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1. When the goods arrive the receiving document is matched to a copy of the PO and sent to the AP clerk The AP clerk maintains a file of outstanding unbilled receipts PO and receiving document When the AP invoice is received it is matched to the PO and receipt which are filed with the AP invoice At period end any outstanding unbilled receipts are totaled and used for the accrual Then you should print a Value by GL Account ltem report and enter a JV to synchronize the GL inventory account s to the inventory report typically one entry to Inventory and the opposite entry to Cost Of Goods Sold to account for any adjustments or manual cost changes etc or weighted average cost discrepancies caused by selling negative inventory for example if the receipt wasn t entered yet where the sale would update the GL using the old cost Items Receipts Adjustments Item Types Warehouses Inventory Totals Inventory History Inventory Reports LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 64 For physical count features sales orders purchase orders and manufacturing optional plus all the features of LiteSPEED Basic please check out LiteSPEED Premier at www litespeedsoft com LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 65 Inventory Reports Most reports can be filtered by specifying selection criteria such as warehouse and item
2. 3 dots button in the columns double clicking in the columns or by the keyboard shortcut Ctrl Enter On the GL Account or Subaccount pop up screen you can select the account by typing the account number in the 1 entry box or by typing the name in the 2 box or by selecting the account with the mouse or up down arrow keys Click on the selected account or press Enter when the selected account is highlighted Or Esc to leave a previously entered account unchanged Typing the account number in the 1 entry box sorts the list by account number and selects the first account number matching the characters entered Typing the account name in the 2 entry box sorts the list by account name and selects the first account name matching the characters entered On the GL Account main pop up screen you can select account type revenue or expense etc via the combobox at the right so that only accounts of the selected type show To deselect an account type and show all types press Delete On the Subaccount pop up screen there is a checkbox to allow deselecting a subaccount since subaccounts are optional Checked subaccount used Unchecked no subaccount This is automatically checked when a subaccount is selected To clear a previously selected subaccount uncheck the checkbox and press Enter LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 16 AP Checks The AP Checks screen displays che
3. Typing the item description in the 2 entry box sorts the list by description and selects the first item description matching the characters entered On the Item pop up screen you can select Item Type via the combobox at the right so that only items of the selected type show To deselect an item type and show all types press Delete If you need to bill for time please check out LiteSPEED Professional at www litespeedsoft com which has all the features of LiteSPEED Basic plus easy time entry a stopwatch a time calculator and job tracking by priority or due date LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 28 AR Payments The AR Payments screen displays payments in a list showing summary info including payment date customer check no and amount To add a new payment click the New button Or menu Records New To edit a payment double click the payment Or select the payment and press Enter or click the Edit button Or menu Records Edit To delete a payment select the payment and click the Delete button Or menu Records Delete You can select a payment with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the customer no or select the customer name from the drop down list and or enter the check no Selecting the customer only will find the 1 check for that customer Selecting the check only will find the 1 check wit
4. Vendor no Vendors can be accessed by number or name Vendor no is useful if you have multiple vendors with the same name such as branches of the same company or a large number of vendors When setting up a new vendor the program assigns a default vendor number which you can then change if desired At any time you can change the vendor number and any history invoices checks etc will automatically still be linked to the vendor Suspended Check here to prevent further invoices from being entered for this vendor Name Vendor s name Address Vendor s address Phone Main phone number Additional phone numbers can be specified on the Contacts tab You can phone the vendor by clicking the phone button or by right clicking on the vendors invoices or checks screens Fax Main fax number Additional fax numbers can be specified on the Contacts tab Contact Main contact s name Additional info and contacts can be specified on the Contacts tab E Mail Main e mail address E mail addresses for other contacts can be specified on the Contacts tab You can send e mail via your e mail program to the vendor by clicking the e mail button or by right clicking on the vendors invoices or checks screens LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 12 Web Page URL of vendor s web page You can connect to this page via your web browser by clicking the adjacent browser button Disc
5. 31 Salesmen The Salesmen screen displays salesmen in a list showing basic contact info Salesmen are assigned to customers to facilitate printing sales analysis reports sorted and or summarized by salesman such as may be used to determine sales commissions etc To add a new salesman click the New button Or menu Records New To edit a salesman double click the salesman Or select the salesman and press Enter or click the Edit button Or menu Records Edit To delete a salesman select the salesman and click the Delete button Or menu Records Delete You can select a salesman with the mouse or by the keyboard via the Page Up Down and arrow keys The menu has options to e refresh the data displayed to show changes entered by other users etc e print the list Tip To phone or send e mail via your e mail program select the salesman then right click to display a pop up menu Name Enter the salesman s first name and or last name Job Title The salesman s job title Phone numbers and extensions You can phone the salesman at any of the numbers listed by clicking the adjacent phone button or at the main business no by right clicking on the salesmen screen E Mail The salesman s e mail address You can send e mail via your e mail program to the salesman by clicking the e mail button or by right clicking on the salesmen screen Notes Enter any notes you wish to record here Right click to toggle Word Wrap LiteSPEED B
6. Delete You can select a Journal Voucher with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the JV no and or period Selecting the JV only will find the 1 JV with that JV number Selecting the period only will find the 1 JV in that period Selecting JV no and period will search on both The menu has options to filter the list by specifying selection criteria such as source AP Invoices AR Payments GL JVs etc sort the list by period or JV no copy a JV all data except JV no date and period which default as per a new JV refresh the data displayed to show changes entered by other users etc print the list print a selected JV post JVs see notes following Journal vouchers are entered then posted Prior to posting they may be edited or deleted Posted JVs except those from prior years or automatically created by AP or AR can be unposted from the Edit screen if they need to be edited or deleted Posting updates account totals and GL history To post JVs use menu Records Post or choose the Post option when closing the JVs screen Journal vouchers are also automatically created by posting AP invoices AP checks AR invoices and AR payments These JVs must also be posted in the GL system Posting these JVs is separate job because in a multi user environment it is possible for this to conflict with other GL jobs such as printing financial statements This minimizes the ch
7. New To edit a vendor type double click the vendor type Or select the vendor type and press Enter or click the Edit button Or menu Records Edit To delete a vendor type select the vendor type and click the Delete button Or menu Records Delete You can select a vendor type with the mouse or by the keyboard via the Page Up Down and arrow keys The menu has options to e refresh the data displayed to show changes entered by other users etc e print the list Name Enter the name of the vendor type Example Inventory LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 20 Accounts Receivable LiteSPEED Basic Elo ES View Help BA cintamaen Ely Invoices EY Payments iis Reports EI rs Customers gt hy Invoices ae gt ee Payments A o E Genera Customer Types Companies 12 animados Taxes Exit The Accounts Receivable system tracks customer invoices and payments When setting up customers you specify the currency thereby setting the currency for their invoices The Aged Trial Balance Report and AR Invoices Screen allow currency selection so you can see how much is owed to you in each currency You set up at least one bank account for each currency The Bank Book shows transactions and balances for each bank account For more info on multi currency operation see Multi currency Overview Invoices are not purged when fully paid but are instead
8. Other An ODBC driver is available for creation of custom reports via MS Access or Crystal Reports mail merge with MS Word and to import LiteSPEED Basic data to MS Excel etc There is also a free utility for importing and exporting data LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 11 Vendors The Vendors screen displays vendors in a list showing basic contact info and amount owed To add a new vendor click the New button Or menu Records New To edit a vendor double click the vendor Or select the vendor and press Enter or click the Edit button Or menu Records Edit To delete a vendor select the vendor and click the Delete button Or menu Records Delete You can select a vendor with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the vendor no or select the vendor name from the drop down list Tip You can enter the 1 letters of the vendor name then press the down arrow The menu has options to filter the list by specifying selection criteria such as currency sort the list by vendor no or name display invoices for a selected vendor display checks for a selected vendor refresh the data displayed to show changes entered by other users etc print the list Tip To display invoices or checks for a vendor phone or send e mail via your e mail program select the vendor then right click to display a pop up menu
9. Receivable etc Your Company Banks Bank Book Bank Reconciliation Currencies Security LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 53 Your Company This screen is for entering info related to your company such as the name of your company current fiscal year and preferences Company Name Your company name This prints on AR invoices some reports and displays on the LiteSPEED Basic Launch Pad top left if menu View Company Name is selected Address The address of your company This prints on AR invoices Phone The phone number of your company This prints on AR invoices Tax no Business no Some jurisdictions require that your tax number or business number is printed on your AR invoices such as GST Registration no in Canada If so enter it here along with the title as it should appear on the invoice Example 1 GST Registration Number R123456789 Example 2 BN 123456789 Fiscal Year Your current fiscal year This is the calendar year of your last fiscal period Example If your current fiscal year ends December 1997 then your current fiscal year is 1997 and period 01 is January 1997 Example If your current fiscal year ends in March 1998 then your current fiscal year is 1998 and period 01 is April 1997 After entering transactions invoices etc you can only change the fiscal year by clicking the Year End button Default Period Here you can set the
10. accounts The balance sheet includes both prior years retained earnings and current year retained earnings In the sample data the Equity line specifies the account range 3110 to 9999 thereby including 3110 Prior Years Retained Earnings and 3111 to 9999 which includes all the expense and revenue accounts LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 44 Budget The GL Budget screen displays budget records in a list showing GL account fiscal year and budgeted amounts for opening balance and net change for each period Accounts which do not have any budget data are also included in the list Budgeting is done at the GL account main account and optional subaccounts level The budget is printed on the Trial Balance Report and is used for the Financial Statements To add a new budget record click the New button Or menu Records New The GL account of the selected record becomes the default on the new budget record so you may find it convenient to select a record before clicking the New button To edit a budget record double click the record Or select the record and press Enter or click the Edit button Or menu Records Edit To delete a budget record select the record and click the Delete button Or menu Records Delete You can select a budget record with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the account no or select
11. and then refresh the list by F5 or menu View Refresh When the adjusted bank balance matches the bank statement closing balance press the Reconcile button to mark the selected transactions as reconciled They will then be removed from the list At any time you can close this screen using the Close Save button Transactions marked as selected will continue to be selected when you return You can reset all previously reconciled transactions by menu Records Unreconcile All Previously Reconciled Transactions Tip You can display the source transaction AP Check etc or JV by right clicking to display a pop up menu LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Sales Analysis LiteSPEED Basic sim View Help AP AR GL Inventory Sales Analysis History General i is Reports DO Sales History ba Y v v vw 7 Companies gt Exit Page 59 The Sales Analysis system shows data from AR Invoices sorted filtered grouped and summarized in various ways Foreign currency amounts are converted to domestic currency based on the exchange rate when the invoice was posted This is the same rate used when invoice data is posted to the GL revenue account s Revenue expense associated with fluctuations in exchange rates is tracked separately in the GL foreign exchange gain loss accounts LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED So
12. arrow up arrow Ctrl right arrow Ctrl left arrow Ctrl Enter or Double click Ctrl F Page Down Page Down on grid Right click to display a pop up menu Right click to display a pop up menu Alt Down arrow Delete Esc LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC
13. bank accounts currencies and taxes See on line Help The wizard adds a sample chart of accounts and sets up 1 bank 1 currency and 1 sales tax You can then add modify or delete GL accounts to suit the needs of your company You can also add more bank accounts currencies and taxes LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 8 The wizard also sets up 1 warehouse Our Warehouse for the inventory And again you can add more if required when you are ready After setting up any additional banks currencies taxes etc your next step is to enter your vendors customers and items You are now ready to use the Accounts Payable Accounts Receivable General Ledger and Inventory You can enter any outstanding invoices for your vendors via AP Invoices and enter any outstanding invoices for your customers via AR Invoices Or you might find it easier to pay all your AP invoices now from your old system whether you mail the checks now is up to you and use your old system to track money owed to you from customers Then you only need to enter the total AR amount owing by JV to Accounts Receivable Journal as per the sample data see JV no 1001 and the payments by JV see JV no 1015 To record AR payments entered to old system GL opening balances are entered by Journal Voucher There is an example in Examples of Journal Vouchers and a more detailed multi currency example in t
14. currency for each item Items can be inventory items services or miscellaneous charges such as freight The price defaults to the price on the items table converted to the customer s currency if foreign and you can type over this if desired Also you can override the item description to be printed on the invoice tab to the last field or maximize the invoice window This allows you to have a generic description on the items table and enter a more specific description on the invoice This is particularly suitable for labor Taxes are calculated automatically Tip You can display a pop up menu with options for New line and Delete line by right clicking on the grid Item numbers or descriptions are not entered directly on the invoice screen but instead selected on a pop up screen which displays if you type into the item number or description column or by clicking on the 3 dots button in the column double clicking in the column or by the keyboard shortcut Ctrl Enter On the Item pop up screen you can select the item by typing the item number in the 1 entry box or by typing the description in the 2 box or by selecting the item with the mouse or up down arrow keys Click on the selected item or press Enter when the selected item is highlighted Or Esc to leave a previously entered item unchanged Typing the item number in the 1 entry box sorts the list by number and selects the first item number matching the characters entered
15. default period for new transactions If you use this optional feature the system will display this on new invoices etc as the default Otherwise the period defaults to the current calendar month If your fiscal year doesn t end in December or your fiscal periods are not calendar months you should set the default period regularly to help prevent data entry errors Example 11 1997 Warn if before or after LiteSPEED Basic will allow transactions to any period in the current fiscal year or beyond To prevent accidentally entering data to the wrong period you can specify a range of periods so that the system can warn you if you enter a period outside this range If you use this optional feature you will typically change the range at the start of each period Example 02 1998 03 1998 Error if before or after LiteSPEED Basic will allow transactions to any period in the current fiscal year or beyond To prevent accidentally entering data to the wrong period you can restrict the range of periods allowed by the system If you use this optional feature you will typically change the range at the start of each period Example 01 1998 03 1998 Default Currency Select the currency of your main bank account If you need to add a new currency to the drop down list click the 3 dots button When setting up vendors and customers you specify the currency thereby setting the currency for their invoices If you specify the default currency here this
