Overview - Daily Summary
A concise report that provides a snapshot of fnancial transactions and activities that occured within a single day. It serves as a crucial tool for monitoring and managing the financial health of a business on a day-to-day basis
Components of Daily Summary
| Fields | Description |
|---|---|
| Date | The date of the summary which is usually the end of the business day |
| Stock @ Cost | This is the total value of inventory on hand at its purchase |
| Stock @ Selling | This represents the total value of on hand at its selling prices which include any markup or profit margin applied to the cost price. |
| Total Stock Received | This includes the total quantity and value of inventory received during the day. It is important for tracking inventory inflows. |
| Gross Sale Amount | This is the total revenue generated from sales before deductions. It includes the selling prices of all goods sold during the day. |
| Discount Amount | If any discounts were offered to customers during the day, this figure reflects the total amount of those discounts. |
| Net Sale Amount | This is the actual revenue earned by the busines after substracting discounts and retruns. It represents the money that the business actually received. |
| Amount Receivable | Any outstanding invoices or accounts receivables that were collected during the day |
| Tax amount | Details of any tax payments or tax-related transactions made during the day such as sales tax |
| Cost Price | The cost price of all goods sold during the day. It helps in calculating the cost of goods sold(COGS), which is essential for profit determination |
| Profit | It provides a measure of the day's profitability. It is calculated by substracting the cost price from the net sale amount |
How to RUN Daily Summary
- Navigate to the Daily Summary page
- Select the Date from - Date to if the daily summary has not been ran in a while
- Click Run
- Wait for daily summary to complete
- Refresh page
How to REVERSE Daily Summary
- Navigate to the Daily Summary page
- Select the Date from - Date to (period you want to reverse)
- Click Reverse
- Wait for reversal to complete
- Refresh page