Orders in British pounds, yet view the calculated Cost in Euros in your Product card and your profit calculations.
To set your currencies, go to Tools > Setup > Currencies. The primary Currency used in your business must be set as the Default Currency with a Currency rate of ‘1’. Choose the currency symbol from the pop-up list that is pre-populated, or click in the field and type it manually if it’s not in this list.
To set the rates of your non-default currencies, calculate how much default currency that 1 unit of your non-default currency would buy.
For example, if your default currency is Euro (at a rate of 1), and you want to add British pounds, click New and set the British pound to the rate of 1 Euro to x amount of British pounds. (Example: 0.69)
LightSpeed will now automatically use the currency formatting settings on a local station. This setting may be different from other stations connected to LightSpeed and may also differ from the server’s setting. All currency values will be saved to the database in a common format, only the display may differ from station to station.
Currency formatting settings (example: 2500.45 vs. 2500,45) are in the Formats tab of the International section of System Preferences, found under the Apple menu. LightSpeed must be restarted on a station to take on new currency formatting settings after the International panel has been changed.
Taxes have the ability to be configured according to local specifications, accessible by checking the Show Specialized Tax Features checkbox. At the bottom of the main Tax window, there is a checkbox that enables LightSpeed to calculate its taxes differently. The Tax-Inclusive Prices feature is designed for regions with particular tax calculation involving a requirement for tax-in totals. The first step to enabling the new tax inclusive support in LightSpeed is to switch to the “Recommended Calculation” mode after enabling Tax-Inclusive Prices feature.
Product Windows
Enabling Recommended Calculation makes LightSpeed calculate Tax Inclusive prices for all of your Products that can be adjusted in the Products windows. To change the Tax Inclusive selling price, just click the green Tax Inclusive price to set a new one, which will back-calculate the Selling Price before taxes. You can also import Tax Inclusive selling prices using Import Tools.
Document Windows and POS
This feature also calculates totals on documents using Tax Inclusive prices and reverse calculates the taxes and subtotals. The Tax Inclusive prices are shown on-screen and on print outs. Discounts are calculated on the Tax Inclusive price.
Browser and Browser Previews
Searching for Products in the Browser and in other Product searches throughout LightSpeed will show Tax Inclusive prices. Previews of documents in the Browser will also show Tax Inclusive prices on the line items, just as they are shown when the document is open.
Tax Inclusive Prices can also be used in the Set Selling Prices tool to do batch pricing changes based on the tax-inclusive amounts.
Reports and exports of documents will show the pre-tax prices of line items. Subtotals, by their nature, are also tax-exclusive, while Totals are tax-inclusive.
Printed documents in LightSpeed – Quotes, Orders, Invoices, and Purchase Orders – can be printed in a variety of languages. To choose the language in which a document in printed, click the Options tab and from the pop-up menu, select the language you wish to use. LightSpeed is pre-populated with English, French, and Spanish, but can be configured manually to print in any language by adding the correct field translations. To add a language other than the three default languages, go to Tools > Setup > Field Translations, and scroll left to a blank column. Click the column heading, and enter the name of the language you’re adding. Enter the term in the language you’re adding that corresponds with the terms in the English, French, or Spanish columns, and click Save when finished.