16. etc Financial Statements The Financial Statements are user definable reports You define the how the GL accounts should be summarized the text for each line and the columns to print You can create reports such as an Income Statement sometimes referred to as a Profit and Loss showing sales expenses and profit Or a Balance Sheet showing assets liabilities and equity Financial statements can be run for selected subaccounts without having to set up separate statement formats For example an income statement for product group Frozen Pies and or division West etc Or select no subs to get a Summary consolidated report Lists These list screens have a print option and can be filtered and sorted in different sequences GL Accounts Journal Vouchers Budget GL Totals GL History Other An ODBC driver is available for creation of custom reports via MS Access or Crystal Reports mail merge with MS Word and to import LiteSPEED Basic data to MS Excel etc There is also a free utility for importing and exporting data LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 38 GL Accounts The GL Accounts screen displays accounts in a list showing account no name and type Your GL accounts are often referred to as your chart of accounts They are used to record revenue and expenses and the increases and decreases of your assets liabilities and owner s equity GL account numbers a
17. invoice no field to move directly to the payment amount which can be a partial payment or overpayment as well as the exact amount In the case of an overpayment you can resolve this on a future payment by applying the amount overpaid to another invoice by entering a negative payment amount to the overpaid invoice to bring the balance to zero and applying that amount to another invoice Or you can refund the customer LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 30 the excess by an AP check and enter a negative write off amount to the overpaid invoice to bring the balance to zero The sum of the payment amounts must equal the check amount otherwise an error message displays This is to ensure the payment amounts are entered correctly Alternatively if the check amount is left blank the program calculates it from the payment amounts and displays a message for verification when the OK button is pressed Tip The write off amount can be entered automatically if the write off GL account is entered and the write off amount left blank When you move off this payment line the program calculates the difference between the amount owing and any payment amount entered and asks if you want to write this off Write off GL account numbers are not entered directly on the payment screen but instead selected on pop up screens which display if you type into the account number columns main account and o
18. invoices due for a selected currency These may later be modified or deleted Checks can be computer printed or hand written The system allows reconciliation of checks returned from the bank and tracking of void checks An integrated phone dialer is available by right clicking on vendors invoices or checks Data is passed to the GL system automatically via Journal Vouchers with expenses converted from foreign currency to domestic currency You can trade globally in multiple currencies while your books remain in domestic currency GL accounts for AP discounts and gain loss on foreign exchange are retrieved from the currencies table For info on how purchasing and receipts of inventory relate to inventory and general ledger please see Inventory Overview LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 10 AP Reports Open Payables This report shows outstanding not fully paid invoices for each vendor Invoice date and due date are printed for each invoice as are invoice amount amount paid so far amount owing discount amount and discount date The report prints vendor total amount owing and for foreign currency vendors an extra total line prints showing the vendor total converted to domestic currency using the exchange rate specified for the currency Final report totals are printed in domestic currency The report may be filtered to show only invoices for a selected currency or v
19. of having to enter 2 JVs Alternatively you could enter 2 JVs and ignore the Auto Reverse feature An example of when you would reverse a JV in the next period is an accrual such as when you have received inventory but not yet received the AP invoice You want the financial statements to reflect that you owe money and you want to reset the books after the financial statements are printed ie in the next period since the invoice will eventually arrive Another example is the period end conversion of foreign currency balances such as foreign money in the bank or receivables or payables etc where you want the foreign currency balances to show in domestic currency on the financial statements Then you want the foreign balances reset back to the foreign currencies after the financial statements are printed after period end Description The transaction description shows on the GL History screen and on the General Ledger Report Example To record depreciation Amounts and GL Accounts Enter the amount for each GL account Debits are keyed as positive numbers and credits are keyed as negative numbers Expense accounts are normally debits Example 100 expense incurred Revenue accounts are normally credits Example 100 revenue earned Asset accounts are normally debits Example 100 money in bank Liability accounts are normally credits Example 100 money owed The total debits must match the total credits Example tot
20. of the terms If no discount net or C O D info is entered the terms shows as Payable on receipt Example 30 Net 30 days or 2 10 Net 30 C O D Cash on Delivery If checked this prints on the invoices as the terms Credit Limit The credit limit for this customer Currently this field is used for informational purposes only Currency Select the currency of invoices billed to this customer If you need to add a new currency to the drop down list click the 3 dots button On new customers this defaults to the default currency on Your Company Message Message to print on invoices and statements You can also use this if you need to print more information about your company on the invoice such as more contact info Print Stmt Check here if this customer is to receive statements When printing statements AR Reports unless a specific customer is selected only customers with Print Stmt checked are included Taxes Select the sales taxes applicable for this customer If you need to add a new tax to the drop down list click the 3 dots button Customers can have two tax totals showing on their invoice such as state and local or federal and provincial Each tax total corresponds to a tax code Example S for state tax P for provincial tax Tax is automatically applied on an invoice when an item tax code matches a tax code for a tax defined for the customer The tax codes print on invoice detail lines to show which taxes were
21. such as vendor currency and whether printed sort the list by check date descending or check no display the vendor for a selected check refresh the data displayed to show changes entered by other users etc print the list print checks reconcile or un reconcile the selected check see notes following post printed checks see notes following Tip To phone the vendor or send e mail via your e mail program or display the vendor or reconcile the check select the check then right click to display a pop up menu AP checks are entered printed then posted Prior to posting they may be edited or deleted Posted checks cannot be edited or deleted so to cancel a check after it has been posted which would be a very unlikely requirement you would need to re enter the invoice s and adjust the bank and expense accounts by GL Journal Voucher Posting updates vendor balances invoice balances and creates general ledger journal vouchers to update the GL account totals and GL history To post checks use menu Records Post or choose the Post option when closing the checks screen Posting the JVs is a separate job because in a multi user environment it is possible for this to conflict with other GL jobs such as printing financial statements This minimizes the chance of the AP posting job being unavailable JVs created by the AP system cannot be modified or deleted even prior to posting in the GL Note Checks must be printed prior to postin
22. the GL foreign exchange gain loss accounts Most reports can be filtered by specifying selection criteria such as salesman customer item type and item to provide additional levels of reporting Sales Invoice Register This report shows AR invoices for the selected period sorted by invoice number The report prints one line per invoice showing invoice number date customer subtotal total before taxes subtotal converted to domestic currency taxes and invoice total amount The report prints totals for the period for subtotal in domestic currency and for each tax Sales by Type This report shows sales summarized by item type for the selected period Sales by Type ltem This report shows sales grouped by item type then summarized by item for the selected period Sales by Type Item Customer This report shows sales grouped by item type then item then summarized by customer for the selected period Sales by Customer This report shows sales summarized by customer for the selected period Sales by Customer Type ltem This report shows sales grouped by customer then item type then summarized by item for the selected period Sales by Salesman This report shows sales summarized by salesman for the selected period Sales by Customer Type This report shows sales summarized by customer type for the selected period Sales by Customer Type Customer This report shows sales grouped by customer type then summarized by customer for t
23. the default change the text on the heading detail or total lines modify detail lines to combine multiple accounts on one line delete or add lines etc Tip For income statements only Net Change type formats are appropriate and for balance sheet statements only Balance type formats are appropriate To set up a new statement manually you should first enter the title select a format from the list to select which columns to show and enter the line heading and type for each line Line types can be Heading Detail Detail Revenue Total or Total Revenue Tip If you type the 1 letter of line type the rest will be filled in For example press d for Detail press d again for Detail Revenue e Heading lines are printed with a bold font style Use these for headings or blank lines e Detail lines are indented by approximately 4 characters e Total lines are indented by approximately 2 characters and preceded by underlines Detail Revenue and Total Revenue line types show revenues as debits on Income Statements Use these line types for revenue lines Gross Sales Net Sales Net Income etc if you prefer these to be shown as debits layman style or use Detail and Total lines to show revenues as credits traditional accounting style After entering the total lines you can update the detail lines to specify which total lines are to receive the detail line data You can change the sequence of the lines by using the arrow buttons
24. to the four most frequently used options Example AR toolbar has buttons for Customers Invoices Payments and Reports Multi currency features facilitate purchasing and selling internationally import and export The default selling price is automatically converted to the customer s currency Payables and receivables are tracked separately for each currency and the GL automatically converts revenues and expenses to domestic currency Gain or loss due to exchange rate fluctuations is tracked Taxes are very flexible to facilitate VAT GST PST HST State Local etc User defined financial statements can be created through a simple set up process GL account totals and inventory totals can be viewed on screen with drill down to original source transactions An integrated dialer is linked to customers invoices etc Sample data is provided and there is an optional Getting Started wizard to assist with entering initial live data The wizard sets up common GL accounts which can later be changed deleted or added to LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 4 How to Install LiteSPEED Basic requires Windows 98 Me NT 2000 XP Vista or a 100 compatible operating system an 80486 or better processor and 16Mb of system memory Only 5 7 MB of disk space is required for program files To start the installation run LSBasic exe For best performance users of Norton Antivirus sho
25. year 1000 Retained Earnings Prior years revenue 5000 and expenses 4000 1900 Bank Money in the bank 100 Accounts Payable Money owed by your company to vendors 200 Accounts Receivable Money owed to your company by customers See Getting Started for more info on entry of opening balances Bank Charges and Interest Description To record bank charges and interest 15 Bank Charges Bank Charges expense account increased 50 Misc Income and Expense Interest charged expense account increased 10 Misc Income and Expense Interest earned expense account decreased 55 Bank Bank asset account is decreased Corrections and Adjustments to Previous GL Transactions This example corrects an error originally keyed on an AP invoice Description To correct allocation of AP invoice no 12345 10 Electricity Incorrect expense account is decreased 10 Office Supplies Correct expense account is increased Cost of Goods Sold automatically created by AR system This records the cost of inventory sold regardless of the price paid by the customer Description To record cost of goods sold 100 Cost of Goods Sold Expense account is increased 100 Inventory Inventory asset account is decreased Depreciation Description To record depreciation 100 Depreciation Depreciation expense account is increased 100 Accumulated Depreciation Balancing entry credit to liability account Purchase of Foreign Currency The balance in your foreign currenc
26. 30 Sales Revenue account is increased credit 100 Accounts Receivable AR asset account is increased debit 30 Gain Loss Foreign Exchange Balancing entry expense account increased debit Accounts Receivable Payment automatically created by AR system This example shows a Canadian company recording a payment for 100 US dollars Description AR Check 57894 for ABC Wholesale 1002 100 US Bank Bank asset account is increased debit 100 Accounts Receivable AR asset account is decreased credit LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 49 GL History The GL History screen displays transactions posted to the General Ledger in a list showing period date JV no source description amount and GL account This data is also printed on the General Ledger Report You can select a record with the mouse or by the keyboard via the Page Up Down and arrow keys The menu has options to e filter the list by specifying selection criteria such as account type source AP Invoices GL JVs etc fiscal year and period display the source transaction invoice JV etc for a selected history record display the JV responsible for a selected history record refresh the data displayed to show changes entered by other users etc export to Excel or comma delimited text print the list with totals Tip To display the source transaction or JV for a history record select the record the
27. Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 75 Item Types The Item Types screen displays item types in a list Item Types are used to group items Example Raw Material Packaging Material Widgets Brackets Sundry Labor etc This facilitates selecting items when entering invoices etc and printing reports sorted and or summarized by item type You specify on the Item Type which costing method should be used and whether items in the Item Type are inventory items To add a new item type click the New button Or menu Records New To edit an item type double click the item type Or select the item type and press Enter or click the Edit button Or menu Records Edit To delete an item type select the item type and click the Delete button Or menu Records Delete You can select an item type with the mouse or by the keyboard via the Page Up Down and arrow keys The menu has options to e refresh the data displayed to show changes entered by other users etc e print the list Name Enter the name of the item type Example 1 Widgets Example 2 Labor Example 3 Miscellaneous charges freight etc Inventory Check here if this item type is for inventory items Or uncheck if this item type is for labor or miscellaneous charges which should be excluded from inventory reports and not have Cost of Goods Sold and Inventory GL entries on JVs created when posting AR invoices Costing Meth
28. M LiteSPEED Software LLC LiteSPEED Basic 2008 4 Accounting User Manual Page 2 Contents LiteSPEED Basic niaii istina i etn ed Bh een eee a ANG Oe ed et ae ERE AAA 3 Howto Install cta cd dd da cd ad 4 Getting Started A A se Stent ody Gena anid A 6 ACCOUNTS PAV AIG civic A AAA A A AL 9 Vendos A O 11 FAP INVOICES iaa A A a A A a iiaia i Ead aaa A aaa 13 AP COCKS isaac ads E AA A EE a A AE A cd EA AA EE ana 16 MONDO TY PS tros decd ere ah ius caver ines a A E a dt e a EAEN 19 Accounts ROCO VADE cocoa led saaeeay cenudlenycdeublea rebel cla clado cc 20 A ON 21 CUSTOMENS siria ade lidades epics 22 ARGINVOIGES sumatoria laicas 25 A sedhieas EE E E TEO S E E E E AT N O TE 28 Sales Me ESAT PE E TE PEE AA ELIA E TEATE TEE A AE E A E E TE AAT 31 CUSIOMEN TYPES EEEE EEE E dao AE TAE 32 VAMOS titi TAT 33 General edgar ici data A E A TAES 35 GEEIRO DONS isidro t talado A idiota 37 GIPACCOUNIS israel dead aliada 38 Journal VOUCASES strain line cla bier ey dle albedo ata tee 40 GL ACcCOUNt TYPOS EP E E A E E cdta di rdla TA 43 Ero Ee E ETE taa as 44 Sample Ghart Of Accor 45 E A A 46 Examples of Journal Vouchers cooocccinncccnocccononinononaconc cnn 47 A earranta a de Seca ate aeara a E ATA te Det AA oa ARA aa AA vitesse dad Oa cated atey dese tae EA a eters 49 Financial Statements a iderien renia niara niau aeiae aaneen aaa Daa aaaea lana ndo decada idad 50 Gonera Oneata saar ae a EA EAE A 52 Y QU OOM a aaaea cde E aa a e aa a eaa
29. Records Edit To delete a bank select the bank and click the Delete button Or menu Records Delete You can select a bank with the mouse or by the keyboard via the Page Up Down and arrow keys The menu has options to e refresh the data displayed to show changes entered by other users etc display the Bank Book for the selected bank account display the Bank Reconciliation screen for the selected bank account print the list To view bank balances and transactions use the Bank Book Name Enter the name of the bank account Example The Royal Bank GL Account Select the GL account for this bank account If you need to add a new GL account to the drop down list click the 3 dots button Currency Select the currency of the bank account If you need to add a new currency to the drop down list click the 3 dots button LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 56 Currencies The Currencies screen displays currencies in a list To add a new currency click the New button Or menu Records New To edit a currency double click the currency Or select the currency and press Enter or click the Edit button Or menu Records Edit To delete a currency select the currency and click the Delete button Or menu Records Delete You can select a currency with the mouse or by the keyboard via the Page Up Down and arrow keys The menu has options to e refresh the data displa
