Retail | Insights Accounting Glossary

Glossary of Accounting Terms

BLAZE is simplifying its accounting terminology for all New Exports and reporting within Insights starting 1/1/2024. This will propagate across all New Exports and Insights. Legacy reports in Data Exports will not be changed and will deprecate 12/31/2023 EOD. Please review the terminology with your accounting professional and reach out if there are any questions!

  • Retail Value of Sales (currently Gross Revenue) = Retail Price * Units Sold
  • <Total Pre Taxes> = Pre AL Excise Tax + Pre NAL Excise Tax + Pre City Tax + Pre County Tax + Pre State Tax + Pre Federal Tax
  • <Total Post Taxes> = Post AL Excise Tax + Post NAL Excise Tax + Post City Tax + Post County Tax + Post State Tax + Post Federal Tax
  • Gross Sales = Retail Value of Sales - <Total Pre Taxes>
  • <Pre Tax Discounts> = Product Discount + Cart Discount
  • <Payment Fees> = ACH Fee + Cashless ATM Fee + BlazePay Fee + Credit/Debit Card Fee + Spence Fee + Stronghold Fee
  • Net Sales (currently Net Revenue) = Gross Sales + Delivery Fees + <Payment Fees> - <Pre Tax Discounts>
  • <After Tax Discounts> (Includes Loyalty)
  • Total Due (No longer Gross Receipts) = Net Sales + <Total Pre Taxes> + <Total Post Taxes> - <After Tax Discounts> + Rounding + Adjustments
  • Gross Margin = Net Sales - Cost of Goods Sold
  • Gross Margin % = Gross Margin / Net Sales

Example:

Scenario Retail Price $50 per unit, Pre AL Excise Tax of $5 per unit included in Retail Price, 10 Sold
     
Retail Value of Sales   $500.00
Gross Sales   $450.00
     
Delivery Fees In Net Sales $50.00
Payment Fees    
(ACH, Blazepay, CC/DC, Cashless ATM, Stronghold, Spence) In Net Sales $25.00
Pre Tax Discounts (Product & Cart Discount) In Net Sales -$100.00
     
Net Sales   $425.00
     
PRE TAX (Excise(AL/NAL)/City/ County/State/Fed) In Gross Receipts and Retail Value of Sales $50.00
POST TAX (Excise(AL/NAL)/City/ County/State/Fed) In Gross Receipts $50.00
POST TAX DISCOUNTS In Gross Receipts -$25.00
Rounding In Gross Receipts $10.00
Adjustments In Gross Receipts $10.00
     
Total Due   $520.00
     
     
Cost of Goods Sold   $200.00
Gross Margin   $225.00
     
Gross Margin %   52.94%

 

Changelog:
  • No taxes, pre or post are included in Gross Sales or Net Sales
  • Gross Revenue has been replaced with two fields: Retail Value of Sales denoting what the customer sees including pre-taxes, and Gross Sales, denoting the actual sale of the product without any taxes or fees included
  • Net Sales now includes Delivery Fees and Payment Fees, depending on your tax settings, they may be taxed

Notes:

  • Tips are tracked separately from the above and also do not flow into the cash drawer - this includes both petty cash tips and all types of digital tips (BLAZEPay Tips, etc.)

If you have further questions, please reach out to us at support@blaze.me !