What’s Included

Below is each capability now available on Lumi Business.

1. Chart of Accounts

The Chart of Accounts (CoA) is the financial skeleton of the Accounting Module. It is a structured list of every account category the business uses to classify money — Assets, Liabilities, Equity, Revenue, and Expenses.

Why this matters  Lumi automatically seeds a full set of default accounts when the accounting module is first enabled, so businesses are not starting from a blank slate. Accounts can be customised, renamed, or added by the business owner or their accountant to match the way their books are structured.

Default accounts created automatically

• Sales Revenue, Sales Returns, Sales Discounts

• Cost of Goods Sold, Inventory (Asset), Inventory Shrinkage

• Accounts Receivable, Accounts Payable

• Default Cash & Bank Account, Card Account, Cash Account

• Customer Wallet Account (Liability), Customer Loyalty & Gift Account (Liability)

• VAT Output (Sales), Owner’s Capital, Owner’s Drawing, Retained Earnings

• Opening Balance Account (Equity) — used for entering opening balances at setup

What you can do

• View all accounts with account code, name, type, sub-type, bank name, and active status

• Filter by account type (Assets, Liabilities, Equity, Revenue, Expenses)

• Search by account name, number, code, or bank name

• Add new custom accounts with account type, name, and optional notes

• Update any account’s name or notes

• Export the full Chart of Accounts

• View an individual account detail page with full transaction history and running balance

2. Account Settings

Account Settings is where the business maps each type of financial event to the correct account in the Chart of Accounts. This is the configuration layer that ensures every automated journal posts to the right place.

Why this matters  Lumi handles the debit/credit logic internally — merchants never need to decide which side of a journal to post. Account Settings simply asks: “when a sale happens, which account should the revenue go to?” The rest is automatic.

Configurable mappings

Settings are grouped across five tabs: Sales, Expenses, Inventory, Taxes, and Equity. Examples of configurable mappings include:

3. Ledger Account Selection at Checkout

Cashiers can now select a specific ledger account at the point of checkout when the payment method is Card or Transfer. This ensures that each payment posts directly to the correct bank account in the books — particularly useful for merchants with more than one bank account or multiple stores.

Why this matters  Previously, all payments posted to a single default account regardless of how or where they were received. With this update, each card or transfer payment can be directed to the exact account it was settled into, keeping the General Ledger accurate without any manual journal correction.

At Check out.

How it works

1. Go to Store Settings and enable ledger account selection for the store.

2. At checkout, select Card or Transfer as the payment method.

3. An Accounting dropdown will appear. Select the relevant bank account from the list.

4. Only bank-type Chart of Account entries will appear in the dropdown.

5. Complete the transaction as normal. The payment will post to the selected account in the General Ledger.

Note Ledger account selection is only available for Card and Transfer payment methods. Cash payments continue to post to the default cash account configured in Account Settings.

4. Journal Entries

Every financial event in Lumi now generates a Journal Entry (JE) — a balanced, double-entry record of the transaction. The system posts these automatically; no manual bookkeeping is needed for standard POS activity.

Why this matters  The journal is the foundation of accurate financial reporting. Because Lumi posts entries automatically and in real time, reports are always up to date. Manual entry is only required for corrections, accruals, and opening balances — advanced use cases that are gated to higher subscription tiers.

How automated journal entries work

A single card sale of ₦10,750 generates two automated entries:

Journal entry management

• Filter by status: All Entries, Posted, Draft, Review, Voided, Cancelled

• Filter by store and date range

• Click any reference (e.g. JE0011) to view the full entry detail

• Export journal entries

• Entries posted by the system are marked ‘SYSTEM’ under Initiated By

5. General Ledger

The General Ledger (GL) provides a complete transaction history for any account in the Chart of Accounts, with opening balance, total debit, total credit, and a running balance shown for each account over a selected period.

Why this matters  The GL is the master record an accountant uses to verify the accuracy of the books. Rather than hunting through transaction logs, they can select any account and immediately see every movement, the source journal entry, and the running balance.

What you can do

• Select any account from the Chart of Accounts

• Filter by date range (e.g. 1st May to 31st May 2026)

• Filter by store (all stores or a specific location)

• View opening balance, total debit, total credit, and current running balance in the summary header

• See each transaction with: Trx Ref, Journal Ref, Description, Opening Amount, Debit Amount, Credit Amount, Running Balance, Trx Date, and Store

• Click the Journal Ref (e.g. JE0002) to navigate directly to the source journal entry

6. Accounting Reports

Four standard financial reports are now available directly in Lumi, all generated automatically from the data the system posts in real time. No manual data export or re-entry is needed.

Trial Balance

A summary of every account’s debit and credit total as at a specific date. The Trial Balance confirms that the accounting system is in balance — total debits must equal total credits.

• Select any ‘As at Date’ and click Generate Report

• Accounts are grouped by category: Assets, Equity, Expenses, Liabilities, Revenue

• Total row at the bottom confirms the balanced state (shown in purple when balanced)

Profit or Loss (P&L)

Shows net sales, cost of goods sold, gross profit, operating expenses, and net profit or loss over a selected period. The P&L is the primary tool for understanding whether the business is making or losing money.

Balance Sheet

A snapshot of the business’ financial position at a point in time. Shows total assets, total liabilities, and owner’s equity, confirming that Assets = Liabilities + Equity.

Cash Flow Statement

Tracks the movement of cash into and out of the business, broken down by operating, investing, and financing activities. Useful for understanding actual liquidity, separate from reported profit.

Ageing Reports (Payables & Receivables) (Coming During Pilot)

Ageing Reports are currently being set up and will be made available to pilot partners during the pilot period. Once live, they will show outstanding customer credit balances (Accounts Receivable) and amounts owed to suppliers (Accounts Payable), aged by overdue period.