30. Software LLC 5000 Cost of Goods Sold 5126 Advertising You could use a subaccount for instrument type 10 Drums 20 Guitars 30 Keyboards And therefore the following GL accounts would be possible 4000 10 Sales Drums 4000 20 Sales Guitars 4000 30 Sales Keyboards 5000 10 Cost of Goods Sold Drums 5000 20 Cost of Goods Sold Guitars 5000 30 Cost of Goods Sold Keyboards 5126 10 Advertising Drums 5126 20 Advertising Guitars 5126 30 Advertising Keyboards Page 36 Where 4000 5000 and 5126 are main accounts and 10 20 and 30 are subaccounts Note Each subaccount only has to be defined once not for every account and can be used for any GL account LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 37 GL Reports General Ledger This report shows opening balance transactions and closing balance for each account for the selected period Tip You can also display and print GL transactions via the GL History screen which has options to filter and drill down to JV and or invoice etc Trial Balance This report shows net change and balance actual and budget for each account for the selected period For revenue and expense accounts the balance is the net change year to date Tip This information can also be displayed and printed via the GL Totals and Budget screens which have options to sort filter and drill down total gt history gt JV and or invoice
31. To insert a line first add a new line Ctrl Insert or right click then move the line to the desired position with the up button or Ctrl U or right click Example 1 Title Income Statement Format Net Change Simple or Net Change Compare Month or Compare Year or Budget Lines Sales type Heading Gross Sales type Detail Revenue Less Cost of Goods Sold type Detail Net Sales type Total Revenue Blank type Heading Operating Expenses type Heading etc LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 51 Example 2 Title Balance Sheet Format Balance Simple or Balance Compare Year or Budget Lines ASSETS type Heading Current Assets type Heading Banks type Detail Accounts Receivable type Detail Inventory type Detail Total Current Assets type Total Blank type Heading Fixed Assets type Detail Less Accum Depreciation type Detail Total Fixed Assets type Total Blank type Heading Blank type Heading LIABILITIES amp EQUITY type Heading etc Detail Line Properties for the detail lines such as accounts to include The Detail Line Properties section has 2 tabs Accounts and Totals Note Since this section only applies to lines of type detail it is blank if a heading or total line is selected Accounts Tab Accounts to include in this line are specified via ranges from to For exampl
32. You can select a tax with the mouse or by the keyboard via the Page Up Down and arrow keys The menu has options to e refresh the data displayed to show changes entered by other users etc e print the list Customers can have two tax totals showing on their invoice such as state and local or federal and provincial Each tax total corresponds to a tax code Example S for state tax P for provincial tax Taxes are automatically added to an AR Invoice for taxable items based on the taxes defined for the customer Tax is applied on an invoice when an item tax code matches a customer tax code A sales tax is calculated automatically if e the tax applies to the item e and the tax applies to the customer e and the customer doesn t have an exemption number for the tax All three of the above conditions must apply To determine how much sales tax you have charged your customers and must pay to the government you can look up the sales tax GL accounts in the GL Trial Balance Report or the GL Totals screen main menu File GL GL Totals Also there is an Invoice Register Report which shows taxes charged to customers with totals This is at menu File Sales Analysis Reports You would then create an AP invoice to pay the government and use the sales tax GL accounts which would then clear the balance in them for the selected period Remittance of GST or VAT will also include data from purchases entered via AP invoices To see the GL detail for
33. a a a a a a a Aaaa aa aa ARN 53 Baik E O FA A A E E E 55 IE A T A ate E A A E A E A 56 Bank BOOK mrm sacra tis coke cei dan ten anar aeaa an ha tenes yee a a aa a Aaa Daaa AT Sa ATA aaa aaa a Eaa a aa a AS 57 Bank Reconciliation tio aci 58 Sales ANAY SS a le a aa a a a a aa aa aa 59 Sales ISO a rn a a aN 60 Sales Reponedor ene 61 SEC cat o a e ade tell 62 INV al T EUA 63 Inventory REPOMMS uri iaa 65 MS a A a a eee eerie cer 67 Reca a AA ao 69 AJUSTES ci dd 71 Inventory TotalS iiiiciaa A A AA AA ee 73 Inventory HIST ti 74 MO TP A i Sli edie ee 75 Warehouses onae inaa aceite ados 76 Period End and Year End iii A dele es 77 Multi currency Ov6IVview cuca AA ae alan eee 78 GsTiand VAT Taxes inca igi Ga sleet A ai a ee el a A a 80 Keyboard and Mouse Shortcuts cccccccecceseeeeeeneeceeeeeceaeeeeeneeeeeeeeseaeeeeaaeseeeeeseaeeesaaaesdeeeeseaeeescaeseaeeseeeseaes 81 LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 3 LiteSPEED Basic LiteSPEED Basic is an integrated accounting system Accounts Payable Accounts Receivable General Ledger Inventory and Sales Analysis LiteSPEED Basic sim View Help AP AR GL Inventory Sales Analysis 1 Customers Gh invoices Ex Payments ig Reports T E E T T General Companies Exit The LiteSPEED Basic launch pad fits compactly on your screen Selecting an application from the drop down list sets the toolbar
34. accounts called Computer equipment Office equipment Machinery and Equipment etc Liability Accounts Accounts Payable An account payable is an amount owed to a creditor Accounts payable result from the purchase of merchandise supplies equipment inventory and services on credit Since it is necessary to know the amount owed each creditor an individual record must be kept of the purchases from and the payments to each As well the total of all those increases and decreases is kept in one account called Accounts Payable Taxes Payable Income tax and sales taxes collected on behalf of your government Equity Accounts The total of the equity accounts is called Owners Equity For a corporation this is called Shareholders Equity for a partnership Partners Equity and for a sole proprietorship Proprietor s Equity Tip Owners Equity always equals total assets minus total liabilities Capital Stock Shareholders equity in a corporation represented by transferable certificates showing shares of ownership Contributed Capital Amounts invested by the owner s Retained Earnings Accumulated earnings less accumulated losses and dividends On the equity account used for prior years retained earnings check the Retained Earnings checkbox At year end the program will move the net of revenues and expenses to this account Current year retained earnings is not a separate account it is the net of the current year revenue and expense
35. al debits 200 and total credits 200 Tip You can display a pop up menu with options for New line and Delete line by right clicking on the grid GL account numbers are not entered directly on the JV screen but instead selected on pop up screens which display if you type into the account number columns main account and optional subaccounts if used or by clicking on the 3 dots button in the columns double clicking in the columns or by the keyboard shortcut Ctrl Enter On the GL Account or Subaccount pop up screen you can select the account by typing the account number in the 1 entry box or by typing the name in the 2 box or by selecting the account with the mouse or up down arrow keys Click on the selected account or press Enter when the selected account is highlighted Or Esc to leave a previously entered account unchanged Typing the account number in the 1 entry box sorts the list by account number and selects the first LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 42 account number matching the characters entered Typing the account name in the 2 entry box sorts the list by account name and selects the first account name matching the characters entered On the GL Account main pop up screen you can select account type revenue or expense etc via the combobox at the right so that only accounts of the selected type show To deselect an account type and sho
36. ance of the AP and AR posting jobs being unavailable JVs created by other systems cannot be modified or deleted even prior to posting in the GL Period This is the fiscal period and year of the journal voucher This defaults to the current calendar month or the default period on Your Company if specified there If your fiscal year doesn t end in December or your fiscal periods are not calendar months you should set the default period regularly to help prevent data entry errors Note The year is entered as 2 digits and displayed as 4 Example 11 2001 entered as 11 01 LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 41 Date The transaction date defaults to today s date Tip You can use the or keys to increase or decrease the date or click the 3 dots button to select the date from a calendar JV no The journal voucher number is used to identify the journal voucher and shows on the GL History screen and on the General Ledger Report When entering a new JV the program assigns a default JV number which you can then change if desired Auto Reverse An auto reversing JV is actually 2 JVs you enter it as 1 JV but it is as if you entered two You enter it as 1 JV with the Auto Reverse checkbox checked Then when you post it it goes into the system as 2 JVs one as you entered it and another to the next period with the opposite amounts hitting the GL accounts This saves you the bother
37. and enter the check number bank and check the Void checkbox If recording a void check that was messed up by the printer the check record will already exist so you edit it Note You must do this before posting since posted checks cannot be edited Remove the vendor and invoices Ctrl Del or display pop up menu by right clicking on the grid and check the Void checkbox Voiding a check is not the same thing as canceling a posted check see above for how to do this Invoices to be paid Select each invoice to be paid and the payment amount for each invoice This defaults to the amount owing minus any discount if eligible If this is the amount you want to pay use the down arrow or PageDown to move to the next line otherwise press Enter on the invoice no field to move directly to the payment amount where you can enter the partial payment amount The check amount will be updated when you move to the next line or the OK button etc Tip You can display a pop up menu by right clicking on the grid LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 19 Vendor Types The Vendor Types screen displays vendor types in a list Vendor Types are used to group vendors Example Inventory Shipping Admin etc This facilitates selecting vendors when entering invoices etc and printing reports sorted and or summarized by vendor type To add a new vendor type click the New button Or menu Records
38. applied LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 24 Each tax has a matching exemption number presence of which means the tax is not applicable This feature is optional and merely provides a way to store tax exemption numbers Tax no Business no Some jurisdictions require that you store the customer s tax number or business number such as Australian Business Number ABN Salesman Select the salesman responsible for this customer if applicable or press Delete to remove a previous selection If you need to add a new salesman to the drop down list click the adjacent button Salesmen are assigned to customers to facilitate printing sales analysis reports sorted and or summarized by salesman such as may be used to determine sales commissions etc Customer Type Select the Customer Type for this customer if desired or press Delete to remove a previous selection If you need to add a new type to the drop down list click the adjacent button Customer Types may be used to group customers for sales analysis Example Food Service Government Distributor etc This facilitates printing sales analysis reports sorted and or summarized by customer type Allow Backorders Check here if this customer accepts backorders This means that if he orders 10 items and you can only ship 8 he will accept the remaining 2 on a later shipment This field is used for informational purposes only C
39. asic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 32 Customer Types The Customer Types screen displays customer types in a list Customer Types are used to group customers Example Food Service Government Distributor etc This facilitates selecting customers when entering invoices etc and printing sales analysis reports sorted and or summarized by customer type To add a new customer type click the New button Or menu Records New To edit a customer type double click the customer type Or select the customer type and press Enter or click the Edit button Or menu Records Edit To delete a customer type select the customer type and click the Delete button Or menu Records Delete You can select a customer type with the mouse or by the keyboard via the Page Up Down and arrow keys The menu has options to e refresh the data displayed to show changes entered by other users etc e print the list Name Enter the name of the customer type Example Government LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 33 Taxes The Taxes screen displays sales taxes in a list To add a new tax click the New button Or menu Records New To edit a tax double click the tax Or select the tax and press Enter or click the Edit button Or menu Records Edit To delete a tax select the tax and click the Delete button Or menu Records Delete
40. button Or menu Records New To edit an adjustment double click the adjustment Or select the adjustment and press Enter or click the Edit button Or menu Records Edit To delete an adjustment select the adjustment and click the Delete button Or menu Records Delete You can select an adjustment with the mouse or by the keyboard via the Page Up Down and arrow keys The menu has options to e filter the list by specifying selection criteria such as warehouse e refresh the data displayed to show changes entered by other users etc e print the list post adjustments see notes following Inventory adjustments are entered then posted Prior to posting they may be edited or deleted To undo an adjustment after posting you must reverse it enter it again with the opposite amount Posting updates inventory totals and history To post adjustments use menu Records Post or choose the Post option when closing the adjustments screen Adjustment Date The adjustment date defaults to today s date Tip You can use the or keys to increase or decrease the date or click the 3 dots button to select the date from a calendar Period This is the fiscal period and year of the adjustment This defaults to the current calendar month or the default period on Your Company if specified there If your fiscal year doesn t end in December or your fiscal periods are not calendar months you should set the default period regularly to help prevent da
41. ck s in a list showing summary info including check date vendor check no and amount Checks can be entered manually or created automatically using the Single Check and AutoCreate Batch options AutoCreate Batch automatically creates checks based on selected currency vendor due date check date and period These can later be modified or deleted prior to printing and posting With Single Check you select the vendor and then select which invoice s to pay Checks are entered for invoices that have been previously entered to the system If there was no invoice you should create a dummy invoice using the check no To add a new check or AutoCreate checks click the New button Or menu Records New To edit a check double click the check Or select the check and press Enter or click the Edit button Or menu Records Edit To delete a check select the check and click the Delete button Or menu Records Delete You can select a check with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the vendor no or select the vendor name from the drop down list and or enter the check no Selecting the vendor only will find the check for that vendor Selecting the check only will find the check with that check number Selecting vendor and check no will search on both The menu has options to display outstanding not reconciled checks only filter the list by specifying selection criteria
42. ct Customer Type via the combobox at the right so that only customers of the selected type show To deselect a customer type and show all types press Delete Check no Enter the check number from the customer s check If payment was by cash or credit card you can enter cash or Visa etc as the check no Bank The bank account defaults to the 1 bank whose currency matches the customer Select the bank from the list if it should be changed If you need to add a new bank to the drop down list click the 3 dots button Tip You can enter a few characters of the bank name then use the down or up arrow keys if required Payment Amount Optionally enter the check amount from the customer s check or the total cash or credit card payment amount If entered the program checks that this matches the total of the invoice payment amounts to minimize the chance of data entry errors on the invoice lines Alternatively you can leave this blank and the program will calculate the total amount Payment Date Enter the check date from the customer s check The check date defaults to today s date Tip You can use the or keys to increase or decrease the date or click the 3 dots button to select the date from a calendar Period This is the fiscal period and year of the check not the period to which the revenue should be applied which is based on the invoice This defaults to the current calendar month or the default period on Your Company
43. d by the system GL account numbers are comprised of the main account and 3 optional subaccounts which can be used for branch division department project product group or whatever These don t have to be built into the main GL account number So for data entry when selecting the main account responsibility you don t have to scroll past all the various subaccounts Nor do you have to set up every combination of main and subs that will occur And financial statements can be run for selected subaccounts without having to set up separate statement formats For example an income statement profit and loss for product group Frozen Pies and or division West etc Or select no subs to get a summary consolidated report A subaccount can apply to any GL account not just one So for example a business that sells musical instruments could have a subaccount for instrument type drums guitars keyboards Revenues and expenses could then be tracked by instrument type and this would facilitate financial statements by type drums only guitars only or summarized all instrument types using the same financial statement and selecting instrument type when they select the report So they could see the profitability of the drums side of the business or guitars etc The same could apply to department branch division project etc So instead of just main accounts 4000 Sales LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED
