By integrating Plannit and LCM Global, companies benefit from simplified, more accurate and centralized management of their financial transactions, which not only saves time, but also improves compliance, control and financial analysis.
Step 1: Configuring LCM Global in Plannit
Open Plannit and go to the Accounting section of your settings.
Select LCM Global accounting system
So that each item in your invoices and payments can be entered in the correct accounts in your accounting system, please complete the next two steps:
Define the default values to be used for items in your Products & Services catalog. This is generally useful if you haven't set up, or have forgotten to set up, values for each item in your catalog:
Identify the two General Ledger account numbers from your accounting system that will be affected by the creation of an invoice.
🔹 Debit being your account receivable from your Plannit customers
(ex.: #001300 - Plannit customer account)
🔹 Credit being your default income account
(ex.: #004000 - Other income)
ii. For payments entered in Plannit to be transferred to your accounting system, first activate the option and fill in the two General Ledger account numbers from your accounting system that will be assigned when an invoice is paid.
🔹 Debit being your bank account
(ex.: #001001 - RBC)🔹 Credit being your account receivable
(ex.: #001300 - Plannit Accounts Receivable)
Click on Save
OPTIONAL: Activate Generate transactions only when invoices are paid.
Step 2: Configure your taxes for LCM Global
In your Plannit settings, click on the Invoices tab.
For each tax, identify the two General Ledger account numbers from your accounting system that will be affected by the creation of an invoice:
🔹 Debit being your account receivable from your Plannit customers
(ex.: #001300 - Account receivable Plannit)🔹 Credit your sales tax payable account.
(ex.: #003371 - GST collected payable)(ex.: #003381 - QST collected payable)
Example for GST:
Example for QST:
Click Save to save the change.
Step 3: Link GL accounts for sales of products and services
In Plannit, access to the list of Products and services section of your settings.
Identify the two General Ledger account numbers from your accounting system that will be affected by the creation of an invoice.
🔹 Debit being your account receivable from your Plannit customers
(ex.: #001300 - Plannit Customer Account)🔹 Credit being your income account
(ex.: #004000 - Income)* In the event that an invoice item is not assigned to an income account number in the Products and Services section of your settings, the default values from your accounting settings will apply.
For each item in your catalog, you must enter the Debit and Credit numbers in the LCM Global section.
Click on Save once the numbers have been entered.
Important note
It's important to remember to do this every time you add a new product to the catalog to ensure that the transactions are transferred correctly. First, the item must be added in LCM Global, then added in Plannit with the corresponding GL account numbers.
Attention
Deleting products: Rather than deleting a product, which could generate errors if transactions are still linked to it, it is preferable to mark the product as inactive or add a note indicating that it should no longer be used.
Step 4: Record customer reference number for each contact in Plannit.
In the Contacts tab, make sure that the Customer reference number appears in the LCM Global Integration section of each customer file...
