All vouchers are now tracked in the "Accrual" accounting model. This ensures vouchers are only calculated once within your reports, meaning:
- Voucher Sales are now excluded from all "Sales" Reports under "Analytics"
- Voucher Sales are included in all "Payment" Reports
- "Payment" Reports exclude Voucher Redemptions.
If I sell a $100 voucher today and the client pays in cash, it will show the $100 cash payment in my "Payment Summary" report. When the client redeems the voucher at a later date, the redemption will not show on the "Payment Summary".
TIP: You'll notice Voucher sales are tracked separately within the "Finances Summary" report.
Once a voucher is sold, it is considered a "Liability". It is only tracked as revenue once the voucher is redeemed or expired.
We've added a new Taxes Summary report to make your end of month, quarter and year much easier.
As a result, it is important to understand the following definitions which will also appear in other reports:
- Gross Sales = Total Value of Sales exclusive of any taxes, discount and refunds
- Net Sales = Total Value of Sales exclusive of taxes but inclusive of discounts and refunds
- Total Sales = Total Value of Sales inclusive of taxes, discounts and refunds
Gross Sales = $100 Service [- $10 discount + 10% Tax]. Gross Value = $100 (no discount, no taxes, no refunds)
Net Sales = $100 Service - $10 discount [+ 10% Tax]. Net Value = $90 (discount and refund applied, no taxes)
Total Sales = $100 Service - $10 discount + 10% Tax. Total Sales = ($99 ) or (£90 UK) (discount, taxes and refunds applied (if appliable))
- US are exclusive taxes, UK are inclusive taxes
To start making the most out of all of these reports, make sure you Check Out
each and every appointment after it's completed: How To Raise An Invoice