44. d on the vendor this field will be read only on the invoice LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 15 Discount Date The discount date is based on the invoice date and the vendor s terms discount days and is read only If the invoice is paid on or before this date the discount if any will be taken Discount The discount amount is based on the invoice amount and discount and is read only If the invoice is paid on or before the discount date the discount if any will be taken Amounts and GL Accounts Enter the amount for each GL account The sum of the GL amounts must equal the invoice amount otherwise an error message displays This is to ensure the GL amounts are entered correctly If the invoice has GST or VAT tax enter the total GST or VAT to the GL account for GST VAT Receivable called receivable since you receive a credit from the government Other non refundable taxes such as PST should be pro rated and combined with the purchase cost of the products or services and entered to those expense or inventory GL accounts Tip You can display a pop up menu with options for New line and Delete line by right clicking on the grid GL account numbers are not entered directly on the invoice screen but instead selected on pop up screens which display if you type into the account number columns main account and optional subaccounts if used or by clicking on the
45. defaults to the current calendar month or the default period on Your Company if specified there If your fiscal year doesn t end in December or your fiscal periods are not calendar months you should set the default period regularly to help prevent data entry errors Note The year is entered as 2 digits and displayed as 4 Example 11 2001 entered as 11 01 Purchase Order no Enter the customer s purchase order number if desired Description Enter a description for this invoice if desired This prints on the invoice and on the AR statements Warehouse This is the warehouse where the goods will be shipped from The warehouse defaults to the 1 warehouse on file Select the warehouse from the list if it should be changed Note Even if this invoice is for services only the warehouse must be specified Tip You can enter a few characters of the warehouse name then use the down or up arrow keys if required Amount The invoice amount is calculated by the program rather than keyed based on the item totals and any LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 27 taxes Paid This is the amount paid so far and is read only Payment info is entered via the AR Payments screen Owing This is the amount owing and is read only It is the original invoice amount minus any payments and discount taken Items Quantities and Prices Enter the quantity and unit price in the customer s
46. dit if desired by entering a dummy check for zero amount Posting updates vendor balances and creates general ledger journal vouchers to update the GL account totals and GL history To post invoices use menu Records Post or choose the Post option when closing the invoices screen Posting the JVs is a separate job because in a multi user environment it is possible for this to conflict with other GL jobs such as printing financial statements This minimizes the chance of the AP posting job being unavailable JVs created by the AP system cannot be modified or deleted even prior to posting in the GL To view only outstanding unpaid invoices sorted by due date toggle the outstanding option on the View menu or use the shortcut Ctrl O and select menu View Sort by Due Date Vendor A pop up screen displays if you type in the vendor number click or by the keyboard shortcut Ctrl Enter On the Vendor pop up screen you can select the vendor by typing the vendor number in the 1 entry box or by typing the name in the 2 box or by selecting the vendor with the mouse or up down arrow keys Click on the selected vendor or press Enter when the selected vendor is highlighted Or Esc to leave a previously entered vendor unchanged Typing the vendor number in the 1 entry box sorts the list by number and selects the first vendor number matching the characters entered Typing the vendor name in the 2 entry box sorts the list by name and selects the fir
47. e Select the GL accounts for this currency If you need to add a new GL account to the drop down list click the 3 dots button If this is your domestic currency leave the Gain Loss on Foreign Exchange account blank LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 57 Bank Book This screen shows transactions with a running balance for a selected bank account This is based on posted GL transactions to the bank GL account originating from AP checks AR payments and GL journal vouchers for opening balance and bank charges etc Only recent transactions are shown To view previous transactions use the GL History LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 58 Bank Reconciliation The Bank Reconciliation is used to verify that the computer bank GL account balance matches the bank statement closing balance after adjusting for outstanding AR deposits and AP checks etc Select a bank account to display the bank balance total of outstanding transactions adjusted balance and a list of transactions that haven t been previously reconciled Click to select each transaction that has cleared the bank is no longer outstanding This updates the total of the outstanding transactions and the adjusted balance If there are any bank charges or interest etc shown on the bank statement that haven t been entered to the computer do this now by JV
48. e if you had 4 sales accounts 4001 4002 4003 4004 to be included in the line Gross Sales you could specify 4001 to 4004 Or 4001 to 4010 so that future accounts could be included without you having to update the range To insert or delete a range use the pop up menu right click on the Accounts grid Tip To specify a single account you only need to specify the From Account The To Account is optional Tip On a Balance Sheet statement for Retained Earnings Current Year include all the revenue and expense accounts Ideally the account numbers would be in a range so you could include them all by just specifying one range from to Totals Tab Here you specify which previously entered total lines are to receive data from this detail line For example on an income statement Gross Sales might be added to total lines Net Sales and Net Income To insert or delete a total line from this list use the pop up menu right click on the Totals grid LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 52 General Info LiteSPEED Basic Y View Help AP Customers Invoices Y Payments is Reports AR GL gt Inventory gt Sales Analysis Your Company c 7 Banks gt Bank Book Exit Bank Reconciliation Currencies Pack Repair Import Security IET o Backup The General Info section is for information and options related to multiple systems Accounts Payable Accounts
49. earnings check the Retained Earnings checkbox At year end the program will move the net of revenues and expenses to this account Current year retained earnings is not a separate account it is the net of the current year revenue and expense accounts Notes Enter any notes you wish to record here LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 40 Journal Vouchers The Journal Vouchers screen displays JVs in a list showing summary info including period JV no source description date and amount Data is passed to the GL system from the AP and AR automatically via Journal Vouchers with expenses and revenues converted from foreign currency to domestic currency You can trade globally in multiple currencies while your books remain in domestic currency Data is keyed directly to the GL system via Journal Vouchers to record initial entry of opening balances bank charges and interest depreciation corrections and adjustments to previous GL transactions purchase of foreign currency foreign currency AP AR and bank balances conversion to domestic currency See Examples of Journal Vouchers To add a new Journal Voucher click the New button Or menu Records New To edit a Journal Voucher double click the JV Or select the JV and press Enter or click the Edit button Or menu Records Edit To delete a Journal Voucher select the JV and click the Delete button Or menu Records
50. em no or select the item description from the drop down list Tip You can enter the 1 letters of the item description then press the down arrow The menu has options to filter the list by specifying selection criteria such as suspended sort the list by item no or description copy an item all data except item no display inventory totals for a selected item display inventory history transactions for a selected item refresh the data displayed to show changes entered by other users etc print the list Tip To display inventory totals or history for an item select the item then right click to display a pop up menu Item no Items can be accessed by number or name Item no is useful if your customers order by item number or you have a large number of items When setting up a new item the program assigns a default item number which you can then change if desired At any time you can change the item number and any history will automatically still be linked to the item Suspended Check here to prevent further invoices from being entered for this item Description The default description for this item You can override this when entering invoices Tip Unit of Measure can be included in the description Example Apricot Jam case 12 x 500 ml ltem Type Select the Item Type for this item If you need to add a new type to the drop down list click the adjacent button You specify on the Item Type which costing method should be u
51. endor Aged Payables This report shows outstanding not fully paid invoices for each vendor The age number of days since the invoice date of each invoice is printed and based on the age the amount owing is printed in an age column current over 30 over 60 etc The report prints vendor totals for amount owing current over 30 etc and for foreign currency vendors an extra total line prints showing the vendor totals converted to domestic currency using the exchange rate specified for the currency Final report totals are printed in domestic currency The report may be filtered to show only invoices for a selected currency or for a selected vendor The selected As of date is used for the age calculation but is not used in the data selection You could print a report as of the previous period end if it took a few days after the period to finish entering invoices so long as no invoices or payments were entered for the new period AP History This report shows invoices and checks for each vendor for the selected period The report may be filtered to show only transactions for a selected currency or vendor Lists These list screens have a print option and can be filtered and sorted in different sequences Vendors AP Invoices AP Checks To print a cash requirement report prior to printing checks a list of checks that will be printed with the total amount of money required you can use the filter button then menu File Print
52. escending or invoice no copy an invoice all data except invoice no date and period which default as per a new invoice display the customer for a selected invoice display payments for a selected invoice refresh the data displayed to show changes entered by other users etc print the list print a selected invoice print all unprinted invoices export to Excel or comma delimited text post printed invoices see notes following Tip To phone the customer or send e mail via your e mail program or display payments for an invoice or display the customer select the invoice then right click to display a pop up menu You can also print or reprint a selected invoice from the pop up menu or from the main menu but to print all unprinted invoices in one step you must use the main menu AR invoices are entered printed then posted Prior to posting they may be edited or deleted To undo an invoice after posting you must reverse it enter it again with the opposite amount You can then remove the invoice and credit if desired by entering a dummy AR payment for zero amount Posting updates customer balances and creates general ledger journal vouchers to update the GL account totals and GL history To post invoices use menu Records Post or choose the Post option when closing the invoices screen Posting the JVs is a separate job because in a multi user environment it is possible for this to conflict with other GL jobs such as printing fina
53. ess the down arrow The menu has options to filter the list by specifying selection criteria such as currency sort the list by customer no or name display invoices for a selected customer display payments for a selected customer refresh the data displayed to show changes entered by other users etc print the list print standard 1 x 2 5 8 mailing labels Avery 5160 labels or equivalent Tip To display invoices or payments for a customer phone or send e mail via your e mail program select the customer then right click to display a pop up menu Customer no Customers can be accessed by number or name Customer no is useful if you have multiple customers with the same name such as branches of the same company or a large number of customers When setting up a new customer the program assigns a default customer number which you can then change if desired At any time you can change the customer number and any history invoices payments etc will automatically still be linked to the customer Suspended Check here to prevent further invoices from being entered for this customer Name Customer s name Address Customer s billing address Phone Main phone number Additional phone numbers can be specified on the Contacts tab You can phone the customer by clicking the phone button or by right clicking on the customers invoices or payments screens Fax Main fax number Additional fax numbers can be specified on the Co
54. ftware LLC Page 60 Sales History The Sales History screen displays sales transactions from AR Invoices in a list showing period date invoice no customer item quantity unit price extended amount and extended amount converted to domestic currency based on the exchange rate when the invoice was posted The menu has options to filter the list by specifying selection criteria such as customer item type item fiscal year period and invoice no display the source transaction invoice for a selected history record refresh the data displayed to show changes entered by other users etc export to Excel or comma delimited text print the list with totals Initially the filter defaults to select only data for the current fiscal year as defined on Your Company Tip To display the source transaction invoice for a history record double click on it or select the record and press Enter or right click to display a pop up menu LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 61 Sales Reports The sales reports show data from AR Invoices sorted filtered grouped and summarized in various ways Foreign currency amounts are converted to domestic currency based on the exchange rate when the invoice was posted This is the same rate used when invoice data is posted to the GL revenue account s Revenue expense associated with fluctuations in exchange rates is tracked separately in
55. g Hand written checks should have the check number entered Presence of a check number indicates that the check has already been printed or hand written To print checks use menu File Print Checks Then select the bank and the program will display how many checks will be printed check number blank not yet printed Choose OK or Cancel If you choose OK the program will ask for the check number of the 1st check Enter this and press OK The program will then print the checks with the appropriate check number on each check LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 17 LiteSPEED Basic uses the check forms which are widely available for example from NEB s www nebs com Check Form No DLT115 Tip To print a cash requirement report prior to printing checks a list of checks that will be printed with the total amount of money required you can use the filter button then menu File Print To reconcile checks i e denote that they have appeared on a bank statement use the Records menu or the pop up menu available via the right mouse button When doing this you should first sort the list by check no via menu View Also you may find it more convenient to view only outstanding not reconciled checks by toggling the option on menu View or using the shortcut Ctrl O Vendor A pop up screen displays if you type into the vendor number click or by the keyboard shortcut Ctrl Enter On t
56. ght 2008 LiteSPEED Software LLC Page 70 matching the characters entered Typing the vendor name in the 2 entry box sorts the list by name and selects the first vendor name matching the characters entered On the Vendor pop up screen you can select Vendor Type via the combobox at the right so that only vendors of the selected type show To deselect a vendor type and show all types press Delete If this is a new vendor click the 3 dots button to display the vendors screen so the vendor can be added Warehouse Select the warehouse that the items were received into If you need to add a new warehouse to the drop down list click the 3 dots button Tip You can enter a few characters of the warehouse name then use the down or up arrow keys if required Items Quantities and Costs Enter the quantity and unit cost for each item Unit cost is entered in the vendor s currency The program will convert this to domestic currency if required when updating the inventory history and calculating the new item cost Non refundable taxes such as PST should be pro rated and included in the unit cost Whereas refundable taxes where you get a credit from the government such as GST and VAT should be excluded Tip You can display a pop up menu with options for New line and Delete line by right clicking on the grid Item numbers or descriptions are not entered directly on the receipt screen but instead selected on a pop up screen whic
