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.)