Description: Review the Activity Summary Equations and Gross vs. Net sales as part of the End of Day review process below.
You can print an Activity Summary when you want a final balance of the cash drawers for the day, or you want to know the financial information for the current shift at any point throughout the day. This option can be accessed either from the End of Day process or a regular total check via the Activity Manager screen.
Print the Activity Summary from the Manager > Activity screen. Pressing the Print button without selecting any drawer will print the Store Activity Summary report but for all active drawers.
You are still able to reprint the Activity Summary for a previously closed drawer. All information will be the same on this new print except for the Cash Count totals and over/under amount.
Activity Summary Equations
The totals and amounts that are listed within the Activity Summary are created using the equations listed below. These equations are standardized throughout the system and can be referenced to better explain how the reports are generated as well as provide additional information to benefit any reporting troubleshooting to ensure accurate amounts are given to you at the end of each day.
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Business Trends Headcount =Total guest count Gross Sales By Revenue Class All items are linked to a revenue class. This report breaks down Gross Sales by revenue class; users have the ability to add as many revenue classes as they want. Some examples as liquor, prepared food, unprepared food, retail, and non-sales revenue. Gross Sales By Order Type All orders are required to have an order type. This report breaks down Gross Sales by order type; users have the ability to add as many order types as they want. Some examples are Dine In, Bar, Take Out, Delivery, and Pick Up. Net Sales By Revenue Class This report breaks down Net Sales by Revenue Class. The difference between Gross Sales and Net Sales is that Net Sales exclude discounts. Net Sales By Order Type This report breaks down Net Sales by Order Type. The difference between Gross Sales and Net Sales is that Net Sales exclude discounts. Tax Summary Break down of total accumulated taxes; depending on the setup, there could be more than one. Supplemental Fee / Cash Discount Summary This report breaks down the total of supplemental fees/cash discounts applied. Discount Summary This report breaks down the total of discounts applied. Net Void Summary This report breaks down the total of voids applied by reason. Cash Drawer Summary Cash Expected = (Starting Cash + Cash In + Cash Received) - (Cash Out - Safe Drops - Non-Cash Change - Cash Refunded - Tips - Cash Short) Starting Cash: The dollar amount of the starting cash. This total will add to the cash expected. Cash In: Total dollar amount of cash additionally added. This total will add to the cash expected. Cash Out: Total dollar amount of cash taken out of the drawer. This total will subtract from cash expected. Cash Received: Total dollar amount of cash received. This total will add to the cash expected. Non-Cash Change: Total dollar amount of cash change made for non-cash tender type. This is mainly used for custom tender types based on the “Allow Change” setting. This total will subtract from cash expected. Cash Refunded: Total dollar amount of refunded cash payments. This total will subtract from cash expected. Tips: Total amount of credit card tips to be paid to the Employees based on tips left by customers. This total is subtracted from cash expected. Safe Drops: Total dollar amount of cash deposited to safe. This total will subtract from cash expected. Payment Summary Tender: List of each payment accepted during the reporting time period, the quantity of the payments received for each tender type listed, and the total dollar amount received for each tender type listed (i.e., Cash, Credit, Debit, Gift Card, etc.). Total: Quantity of all payments received during the reporting time period and the total dollar amount of all payments received during the reporting time period. Tips Summary Displays total credit tips earned by employees. Gross Sales By Department This report breaks down Gross Sales by Department; users have the ability to add as many order types as they want. Some examples are Appetizers, Beer, Beverages, Breakfast, Drinks, Food, etc. Net Sales By Department This report breaks down Net Sales by Department; users have the ability to add as many order types as they want. Some examples are Beverages, Breakfast, Food, Drinks, etc. Liabilities This report breaks down Gift Card sales. Labor Cost This report breaks down Net Sales and Labor Cost for Employees. |
Gross vs Net Sales
Over the years, various POS systems and cash registers have used countless formulas for calculating Gross Sales and Net Sales. The most common misconception is that Gross Sales include sales tax. If you are operating with that definition of Gross Sales, then your understanding of SkyTab reports will not match what’s displayed on those reports.
Explanation
SkyTab uses the standard formula as accepted by Generally Accepted Accounting Principles (GAAP) standards, which are those used by all CPAs and Accountants (refer to this link for a detailed description and explanation). In short, many POS dealers and merchants may be used to other POS systems or cash registers, where Gross is considered to be Net+Tax, and that’s not the accepted definition. Tax is for the government. It’s not retained by you and has nothing to do with revenues or profit and loss, therefore should not be considered a part of Net or Gross.
On SkyTab, in accordance with accepted accounting definitions:
Gross = The total amount of all items added to tickets and paid before taxes and before discounts.
Net = The total amount of all items added to tickets and paid before taxes and after discounts.
So, for example, you sold one hamburger for $10.00 with no discounts. The Financial Overview report would be:
● GROSS: $10.00
● NET: $10.00
● DISCOUNTS: $0.00
Notice in the above example, Gross and Net are the same $10.00 because we had no discounts.
Let's say, for this example, you sold one hamburger for $10.00, but there was a $1.00 discount on that burger. The Financial Overview report would be:
● GROSS: $10.00
● NET: $9.00
● DISCOUNTS: $1.00
where NET of $9.00 reflects the $1.00 discount off the $10.00 burger GROSS.
If you ever wonder, “how can Gross and Net can be the same on this report for yesterday” look at the discounts, and you will almost certainly see that it’s $0.00.
What are Sales?
Sales are sales, right? While on the surface, the short answer is Sales are sales, but the long answer is there are Gross Sales and Net Sales. So what’s the difference and why does it matter?
- Gross sales are the ring at the register before discounts, not including sales tax. Sales tax is what the government gives us to collect their money and penalize us if we borrow it and pay it late. The Sales Tax collected is not a sale.
- Net sales are the ring at the register after discounts have been removed, not including Sales Tax.
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