57. h displays if you type into the item number or description column or by clicking on the 3 dots button in the column double clicking in the column or by the keyboard shortcut Ctrl Enter On the Item pop up screen you can select the item by typing the item number in the 1 entry box or by typing the description in the 2 box or by selecting the item with the mouse or up down arrow keys Click on the selected item or press Enter when the selected item is highlighted Or Esc to leave a previously entered item unchanged Typing the item number in the 1 entry box sorts the list by number and selects the first item number matching the characters entered Typing the item description in the 2 entry box sorts the list by description and selects the first item description matching the characters entered On the Item pop up screen you can select Item Type via the combobox at the right so that only items of the selected type show To deselect an item type and show all types press Delete LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 71 Adjustments The inventory adjustments screen displays adjustments in a list showing summary info including period adjustment date description and warehouse Adjustments are entered to record warehouse transfers physical count corrections and reduction of inventory due to spoilage breakage theft and samples etc To add a new adjustment click the New
58. h that check number Selecting customer and check no will search on both The menu has options to display outstanding not reconciled payments only filter the list by specifying selection criteria such as customer and currency sort the list by payment date descending or check no display the customer for a selected payment refresh the data displayed to show changes entered by other users etc print the list reconcile or un reconcile the selected payment see notes following post payments see notes following Tip To phone the customer or send e mail via your e mail program or display the customer select the payment then right click to display a pop up menu AR payments are entered then posted Prior to posting they may be edited or deleted To undo a payment after posting you must reverse it enter it again with the opposite amount Tip To select a previously paid invoice right click on the grid then uncheck Outstanding on the pop up menu Posting updates customer balances invoice balances and creates general ledger journal vouchers to update the GL account totals and GL history To post payments use menu Records Post or choose the Post option when closing the payments screen Posting the JVs is a separate job because in a multi user environment it is possible for this to conflict with other GL jobs such as printing financial statements This minimizes the chance of the AR posting job being unavailable JVs created b
59. he Vendor pop up screen you can select the vendor by typing the vendor number in the 1 entry box or by typing the name in the 2 box or by selecting the vendor with the mouse or up down arrow keys Click on the selected vendor or press Enter when the selected vendor is highlighted Or Esc to leave a previously entered vendor unchanged Typing the vendor number in the 1st entry box sorts the list by number and selects the first vendor number matching the characters entered Typing the vendor name in the 2 entry box sorts the list by name and selects the first vendor name matching the characters entered On the Vendor pop up screen you can select Vendor Type via the combobox at the right so that only vendors of the selected type show To deselect a vendor type and show all types press Delete Check no If the check was hand written or typed then enter the check number Otherwise for computer printed checks leave the check number blank and the program will enter it when the checks are printed Presence of a check number indicates that the check has already been printed or hand written Bank The bank account defaults to the 1 bank whose currency matches the vendor This applies to auto created checks and manually entered checks Select the bank from the list if it should be changed If you need to add a new bank to the drop down list click the 3 dots button Tip You can enter a few characters of the bank name then use the down or up ar
60. he sample data Typically this JV is entered to last period with data from the trial balance report for last period Alternatively if you prefer the opening balances to show in the opening balance fields for this year then you would enter the JV to the last period of last year and then run the year end from the Your Company screen Note To do this you need to enter the Fiscal Year as last year on Your Company before entering any JVs LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 9 Accounts Payable LiteSPEED Basic Oo a View Help ICO ds vendo 5 Invoices Checks i Reports AR d 3 Invoices E gt EA checks Inventory gt Vendor Types Sales Analysis gt General gt 15 Reports Companies gt Exit The Accounts Payable system tracks vendor invoices and payments When setting up vendors you specify the currency thereby setting the currency for their invoices The Open Payables Report and AP Invoices Screen allow currency selection so you can see how much you owe in each currency You set up at least one bank account for each currency The Bank Book shows transactions and balances for each bank account For more info on multi currency operation see Multi currency Overview The program assigns the default due date for each invoice based on the vendors terms Intelligent payment management is facilitated by an option to AutoCreate checks for all
61. he selected period Lists The Sales History list screen has an option to print with totals and can be filtered by customer item type item fiscal year period and invoice no Other An ODBC driver is available for creation of custom reports via MS Access or Crystal Reports mail merge with MS Word and to import LiteSPEED Basic data to MS Excel etc There is also a free utility for importing and exporting data LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 62 Security The Security screen displays a list of users allowed access to the database You can assign a password to each user and specify which parts of the program they are allowed access to such as Customers AR Invoices etc To activate security add at least one user Users will then be required to enter a valid user name and password in order to access the database To deactivate security delete any previously added users To add a new user click the New button Or menu Records New To edit a user double click the user Or select the user and press Enter or click the Edit button Or menu Records Edit To delete a user select the user and click the Delete button Or menu Records Delete You can select a user with the mouse or by the keyboard via the Page Up Down and arrow keys User Name Enter the name of the user Example John Doe Password Enter the password optional for this user Each user can ha
62. if specified there If your fiscal year doesn t end in December or your fiscal periods are not calendar months you should set the default period regularly to help prevent data entry errors Note the year is entered as 2 digits and displayed as 4 Example 11 2001 entered as 11 01 Invoices to be paid Select each invoice to be paid and for each invoice enter the payment amount partial payments are allowed any discount for early payment and any write off amount This is most easily done via a pop up menu displayed by right clicking on the grid with the following options Pay no discount Pay take discount Pay take discount if eligible Write off entire amount owing Discount amount and eligibility is based on invoice amount and date and the customer terms at the time the invoice was entered To select previously fully paid invoices you need to deselect the Outstanding option via the pop up menu This would be necessary in order to undo by entering an opposite transaction a previously posted payment since you can t delete it Or if a customer makes a payment and there are no outstanding invoices you can apply the payment to a previously fully paid invoice Then in the future when there is an outstanding invoice you can move the payment to it by entering the payment amount to the new invoice and a negative payment to the overpaid invoice You can use the down arrow or PageDown to move to the next line or press Enter on the
63. in loss accounts Note The exchange gain loss accounts can be categorized as expense or revenue accounts either is suitable The exchange rates don t have to be updated daily they only need to be approximately accurate so maybe only updated monthly because the fluctuations in exchange rates are tracked through the gain loss accounts When entering AP checks or AR payments you specify the bank account The currency of the bank account must match the currency of the vendor or customer Ideally you should have a bank account for each currency you deal in So if a vendor bills you in xyz currency you pay him in xyz currency from the xyz currency bank account Alternatively if your bank accepts foreign currency deposits to your domestic currency account you can do this by setting up dummy foreign currency bank accounts and entering a JV to convert each deposit to domestic currency Example Domestic currency is Canadian dollars and we want to deposit a US 100 check Bank Bank name US deposits Currency US dollars exchange rate 1 3 Bank GL account Bank Canadian Invoice US 100 Revenue GL account CDN 130 CR AR US 100 DR gain loss CDN 30 DR Payment US 100 AR US 100 CR Bank CDN 100 to be adjusted by JV JV Description To record exchange on US deposit 30 00 Bank Canadian 30 00 Gain loss foreign exchange To record the purchase of foreign currency see example Foreign currency inventory purchases inventory receipts are co
64. information will be entered automatically For more info on multi currency operation see Multi currency Overview LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 54 AP Options Optional Entry Fields Purchase Order and Invoice Description Select whether these fields are to display on the AP invoice screen If you do not want to record these fields when entering new invoices you can uncheck them here to simplify the AP invoice screen AR Options Default GL Accounts Sales Cost of Goods Sold Inventory Select the GL accounts to be used as defaults when setting up new items If you need to add a new GL account to the drop down list click the 3 dots button When setting up items or services for sale you specify the GL accounts to be used for each item If you specify default accounts here this information will be entered automatically Notes Enter any notes you wish to record here Right click to toggle Word Wrap LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 55 Banks The Banks screen displays bank accounts in a list A bank here refers to a bank account so if you have multiple accounts at a bank you should set up a separate bank record for each account To add a new bank click the New button Or menu Records New To edit a bank double click the bank Or select the bank and press Enter or click the Edit button Or menu
65. invoice and click the Delete button Or menu Records Delete You can select an invoice with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the vendor no or select the vendor name from the drop down list and or enter the invoice no Selecting the vendor only will find the 1 invoice for that vendor Selecting the invoice only will find the 1 invoice with that invoice number Selecting vendor and invoice no will search on both The menu has options to display outstanding unpaid invoices only filter the list by specifying selection criteria such as vendor and currency sort the list by invoice date descending due date or invoice no copy an invoice all data except invoice no PO date and period which default as per a new invoice display the vendor for a selected invoice display checks for a selected invoice refresh the data displayed to show changes entered by other users etc print the list export to Excel or comma delimited text post invoices see notes following Tip To phone the vendor or send e mail via your e mail program or display checks for an invoice or display the vendor select the invoice then right click to display a pop up menu AP invoices are entered then posted Prior to posting they may be edited or deleted To undo an invoice after posting you must reverse it enter it again with the opposite amount You can then remove the invoice and cre
66. ment for last month shows there was a slight gain since the US and UK exchange rates changed from 1 47 and 2 34 to 1 5 and 2 2 to Canadian the currency of the sample data This gain being made up from all the amounts automatically logged to the gain loss accounts from foreign AP and AR invoices and the period end JVs Note If you run an income statement for the current period you ll see a large amount in gain loss since the sample data doesn t have the period end JVs for the current period To see proper data for foreign exchange gain loss you need to look at the income statement for last month or enter the JV for this period end LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 80 GST and VAT Taxes The sample data that comes with LiteSPEED Basic illustrates how to deal with GST or VAT There are 2 GL accounts 1195 GST Receivable an asset and 2040 GST Payable a liability You can of course use different account numbers and names for your data 1195 GST Receivable is used for AP vendor supplier invoices and is called receivable since you receive a credit from the government An AP invoice would typically have one or more expense GL accounts and the GST or VAT entered to 1195 GST Receivable On AP invoices you enter the tax separately it s not calculated automatically 2040 GST Payable is used for AR customer invoices and is called payable since you have to pay it to
67. menu has options to filter the list by specifying selection criteria such as account type or fiscal year sort the list by account no or name select which data to display Auto Balance or Net Change Balance or Net Change display the budget for a selected account display history transactions for a selected account refresh the data displayed to show changes entered by other users etc export to Excel or comma delimited text export to Excel or comma delimited text print the list with totals Tip To display the budget or history for an account select a record for the account then right click to display a pop up menu Or to display history you can double click on it or select it and press Enter LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 47 Examples of Journal Vouchers Conventions Debits are keyed as positive numbers and credits are keyed as negative numbers Expense accounts are normally debits Example 100 expense incurred Revenue accounts are normally credits Example 100 revenue earned Asset accounts are normally debits Example 100 money in bank Liability accounts are normally credits Example 100 money owed Initial Entry of Opening Balances This example shows a company starting LiteSPEED Basic Accounting midway through the year Description To record initial opening balances 2000 Salary Salary expense this year 3000 Sales Sales revenue this
68. n right click to display a pop up menu Or to display the source transaction you can double click on it or select it and press Enter LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 50 Financial Statements The Financial Statements are user definable reports You define the how the GL accounts should be summarized the text for each line and the columns to print You can create reports such as an Income Statement sometimes referred to as a Profit and Loss showing sales expenses and profit Or a Balance Sheet showing assets liabilities and equity see notes on retained earnings Financial statements can be run for selected subaccounts without having to set up separate statement formats For example an income statement for product group Frozen Pies and or division West etc Or select no subs to get a Summary consolidated report To set up a new statement automatically click on the AutoCreate button at the bottom left Select statement type either Income Statement or Balance Sheet This will create a statement with appropriate headings detail and totals for the selected type For an income statement there will be a detail line for every revenue and expense account For a balance sheet there will be a detail line for every asset liability and equity account Click OK to finish or you can make changes if desired For example you could change the title select a different format from
69. nce report show any foreign currency balances in the foreign currency and in domestic currency There is an extra line printed such as Vendor totals domestic for foreign currency vendors and customers and the report totals are in domestic currency Also these reports allow currency selection so you can see how much you owe or are owed in each currency The GL is in one currency referred to as domestic currency Data originating from the AR and AP revenue and expense accounts is automatically converted to domestic currency via the exchange rate on the currency table Foreign currency balances bank accounts each foreign currency AP account AR and any loans are stored in foreign currency but converted to domestic currency by an auto reversing JV at period end prior to printing financial statements See example This JV uses the latest exchange rate which you would get by phoning the bank and the foreign currency balances which you could get from the GL Trial Balance report or the GL Totals screen The net result is that the expense and revenue accounts are converted using a best guess the rate for the currency when the invoice is posted and the difference between that and the actual rate the day the payment goes through the bank goes to the exchange gain loss accounts one for each foreign currency Any increase or decrease in the value of the foreign assets and liabilities due to exchange rate fluctuations also goes to the exchange ga
70. ncial statements This minimizes the chance of the AR posting job being unavailable JVs created by the AR system cannot be modified or deleted even prior to posting in the GL Note Invoices must be printed prior to posting or have the printed checkbox manually checked such as for hand written invoices To print invoices use menu File Print Selected Invoice or menu File Print All Unprinted Invoices Or right click on an invoice and choose Print from the pop up menu To select the style future feature of the printed invoice a logo default number of copies and enter a company message to print on the invoices use menu File Invoice Print Setup The invoice prints your company name address phone number and tax number if desired as specified on Your Company You can add additional customer specific text to be printed on the invoice by entering it on the customer screen terms tab in the message LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 26 To view only outstanding unpaid invoices toggle the outstanding option on the View menu or use the shortcut Ctrl O Invoice no When entering a new invoice the program assigns a default invoice number which you can then change if desired Printed If this was a hand written invoice or you don t want to print it for some reason then check this checkbox to tell the program that this invoice has already been printed Otherwise lea
