Glossary of Accounting Terms
Please review the terminology with your accounting professional and reach out if there are any questions!
- Retail Value of Sales = 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 = Gross Sales + Delivery Fees + <Payment Fees> - <Pre Tax Discounts>
- <After Tax Discounts> (Includes Loyalty)
- Total Due = 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:
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Scenario |
Retail Price $50 per unit, Pre AL Excise Tax of $5 per unit included in Retail Price, 10 Sold |
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Retail Value of Sales |
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$500.00 |
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Gross Sales |
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$450.00 |
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Delivery Fees |
In Net Sales |
$50.00 |
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Payment Fees |
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(ACH, Blazepay, CC/DC, Cashless ATM, Stronghold, Spence) |
In Net Sales |
$25.00 |
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Pre Tax Discounts (Product & Cart Discount) |
In Net Sales |
-$100.00 |
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Net Sales |
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$425.00 |
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PRE TAX (Excise(AL/NAL)/City/ County/State/Fed) |
In Total Due and Retail Value of Sales |
$50.00 |
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POST TAX (Excise(AL/NAL)/City/ County/State/Fed) |
In Total Due |
$50.00 |
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POST TAX DISCOUNTS |
In Total Due |
-$25.00 |
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Rounding |
In Total Due |
$10.00 |
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Adjustments |
In Total Due |
$10.00 |
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Total Due |
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$520.00 |
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Cost of Goods Sold |
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$200.00 |
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Gross Margin |
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$225.00 |
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Gross Margin % |
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52.94% |
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.)