Revenue versus sales

The sales reports and revenue reports are not designed to equal and may rarely equal.

The revenue report is the shop's accounting report and the sales tax report is the detail of the sales tax that appears on the Revenue report. The sales tax report is what should be used to pay sales tax.

The Revenue report is designed to balance like a debit/credit GL accounting entry, assuming the WinPOS GL account numbers and Revenue Report setup has not been customized by you or your accountant.

Background

In the system we offer three REVENUE / TAX trigger methods, i.e. when will sales and taxes be realized. The results of the monies collected, revenue realized, cost and sales tax revenue plus sales tax is seen on the system's Revenue Report. This is strictly an accounting report, designed to balance with the monies collected to what is accounted against.

Most shops in USA use "Ticket Zero" ( an accrual approach ). Payments that do not pay the balance of a Sale, are seen as positive Partial Payment amounts (considered a liability) and when the item balance + tax is paid the Revenue & tax are realized and the Partial payments are released from that account with a negative payment total.

2nd most popular is the CASH trigger, meaning as soon as the SALE is created, all revenue and taxes appear on the revenue report and the balance owed becomes a Receivable, also on the rev. report. The Rev. Report will balance.

Revenue triggers may be changed with some side effects.

This topic explains the accounting trigger postings to the Revenue Report in quite some detail

https://bblsystems.github.io/ProfitSystemHelp/Reports/Financial%20reports/Revenue%20Report/WinPOS%20Revenue%20Report%20Posting/

The Revenue Report contains the Tax information but we also have a more detail tax report

https://bblsystems.github.io/ProfitSystemHelp/Reports/Financial%20reports/Taxes%20Report/

We also can perform Inventory value depreciation calculations. Inventory value is seen on inventory reports but there is flexibility on how the value is calculated

https://bblsystems.github.io/ProfitSystemHelp/Inventory/Cost%20Factors/

Finally we have Cost reports, for cost of goods sold when the goods revenue is realized

https://bblsystems.github.io/ProfitSystemHelp/FAQ/Sales%2C%20Tickets%20and%20%20Payments/How%20is%20cost%20and%20value%20computed/

https://bblsystems.github.io/ProfitSystemHelp/Reports/Daily%20Management%20Reports/Costs%20by%20Inv.%20Category/

Hope this info helps. Let us know if you have further questions.