71. ntacts tab Contact Main contact s name Additional info and contacts can be specified on the Contacts tab E Mail Main e mail address E mail addresses for other contacts can be specified on the Contacts tab You can LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 23 send e mail via your e mail program to the customer by clicking the e mail button or by right clicking on the customers invoices or payments screens Web Page URL of customer s web page You can connect to this page via your web browser by clicking the adjacent browser button Ship to Name and Address Customer s delivery address if different Discount Discount offered for prompt payment This prints on the invoices as part of the terms and is used to calculate the discount amount offered This is used when entering payments where a pop up menu has various options to automatically enter the payment and discount info Alternatively you can key the actual discount taken if different Example 2 2 10 Net 30 Discount days Number of days from invoice date during which time discount is allowed This prints on the invoices as part of the terms This is used when entering payments where a pop up menu has various options to automatically enter the payment and discount info Example 10 2 10 Net 30 If invoice date is 5th May then discount is allowed until 15th May Net days This prints on the invoices as part
72. nting User Manual Copyright 2008 LiteSPEED Software LLC Page 6 Getting Started When LiteSPEED Basic is started for the first time a welcome screen displays Welcome to LiteSPEED Basic Lite SPEED Software LLC y LiteSPEED Basic Version 2008 4 Let s look at a sample company first Set up my own company O x Cena You can choose to look at a sample company first which is a quick way to explore LiteSPEED Basic This screen displays every time you start LiteSPEED Basic until you choose to set up your own company Note You can still select the sample data company or set up more companies from menu File Companies When you choose to set up your own company a New Company Wizard will assist you to enter the basic information required to use LiteSPEED Basic New Company Wizard Y Please enter your company information Company Name MyCompany Address Fiscal Year 2008 LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 7 New Company Wizard Your main bank accountis US Dollars New Company Wizard Sales tax you collect if applicable New Company Wizard Ey You have now entered all the basic information to begin using LiteSPEED Basic A sample chart of accounts will now be added You can add modify or delete GL accounts to suit the needs of your company You can also add more
73. nverted to domestic currency when updating inventory costs The sales analysis reports and sales history screen show foreign currency sales converted to domestic currency using the exchange rates when the invoices were posted The sample data illustrates multi currency operation It shows a Canadian company called Sample Data which has Canadian and US vendors suppliers and Canadian US and UK customers LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 79 The sample data is created with recent dates an opening balance JV to 2 months ago a full month s data to last month including period end JVs and some invoices to this month Note For data to show on the GL reports and history the JVs need to be posted The opening balance JV has the foreign currencies bank and AR not AP which is assumed to be paid out from the prior system entered in the foreign currency ie 100 pounds or dollars 100 and the amounts required to convert these to domestic currency entered to the exchange gain loss accounts debit Then the period end auto reversing JV converts the foreign amounts to domestic and books the difference to exchange gain loss credit In the 1 period opening balance transferred from previous system the net effect is zero for exchange gain loss and the foreign currency balances are converted to domestic currency for the financial statements But in the 2 period the income state
74. o prevent accidentally entering data to the wrong period you can specify your company preferences e Default period This is automatically entered for new transactions e Warn if before after range The system warns if period is outside this range e Error if before after range The system doesn t allow a period outside this range Year end processing is done via the Your Company Year End button This carries forward GL balances for asset liability and equity accounts and creates an opening balance for the retained earnings account based on the retained earnings closing balance plus the net of the revenue and expense accounts This allows financial statements to be run for the new year After this you have an option to close the current year Leaving the current year open allows more transactions to be entered for the old year You can then re run the year end when you are sure there will be no more transactions Closing the year ensures that no transactions are accidentally entered to the old year LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 78 Multi currency Overview LiteSPEED Basic tracks AP and AR in multiple currencies the currency of the invoices being based on the currency of the vendor or customer When you set up a vendor or customer you specify their currency then all invoices or payments for him her are in that currency The AP Open Payables report and AR Aged Trial Bala
75. od If this is an inventory item type select the costing method to be used Weighted Average Cost or Standard Cost This is used for the Cost of Goods Sold and Inventory GL entries on JVs created when posting AR invoices Also it is used for reports showing inventory value Example 1 Manufactured items Standard Cost Example 2 Items purchased for resale Weighted Average Cost LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 76 Warehouses The Warehouses screen displays warehouses in a list Warehouses are locations where inventory items are stored To add a new warehouse click the New button Or menu Records New To edit a warehouse double click the warehouse Or select the warehouse and press Enter or click the Edit button Or menu Records Edit To delete a warehouse select the warehouse and click the Delete button Or menu Records Delete You can select a warehouse with the mouse or by the keyboard via the Page Up Down and arrow keys The menu has options to e refresh the data displayed to show changes entered by other users etc e print the list Name Enter the name of the warehouse Example Our Warehouse LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 77 Period End and Year End No period end processing is required The system will allow transactions to any period in the current fiscal year or beyond However t
76. of above entry 30 expense This will convert the balance in a foreign receivables GL account using today s exchange rate of 1 3 in this example the balance of the AR GL account was 100 The financial statements show the total asset by combining the balances of the exchange on foreign receivables and foreign receivables accounts Description To convert US receivables to Canadian for reporting purposes 30 Exchange on Foreign AR Balance of AR GL account X exchange rate 1 30 Gain Loss Foreign Exchange Opposite side of above entry 30 expense Accounts Payable Invoice automatically created by AP system This example shows a Canadian company purchasing office supplies for 100 US dollars Description AP Invoice 12489 for Acme Supplies 1001 130 Office Supplies Expense account is increased 100 Accounts Payable Liability account is increased credit 30 Gain Loss Foreign Exchange Balancing entry expense account decreased credit Accounts Payable Check automatically created by AP system This example shows a Canadian company issuing a check for 100 US dollars Description AP Check 25825 for Fast Courier 1002 100 US Bank Bank asset account is decreased credit 100 Accounts Payable AP liability account is decreased debit Accounts Receivable Invoice automatically created by AR system This example shows a Canadian company selling goods for 100 US dollars Description AR Invoice 10005 for ABC Wholesale 1002 1
77. ontacts Use the New Edit and Delete buttons to add modify and delete contacts for this customer Right click on a contact to make a phone call or send e mail via your e mail program Notes Enter any notes you wish to record here Right click to toggle Word Wrap LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 25 AR Invoices The AR Invoices screen displays invoices in a list showing summary info including invoice date age in days customer invoice number amount and balance owing To add a new invoice click the New button Or menu Records New To edit an invoice double click the invoice Or select the invoice and press Enter or click the Edit button Or menu Records Edit To delete an invoice select the invoice and click the Delete button Or menu Records Delete You can select an invoice with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the customer no or select the customer name from the drop down list and or enter the invoice no Selecting the customer only will find the 1 invoice for that customer Selecting the invoice only will find the 1 invoice with that invoice number Selecting customer and invoice no will search on both The menu has options to display outstanding unpaid invoices only filter the list by specifying selection criteria such as customer and currency sort the list by invoice date d
78. onverted to domestic currency using the exchange rate specified for the currency Final report totals are printed in domestic currency The report may be filtered to show only invoices for a selected currency or for a selected customer or customers owing more than a selected minimum amount or who have outstanding invoices older than a specified minimum days old Note If a customer meets the selection criteria then all their outstanding invoices show so you can see the full picture for that customer The selected As of date is used for the age calculation but is not used in the data selection You could print a report as of the previous period end if it took a few days after the period to finish entering invoices so long as no invoices or payments were entered for the new period AR History This report shows invoices and payments for each customer for the selected period The report may be filtered to show only transactions for a selected currency or customer AR Statements These are documents you can print and mail to your customers or fax via print to fax if you have fax software installed showing any outstanding not fully paid invoices You can filter to print only statements for customers of a selected currency or for a selected customer or customers owing more than a selected minimum amount or who have outstanding invoices older than a specified minimum days old Note If a customer meets the selection criteria then all their ou
79. ount Default discount When entering new invoices this displays as the initial discount The discount amount on an invoice is calculated using the discount rather than keyed directly Example 2 Discount days Default number of days from invoice date to discount date When entering invoices the system uses this to calculate the default discount date which you can then change if required When paying invoices the check date is compared to the discount date to determine whether the discount can be taken Example 10 If invoice date is 5th May then default discount date is 15th May Net days This is the vendor s requested terms and is used for informational purposes only Example 30 Net 30 days Default number of days to due date Default number of days from invoice date to due date When entering invoices the system uses this to calculate the default due date which you can then change if required When paying invoices the optional AutoCreate New Checks feature uses due date to determine which invoices to pay Example 25 If invoice date is 5th May then default due date is 30th May Currency Select the currency of this vendor s invoices If you need to add a new currency to the drop down list click the 3 dots button On new vendors this defaults to the default currency on Your Company Vendor Type Select the Vendor Type for this vendor if desired or press Delete to remove a previous selection If you need to add a new type
80. ount to the drop down list click the 3 dots button LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 35 General Ledger LiteSPEED Basic ak Y View Help AP q J Accounts a Ej Accounts JVs Budget is Reports Inventory gt FI Jys Sales Analysis gt dE FE Budget General Totals Companies gt History Exit is Reports The General Ledger system tracks budget and actual financial data in order to produce financial statements such as an Income Statement and Balance Sheet the Trial Balance Report General Ledger Report GL Totals Screen GL History Screen and the Bank Book Data is passed to the GL system from the AP and AR automatically via Journal Vouchers with expenses and revenues converted from foreign currency to domestic currency You can trade globally in multiple currencies while your books remain in domestic currency For more info on multi currency operation see Multi currency Overview Data is keyed directly to the GL system via Journal Vouchers to record initial entry of opening balances bank charges and interest depreciation corrections and adjustments to previous GL transactions purchase of foreign currency foreign currency AP AR and bank balances conversion to domestic currency inventory accrual for goods received but not yet invoiced etc See Inventory See Examples of Journal Vouchers Year end closing entries are generate
81. ptional subaccounts if used or by clicking on the 3 dots button in the columns double clicking in the columns or by the keyboard shortcut Ctrl Enter On the GL Account or Subaccount pop up screen you can select the account by typing the account number in the 1 entry box or by typing the name in the 2 box or by selecting the account with the mouse or up down arrow keys Click on the selected account or press Enter when the selected account is highlighted Or Esc to leave a previously entered account unchanged Typing the account number in the 1 entry box sorts the list by account number and selects the first account number matching the characters entered Typing the account name in the 2 entry box sorts the list by account name and selects the first account name matching the characters entered On the GL Account main pop up screen you can select account type revenue or expense etc via the combobox at the right so that only accounts of the selected type show To deselect an account type and show all types press Delete On the Subaccount pop up screen there is a checkbox to allow deselecting a subaccount since subaccounts are optional Checked subaccount used Unchecked no subaccount This is automatically checked when a subaccount is selected To clear a previously selected subaccount uncheck the checkbox and press Enter LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page
82. r a selected item and warehouse refresh the data displayed to show changes entered by other users etc print the list Tip To display the history for an item warehouse select a record then right click to display a pop up menu or double click on it or press Enter LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 74 Inventory History The Inventory History screen displays transactions posted to the Inventory in a list showing period date item transaction type receipt adjustment or sale quantity unit cost if receipt in domestic currency warehouse and transaction description PO and receipt no if receipt adjustment description if adjustment or invoice no if sale This data is also printed on the perpetual inventory reports You can select a record with the mouse or by the keyboard via the Page Up Down and arrow keys The menu has options to e filter the list by specifying selection criteria such as item warehouse transaction type adjustment sale etc fiscal year and period display the source transaction receipt adjustment or invoice for a selected history record refresh the data displayed to show changes entered by other users etc print the list export to Excel or comma delimited text Tip To display the source transaction for a history record select the record then right click to display a pop up menu or double click on it or press Enter LiteSPEED
83. rd via the Page Up Down and arrow keys Or click the Find button then enter the account no or select the account name from the drop down list Tip You can enter the 1 letters of the account name then press the down arrow The menu has options to filter the list by specifying selection criteria such as type asset liability etc sort the list by account no or name display totals for a selected account display history transactions for a selected account refresh the data displayed to show changes entered by other users etc print the list Tip To display totals or history for an account select the account then right click to display a pop up menu Account no Accounts can be accessed by number or name The financial statements print summarized data based on user defined ranges of account numbers Therefore it is convenient though not essential for account numbers to be assigned in ranges Example 5110 Auto Supplies 5111 Office Supplies 5112 Courier 5113 Telephone etc Note You can change the account number and the history will automatically still be linked to the account but you will have to adjust the account ranges on the financial statements Suspended Check here to prevent further transactions from being entered for this account Name The account name Example Charitable Donations Type Account Type Asset Liability Revenue Expense or Equity On the equity account that is used for prior years retained
84. re comprised of the main account and 3 optional subaccounts which can be used for branch division department project product group or whatever These don t have to be built into the main GL account number So for data entry when selecting the main account responsibility you don t have to scroll past all the various subaccounts Nor do you have to set up every combination of main and subs that will occur And financial statements can be run for selected subaccounts without having to set up separate statement formats For example an income statement profit and loss for product group Frozen Pies and or division West etc Or select no subs to get a Summary consolidated report GL account numbers and names displayed on reports and non entry screens are comprised of the main account and subaccounts separated by hyphens For example 1200 10 95 1 Inventory Department Ten Frozen Pies West A subaccount can apply to any GL account not just one So for example a business that sells musical instruments could have a subaccount for instrument type drums guitars keyboards Revenues and expenses could then be tracked by instrument type and this would facilitate financial statements by type drums only guitars only or summarized all instrument types using the same financial statement and selecting instrument type when they select the report So they could see the profitability of the drums side of the business or guitars etc The same co
