Working with our CPA consultants we have updated some of our definitions and method of calculation to reflect GAAP (Generally Accepted Accounting Principles) best practices.
- Retail Value is now labeled as Gross Revenue.
- Gross Revenue = multiplying retail value of product sold without discounts, taxes, or fees by quantity sold.
- Item Price now represents retail or sale price at the time of sale
- Unit Cost now represents the Unit Cost of an item. The Cost of Goods Sold represents the Unit Cost of the item multiplied by Quantity Sold. These calculations are now exact for cost of goods sold down to the batch and unit level.
Total Discount removed and Pre-Tax Discounts added.
- Pre-Tax Discount is defined as Product Discounts + Cart Discounts
There is still an After-Tax Discount. There is no longer a Total Discount but you can still obtain this by summing up Pre-Tax Discount and After-Tax Discount.
Subtotal and Final Subtotal Removed and Replaced:
- Subtotal has been replaced with Gross Revenue
Final Subtotal = Net Revenue - Delivery Fees
- Net Sales is now Net Revenue:
Net Revenue = Gross Revenue - Pre-Tax Discounts + Delivery Fees (split per weighted price)
Gross Receipts is now Total Due:
Total Due = Net Revenue + Total Tax (Post Taxes Only) - After Tax Discount + Payment Fees (ACH, CC, BLAZEPay, etc) + Adjustments + Rounding.
- Net Margin = Net Revenue - Cost of Goods Sold
- Total Batch Tax = All Excise Taxes + All City/County/State/Federal taxes
- CashlessAtm Received and Cash Received are now relabeled as CashlessAtm Tendered and Cash Tendered.
- Ghost Customer: a customer that has registered at a shop but has never made a purchase.
If you have further questions, please reach out to us at email@example.com !