As the regulations evolve and working with our CPA consultants we have updated our definitions and method of calculation to reflect GAAP (Generally Accepted Accounting Principles) best practices. Below is a changelog of what has taken place:
Changelog:
8/21/23
- 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 Revenue is now Net Sales and includes not only Delivery Fees but also BLAZEPay Fees and Payment Fees, depending on your tax settings and payment provider, they may or may not be included in your tax calculations
01/01/22
- 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.
- Extended cost has been renamed Cost of Goods Sold. These calculations are now exact for the 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.
- 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.