85. ress Enter when the selected item is highlighted Or Esc to leave a previously entered item unchanged Typing the item number in the 1 entry box sorts the list by number and selects the first item number matching the characters entered Typing the item description in the 2 entry box sorts the list by description and selects the first item description matching the characters entered On the Item pop up screen you can select Item Type via the combobox at the right so that only items of the selected type show To deselect an item type and show all types press Delete LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 73 Inventory Totals The Inventory Totals screen displays current quantity on hand for each item in each warehouse This data is also printed on the inventory value reports and perpetual inventory reports You can select a record with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the item no or select the item description from the drop down list Tip You can enter the 1 letters of the item description then press the down arrow This selects the 1 record for that item so if there is more than one you will also need to use the mouse or arrow keys The menu has options to filter the list by specifying selection criteria such as item or warehouse sort the list by item no or description display history transactions fo
86. retained for sales analysis reporting Sales taxes are calculated automatically and are very flexible to facilitate VAT GST PST HST State Local etc in various countries Invoices can be computer printed or hand written Invoices print on plain paper to facilitate faxing and to avoid the expense of pre printed forms The open item method is used to apply payments against specific invoices Adjustments discounts and write offs can be entered when entering the payment info An integrated phone dialer is available by right clicking on customers invoices or payments Data is passed to the GL system automatically via Journal Vouchers with revenues converted from foreign currency to domestic currency You can trade globally in multiple currencies while your books remain in domestic currency GL accounts for AR discounts and gain loss on foreign exchange are retrieved from the currencies table LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 21 AR Reports Aged Trial Balance This report shows outstanding not fully paid invoices for each customer The age number of days since the invoice date of each invoice is printed and based on the age the amount owing is printed in an age column current over 30 over 60 etc The report prints customer totals for amount owing current over 30 etc and for foreign currency customers an extra total line prints showing the customer totals c
87. row keys if required Check Amount The check amount is calculated by the program rather than keyed based on the invoice payment amounts Check Date The check date defaults to today s date Tip You can use the or keys to increase or decrease the date or click the 3 dots button to select the date from a calendar Period This is the fiscal period and year of the check not the period to which the expense should be applied which is based on the invoice This defaults to the current calendar month or the default period on Your Company if specified there If your fiscal year doesn t end in December or your fiscal periods are not calendar months you should set the default period regularly to help prevent data entry errors Note The year is entered as 2 digits and displayed as 4 Example 11 2001 entered as 11 01 Void Check the void checkbox if recording a void check such as when a check form is messed up by the printer and you want to record in the system that the form with this check number was used legitimately LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 18 Then if you find you have any missing check numbers this may indicate that check forms have been stolen If there are so many invoices for a check that multiple stubs are required then the program will print VOID on the unused check forms If you are recording these void checks you enter them as new checks
88. ry on hand If this needs to be adjusted manually you can uncheck the read only checkbox You specify on the Item Type which costing method weighted average or standard should be used for JVs created automatically and used as the costing method on inventory reports Standard Cost The standard cost is not updated automatically so whatever is entered here remains constant until changed by the user Standard cost would typically be used for manufactured items and reset annually so as to have a constant cost over the year unaffected by fluctuations in raw material costs etc For non manufactured items this field could be used for budget or replacement cost to facilitate an inventory value report at such You specify on the Item Type which costing method weighted average or standard should be used for JVs created automatically and used as the costing method on inventory reports GL Accounts Sales Cost of Goods Sold Inventory Select the GL accounts main account and optional subaccounts for this item to be used on the JVs created when posting AR invoices These default to the GL Accounts specified on Your Company The optional subaccounts allow you to segregate revenue and expenses for example by product group so that you could track profitability by running financial statements for selected product groups If you need to add a new GL account or subaccount to the drop down list click the 3 dots button Notes Enter any notes you wi
89. se Misc Income and Expense Expense Gain Loss Foreign Exchange Expense Income Tax Current Year Expense Bad Debts Expense Purchase Discounts Expense LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 46 GL Totals The GL Totals screen displays summary account history records in a list showing GL account fiscal year and amounts for opening balance and each period You can choose which data to display for each period The default is Auto Balance or Net Change which is Balance for balance sheet accounts assets liabilities and equity and Net Change for income statement accounts revenues and expenses Accounts which do not have any data are also included in the list unless a specific year is selected Net Change is displayed as blank if there have been no transactions in the period Balance is displayed as blank if the period balance is zero and there have been no transactions in the period This data is also printed on the Trial Balance Report and is used for the Financial Statements You can select a record with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the account no or select the account name from the drop down list Tip You can enter the 1 letters of the account name then press the down arrow This selects the 1 record for that GL account so if there is more than one you will also need to use the mouse or arrow keys The
90. sed and whether items in the Item Type are inventory items Item Types may be used to group items for sales analysis Example Widgets Brackets Sundry Labor etc This facilitates printing sales analysis reports sorted and or summarized by item type Item Types are also used to facilitate selecting items when entering AR Invoices Unit Price The default selling price for this item or labor rate if the item is a service You can override this when entering invoices Note If selling to a foreign customer in a different currency the default price is automatically converted to the customer s currency Tax Codes Each customer can have two sales tax totals showing on their invoice such as state and local or federal LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 68 and provincial Each tax total corresponds to a tax code Example S for state tax P for provincial tax Tax is automatically applied on an invoice when an item tax code matches a tax code for a tax defined for the customer The tax codes print on invoice detail lines to show which taxes were applied Items can have up to 3 tax codes Example 1 T for tax if there is just one tax total on the invoice Example 2 SL for state tax and local tax Example 3 PGH for provincial tax federal GST and harmonized HST Weighted Average Cost The weighted average cost is updated automatically based on the value of items received and invento
91. sh to record here LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 69 Receipts The inventory receipts screen displays receipts in a list showing summary info including period receipt date receipt no purchase order no vendor and warehouse For info on how purchasing and receipts of inventory relate to inventory and general ledger please see Inventory Overview To add a new receipt click the New button Or menu Records New To edit a receipt double click the receipt Or select the receipt and press Enter or click the Edit button Or menu Records Edit To delete a receipt select the receipt and click the Delete button Or menu Records Delete You can select a receipt with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the receipt no The menu has options to e filter the list by specifying selection criteria such as warehouse refresh the data displayed to show changes entered by other users etc print the list post receipts see notes following Inventory receipts are entered then posted Prior to posting they may be edited or deleted To undo a receipt after posting you must reverse it enter it again with the opposite amount Posting updates inventory totals history and item costs To post receipts use menu Records Post or choose the Post option when closing the receipts screen Receipt no The receip
92. st vendor name matching the characters entered On the Vendor pop up screen you can select Vendor Type via the combobox at the right so that only LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 14 vendors of the selected type show To deselect a vendor type and show all types press Delete If this is a new vendor click the 3 dots button to display the vendors screen so the vendor can be added Invoice no Enter the invoice number from the vendor s invoice Purchase Order no Enter the purchase order number from the vendor s invoice if desired Tip If your company s policy is not to enter purchase order numbers you can prevent this field from displaying via an option on Your Company Description Enter a description for this purchase if desired This defaults to the vendor default invoice description Tip If your company s policy is not to enter invoice descriptions you can prevent this field from displaying via an option on Your Company Amount Enter the invoice amount from the vendor s invoice which will be in the currency defined for this vendor Paid This is the amount paid so far and is read only Payments are entered via AP Checks Owing This is the amount owing and is read only It is the original invoice amount minus any payments and discount taken Invoice Date Enter the invoice date from the vendor s invoice or today s date depending on your company s polic
93. t number is used to identify this transaction When entering a new receipt the program assigns a default receipt number which you can then change if desired Receipt Date The receipt date defaults to today s date Tip You can use the or keys to increase or decrease the date or click the 3 dots button to select the date from a calendar Period This is the fiscal period and year of the receipt This defaults to the current calendar month or the default period on Your Company if specified there If your fiscal year doesn t end in December or your fiscal periods are not calendar months you should set the default period regularly to help prevent data entry errors Note The year is entered as 2 digits and displayed as 4 Example 11 2001 entered as 11 01 Purchase Order no Enter your purchase order number if desired Vendor A pop up screen displays if you type into the vendor number click or by the keyboard shortcut Ctrl Enter On the Vendor pop up screen you can select the vendor by typing the vendor number in the 1 entry box or by typing the name in the 2 box or by selecting the vendor with the mouse or up down arrow keys Click on the selected vendor or press Enter when the selected vendor is highlighted Or Esc to leave a previously entered vendor unchanged Typing the vendor number in the 1 entry box sorts the list by number and selects the first vendor number LiteSPEED Basic Accounting User Manual Copyri
94. ta entry errors Note The year is entered as 2 digits and displayed as 4 Example 11 2001 entered as 11 01 Warehouse Select the warehouse where the item quantities are to be adjusted If you need to add a new warehouse to the drop down list click the 3 dots button Tip You can enter a few characters of the warehouse name then use the down or up arrow keys if required Description Enter a description for the adjustment This will show on the inventory history and the Perpetual Inventory reports Example Samples Items and Quantities Enter the adjustment quantity for each item A positive quantity will increase the item quantity on hand and a negative quantity will decrease it Tip You can display a pop up menu with options for New line and Delete line by right clicking on the grid LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 72 Item numbers or descriptions are not entered directly on the adjustment screen but instead selected on a pop up screen which displays if you type into the item number or description column or by clicking on the 3 dots button in the column double clicking in the column or by the keyboard shortcut Ctrl Enter On the Item pop up screen you can select the item by typing the item number in the 1 entry box or by typing the description in the 2 box or by selecting the item with the mouse or up down arrow keys Click on the selected item or p
95. the account name from the drop down list Tip You can enter the 1 letters of the account name then press the down arrow This selects the 1 budget record for that GL account so if there is more than one you will also need to use the mouse or arrow keys The menu has options to filter the list by specifying selection criteria such as account type or fiscal year sort the list by account no or name display totals for a selected account display history transactions for a selected account refresh the data displayed to show changes entered by other users etc print the list Tip To display totals or history for an account select a record for the account then right click to display a pop up menu The budget may be entered by either keying the opening balance and net change for each period or by moving the slider controls Changing a slider position updates the corresponding amount and vice versa The sliders are normally moved with the mouse but can also be adjusted via the arrow keys for fine tuning The scale is initially set to 10 000 max but is adjusted based on the amounts entered if you go back to edit an account As expense and asset accounts are normally debits entered as positive amounts the slider controls start at zero and increase as you move them to the right To enter a credit for an expense or asset account you must key the amount rather than use the slider As revenue liability and equity accounts are normall
96. the government On AR invoices sales taxes are calculated automatically and posted to the appropriate GL accounts To determine how much GST or VAT you must pay to the government you use either the GL Trial Balance Report or the GL Totals screen main menu File GL GL Totals It would be the net of the 2 above accounts You would create an AP invoice to pay the government and use the GST VAT GL accounts which would then clear the balance in them for the selected period To see the detail for the GST VAT accounts you use the GL History screen main menu File GL GL History for the selected account amp period You can print this via menu File Print There is an Invoice Register Report which shows taxes charged to customers with totals This is at menu File Sales Analysis Reports LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Keyboard and Mouse Shortcuts To Increase a date Decrease a date Display a pop up calendar Calendar next day previous day Calendar next week previous week Calendar next month previous month Display GL Account or Item Search Display Find dialog Advance to a grid items on an invoice etc Advance to a new row on agrid Insert or delete a line on grid AR Payments enter payment amount etc Display a drop down list Remove an entry from a drop down list Undo text Page 81 Press Ctrl Enter or Double click right arrow left arrow down
97. the sales tax accounts you can use the GL History screen main menu File GL GL History for the selected account and period You can print this via menu File Print Name Tax Name is used when choosing the applicable taxes for a customer Examples PST Ontario SomeState SomeLocality VAT Tip If the Tax Name contains the word Quebec example PST Quebec then the tax rate doesn t print on the AR invoice This is because GST is PST taxable in Quebec and allows for the effective rate to be entered but not printed Example if PST is 7 5 and GST is 7 you can enter the PST rate as 8 025 based on 7 5 of 100 7 If you want to print PST 7 5 you can enter that as the Tax Description Rate Tax rate percentage Example 7 5 Code Tax Code prints on the invoice detail lines to show which taxes were applied Examples T for tax if there is just one tax total on the invoice S for state tax P for provincial tax G for federal GST LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 34 When setting up items you specify which tax codes apply If an item has two applicable taxes then both tax codes print beside that item Description Tax Description prints on the invoice footer beside the tax amount Examples State Sales Tax Local Sales Tax PST GST VAT or just Tax if there is only one tax GL Account Select the GL account for this tax If you need to add a new GL acc
98. ting company databases on a network server please see notes above After you have created one or more company databases then each time you launch the program it starts in the last company worked on You can then select a different company from the menu if desired Additionally you can set up Windows program shortcuts to go to specific companies To do this set the command line on the program shortcut to include the database path Use quotes if the path includes spaces Example 1 C LSBasic LSBasic exe C LSBasic Data2 Example 2 C LSBasic LSBasic exe C LSBasic Data 2 Example 3 C Program Files LSBasic LSBasic exe C LSBasic Data2 Example 4 C LSBasic LSBasic exe MyServer LSBasic Data Example 5 C Program Files LSBasic LSBasic exe MyServer LSBasic Data How to import data from a previous version Data entered to a previous version must be imported so as to be compatible with the new version Create a new company database not Sample Data from the Welcome screen or from menu File Companies New Company Then import your old data via menu File General Import Once you are happy the new version is working properly you can uninstall the old version Note the LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 5 uninstall program won t delete any files changed since the install so you will need to delete the old program folder and database s LiteSPEED Basic Accou
99. to the drop down list click the adjacent button Vendor Types are used to group vendors Example Inventory Shipping Admin etc This facilitates selecting vendors using the vendor search and printing reports sorted and or summarized by vendor type Default Description Default invoice description When entering new invoices this displays as the initial invoice description If you do not want to record invoice descriptions you can suppress this field via Your Company preferences Tax no Business no Some jurisdictions require that you store the vendor s tax number or business number such as GST Registration no in Canada This is used for informational purposes only Contacts Use the New Edit and Delete buttons to add modify and delete contacts for this vendor Right click on a contact to make a phone call or send e mail via your e mail program Notes Enter any notes you wish to record here Right click to toggle Word Wrap LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 13 AP Invoices The AP Invoices screen displays invoices in a list showing basic invoice info including invoice date vendor invoice number amount balance owing and due date To add a new invoice click the New button Or menu Records New To edit an invoice double click the invoice Or select the invoice and press Enter or click the Edit button Or menu Records Edit To delete an invoice select the
100. tstanding invoices show The selected As of date prints on the statements and is used for the age calculation if minimum days old is selected but it is not used in the data selection You could print a report as of the previous period end if it took a few days after the period to finish entering invoices so long as no invoices or payments were entered for the new period Note Unless a specific customer is selected only customers with Print Stmt checked on the customer Terms tab are included Lists These list screens have a print option and can be filtered and sorted in different sequences Customers AR Invoices AR Payments Salesmen Customer Types Items Taxes LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 22 Customers The Customers screen displays customers in a list showing basic contact info and amount owed To add a new customer click the New button Or menu Records New To edit a customer double click the customer Or select the customer and press Enter or click the Edit button Or menu Records Edit To delete a customer select the customer and click the Delete button Or menu Records Delete You can select a customer with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the customer no or select the customer name from the drop down list Tip You can enter the 1 letters of the customer name then pr
101. type for the selected period Perpetual Summary by Item This report shows opening balance quantity on hand transaction type totals receipts adjustments sales and closing balance for each item for the selected period Perpetual Summary by Type ltem This report shows opening balance quantity on hand transaction type totals receipts adjustments sales and closing balance for each item grouped by item type for the selected period Lists These list screens have a print option and can be filtered and sorted in different sequences Items Receipts Adjustments Item Types LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 66 Warehouses Inventory Totals Inventory History LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 67 Items The Items screen displays items in a list showing item no description and default selling price Items can be goods or services for sale or sundry items such as freight duty deposit To add a new item click the New button Or menu Records New To edit an item double click the item Or select the item and press Enter or click the Edit button Or menu Records Edit To delete an item select the item and click the Delete button Or menu Records Delete You can select an item with the mouse or by the keyboard via the Page Up Down and arrow keys Or click the Find button then enter the it
102. type to provide additional levels of reporting Value by Item This report shows inventory quantity on hand unit cost and value summarized by item Value by Item Warehouse This report shows inventory quantity on hand unit cost and value for each item in each warehouse Value by Type This report shows inventory value summarized by item type Value by Type Item This report shows inventory quantity on hand unit cost and value grouped by item type then summarized by item Value by Type Item Warehouse This report shows inventory quantity on hand unit cost and value grouped by item type for each item in each warehouse Value by GL Account Item This report shows inventory quantity on hand unit cost and value grouped by Inventory GL Account then summarized by item Perpetual by Item This report shows opening balance quantity on hand transactions and resulting balance for each item for the selected period Perpetual by Item Warehouse This report shows opening balance quantity on hand transactions and resulting balance for each item in each warehouse for the selected period Perpetual by Type Item This report shows opening balance quantity on hand transactions and resulting balance for each item grouped by item type for the selected period Perpetual by Type Item Warehouse This report shows opening balance quantity on hand transactions and resulting balance for each item in each warehouse grouped by item
103. uld apply to department branch division project etc So instead of just main accounts 4000 Sales 5000 Cost of Goods Sold 5126 Advertising You could use a subaccount for instrument type 10 Drums 20 Guitars 30 Keyboards And therefore the following GL accounts would be possible 4000 10 Sales Drums 4000 20 Sales Guitars 4000 30 Sales Keyboards 5000 10 Cost of Goods Sold Drums 5000 20 Cost of Goods Sold Guitars 5000 30 Cost of Goods Sold Keyboards 5126 10 Advertising Drums 5126 20 Advertising Guitars 5126 30 Advertising Keyboards Where 4000 5000 and 5126 are main accounts and 10 20 and 30 are subaccounts Note Each subaccount only has to be defined once not for every account and can be used for any GL account On the GL Accounts screen toolbar there is a combobox to select Main or Subaccount1 2 or 3 You can use this to change the list to show subaccounts and the New Edit Delete buttons to apply to subaccounts rather than the main account To add a new account click the New button Or menu Records New To edit an account double click the account Or select the account and press Enter or click the Edit LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 39 button Or menu Records Edit To delete an account select the account and click the Delete button Or menu Records Delete You can select an account with the mouse or by the keyboa
104. uld either disable monitoring of the database folder s and Priv folder created in the program folder for temporary database files or disable monitoring of the database files extensions dat idx and blb Network Installation Note For client server operation please see DBISAMClientServer txt which you receive when you purchase a client server license First install the program on the client s Next create a new company database on the server via the Welcome screen or from menu File Companies New Company You can use the Browse button to select an existing empty directory folder in My Network Or you can type the path of a new or existing directory folder Example 1 MyServer LSBasic Data Example 2 My Server LSBasic Data On any other client s add the new company database to the list of companies via the Welcome screen or from menu File New Company Alternatively if the database previously existed on a client PC you can move it to the server Example C LSBasic Data to MyServer LSBasic Data Then add it to the list of companies via the option on the Welcome screen or from menu File Companies New Company Remember to set appropriate file sharing options Multi company Installation You can set up as many companies as you wish via menu File Companies New Company You can use the Browse button to select an existing empty directory folder or you can type the path of a new or existing directory folder If crea
105. ve a different password Tip It is recommended that you change the passwords regularly Allow access to Check the options this user is allowed access to LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 63 Inventory LiteSPEED Basic gaz ON View Help AP gt AR b GL gt Sales Analysis gt El Receipts General E Adjustments Companies Other gt Item Types Warehouses f 33 Items E Receipts Adjustments i Reports Exit Totals l History is Reports The Inventory system tracks inventory stock levels and costing Inventory is received via receipts and depleted via sales Warehouse transfers physical count corrections and reduction of inventory due to spoilage breakage theft and samples etc are entered via adjustments The GL inventory account s are updated by Journal Vouchers created automatically from AR invoices and AP Invoices and Journal Vouchers entered directly to the GL They aren t updated by inventory receipts or adjustments by changing a cost manually or by changing the item to a different item type that uses a different costing method or is non inventory At period end you should enter an accrual reversing JV for any inventory that has been received but you haven t yet received an AP invoice Debit Inventory and credit AP journal To facilitate the accrual and to ensure that you don t get billed twice etc by the vendor
106. ve it unchecked and the program will check it automatically after printing the invoice Customer A pop up screen displays if you type into the customer number click or by the keyboard shortcut Ctrl Enter On the Customer pop up screen you can select the customer by typing the customer number in the 1 entry box or by typing the name in the 2 box or by selecting the customer with the mouse or up down arrow keys Click on the selected customer or press Enter when the selected customer is highlighted Or Esc to leave a previously entered customer unchanged Typing the customer number in the 1 entry box sorts the list by number and selects the first customer number matching the characters entered Typing the customer name in the 2 entry box sorts the list by name and selects the first customer name matching the characters entered On the Customer pop up screen you can select Customer Type via the combobox at the right so that only customers of the selected type show To deselect a customer type and show all types press Delete If this is a new customer click the 3 dots button to display the customers screen so the customer can be added Invoice Date The invoice date defaults to today s date Tip You can use the or keys to increase or decrease the date or click the 3 dots button to select the date from a calendar Period This is the fiscal period and year of the invoice the period to which the revenue should be applied This
107. w all types press Delete On the Subaccount pop up screen there is a checkbox to allow deselecting a subaccount since subaccounts are optional Checked subaccount used Unchecked no subaccount This is automatically checked when a subaccount is selected To clear a previously selected subaccount uncheck the checkbox and press Enter LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 43 GL Account Types GL Accounts are segregated into the following types Revenue Accounts Sales Goods or services sold to your customers Expense Accounts Telephone Courier Office supplies etc Expenses incurred while doing business Asset Accounts Cash It includes coins currency checks and postal and bank money orders The balance shows both the cash on hand and that on deposit in the bank Accounts Receivable Goods and services are often sold to customers on the basis of a promise of future payment Accounts receivable are increased by sales on credit and are decreased by customer payments Since it is necessary to know the amount currently owed by each customer a separate record must be kept of each customer s purchases and payments As well the total of all those increases and decreases is kept in one account called Accounts Receivable Inventory Items purchased for resale Equipment Increases and decreases in such things as computers desks machinery etc are commonly recorded in
108. y The invoice date defaults to today s date The default due date will be based on the invoice date and the vendor s terms Tip You can use the or keys to increase or decrease the date or click the 3 dots button to select the date from a calendar Period This is the fiscal period and year of the invoice the period to which the expense should be applied This defaults to the current calendar month or the default period on Your Company if specified there If your fiscal year doesn t end in December or your fiscal periods are not calendar months you should set the default period regularly to help prevent data entry errors Note The year is entered as 2 digits and displayed as 4 Example 11 2001 entered as 11 01 Due Date This is the date when the invoice becomes eligible for payment if using the AutoCreate feature on the AP Checks However invoices can be paid anytime if the manual option is selected instead of AutoCreate The default due date is based on the invoice date and the vendor s terms default number of days to due date Tip You can use the or keys to increase or decrease the date or click the 3 dots button to select the date from a calendar Discount This defaults to the vendor s terms discount If this doesn t match the terms on the invoice either change it here or click the 3 dots button beside the vendor name to display the vendors screen so the new data can be entered Note If no discount is specifie
109. y bank account is low so you transfer funds from your domestic currency account This example shows a Canadian company purchasing 200 US dollars for 280 Canadian Description To record the purchase of US funds 280 Canadian Bank Canadian Bank GL account is decreased 200 US Bank US Bank GL account is increased 80 Gain Loss Foreign Exchange Balancing entry expense account Foreign Currency AP AR and Bank Balances Conversion to Domestic Currency Done each month end before printing statements via automatically reversing JVs This example shows a Canadian company converting a 200 US bank balance to 260 Canadian LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 48 exchange rate is 1 3 Description To convert US bank balance to Canadian for reporting purposes 60 US Bank Balance of Bank GL account X exchange rate 1 60 Gain Loss Foreign Exchange Opposite side of above entry 60 expense This will convert the balance in a foreign payables GL account using today s exchange rate of 1 3 in this example the balance of the AP GL account was 100 The financial statements show the total liability by combining the balances of the exchange on foreign payables and foreign payables accounts Description To convert US payables to Canadian for reporting purposes 30 Exchange on Foreign Payables Balance of AP GL account X exchange rate 1 30 Gain Loss Foreign Exchange Opposite side
110. y credits entered as negative amounts the slider controls start at zero and decrease as you move them to the right To enter a debit for a revenue liability or equity account you must key the amount rather than use the slider LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 45 Sample Chart of Accounts Account no 1006 1112 1113 1200 1721 1821 2032 Name Type Bank Asset Accounts Receivable Asset Exchange on Foreign Receivables Asset Inventory Asset Equipment Asset Accumulated Depreciation Equipment Liability Accounts Payable Liability Exchange on Foreign Payables Liability Sales Tax Payable Liability Income Tax Payable Liability Proprietor s Capital or Retained Earnings Equity Proprietor s Withdrawals or Salary Expense Sales Revenue Cash Discounts Revenue Cost of Goods Sold Expense Auto Supplies Expense Office Supplies Expense Courier Expense Telephone Expense Postage Expense Banking Charges Expense Meals and Entertainment Expense Traveling Expense Professional Fees Expense Business Taxes and Licenses Expense Charitable Donations Expense Courses and Training Expense Dues and Memberships Expense Magazines and Books Expense Promo and Gifts Expense Rent on Building Expense Business Use of Home Expense Electricity Expense Insurance Expense Water Expense Property Taxes Expense Depreciation Equipment Expense Gain Loss Disposal of Assets Expen
111. y the AR system cannot be modified or deleted even prior to posting in the GL To reconcile payments i e denote that they have appeared on a bank statement use the Records menu or the pop up menu available via the right mouse button You may find it more convenient to view only outstanding not reconciled payments by toggling the option on menu View or using the shortcut Ctrl O Payments are entered for invoices that have been previously entered to the system When entering a payment you enter the check info and then select which invoice s it pays Customer A pop up screen displays if you type into the customer number click or by the keyboard shortcut Ctrl Enter On the Customer pop up screen you can select the customer by typing the customer number in the 1 entry box or by typing the name in the 2 box or by selecting the customer with the mouse or up down arrow keys Click on the selected customer or press Enter when the selected customer is highlighted Or Esc to leave a previously entered customer unchanged Typing the customer number in the 1 entry box sorts the list by number and selects the first customer LiteSPEED Basic Accounting User Manual Copyright 2008 LiteSPEED Software LLC Page 29 number matching the characters entered Typing the customer name in the 2 entry box sorts the list by name and selects the first customer name matching the characters entered On the Customer pop up screen you can sele
112. yed to show changes entered by other users etc e print the list When setting up vendors and customers you specify the currency thereby setting the currency for their invoices You can set up a default currency for Your Company so that this information is entered automatically Data from AP and AR invoices is passed to the GL system automatically with expenses and revenues converted from foreign currency to domestic currency You can trade globally in multiple currencies while your books remain in domestic currency For more info on multi currency operation see Multi currency Overview Name Enter the name of the currency Example Canadian Exchange Rate Leave exchange rate blank if this is your domestic currency This is the factor by which to multiply a foreign currency to convert it to your domestic currency Revenue expense discounts and write offs are converted to domestic currency when posting to the GL The difference goes to the gain loss on foreign exchange GL Account The exchange rate should be updated periodically to the current exchange rate so as to keep the conversion as accurate as possible Example 1 4 Converts US dollars to Canadian if you are a Canadian company if US 1 00 CDN 1 40 Example 0 72 Converts Canadian dollars to US if you are a US company if CDN 1 00 US 0 72 GL Accounts Accounts Payable AP Discounts Accounts Receivable AR Discounts AR Write offs default and Gain Loss on Foreign Exchang

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