Financial Reports FIN001 and FIN002 - fields explained
The following is an explanation of some of the fields and calculations used in FIN001 and FIN002FIN001 Business Overview
- Stock Holding at Cost: This is the total cost of all stock regarded as 'in stock' in Swim as at the end date of the report. This will be the same figure as SAL007 Stock turn summary report and all Stock reports (eg STR001 stock inventory and STR002 stock listing where the same dates and all paramaters are used)
- Stock Holding at Retail: This is the total retail price of all stock regarded as 'in stock' in Swim as at the end date of the report. This will be the same figure as SAL007 Stock turn summary report and all Stock reports (eg STR001 stock inventory and STR002 stock listing where the same dates and all paramaters are used)
- Sales: This is the listing of items sold total sales which is calculated in the same way as the Sales reports (eg SAL001, SAL007). This is not a cash total. It is based on the 'sales' as described in the following article https://support.onswim.com/knowledgebase/243/Difference-between-Shop-Takings-Sales-and-Tax-Reports.html
- Cost of Sales: This is the actual cost of the items sold during the specified date. So for example, if one item was sold and it's cost was $100, then the cost of sales would be $100. The date the item was entered is irrelevant to the cost of sales in this figure. Please note this is not the difference between this cost of sale and a 'stock purchases or cost of goods sold accounting figure. Stock purchases/Cost of Goods Sold. The cost of sales on FIN001 is showing the actual (real) cost of items sold. The cost of sales on this report is the same as the cost of sales on the sales reports (eg SAL001, SAL007)
- Profit: This is the actual sales minus the actual cost.
FIN002 Sales and Expenses Report
- Sales: This is the listing of items sold total sales which is calculated in the same way as the Sales reports (eg SAL001, SAL007). This is not a cash total. It is based on the 'sales' as described in the following article https://support.onswim.com/knowledgebase/243/Difference-between-Shop-Takings-Sales-and-Tax-Reports.html
- Opening Stock: This is the total cost of all stock regarded as 'in stock' in Swim as at the opening date of the report (i.e the first of the month). This will be the same figure as SAL007 Stock turn summary report and all Stock reports (eg STR001 stock inventory and STR002 stock listing where the end date is the last date of the month before. For example, if you are looking at the opening stock for 1 April, the stock report figure will be the 31 March)
- Stock Purchases: This is the total of the invoices entered into the stock purchase account. This figure will be the same as the expense report EXP009 Expense summary by account for the same date period. Note this is different to the cost of sales in FIN001. For accounting Profit and Loss reports generally the cost of goods sold is used, which is the opening stock at cost value, plus stock purchases for the date period less the closing stock at cost value.
- Closing Stock: This is the total cost of all stock regarded as 'in stock' in Swim as at the end date of the report. This will be the same figure as SAL007 Stock turn summary report and all Stock reports (eg STR001 stock inventory and STR002 stock listing where the same dates and all paramaters are used)
- Expenses: These are all the invoices entered in the date period, grouped by account. The invoices for the stock account will not show in this area, they will show under stock purchases.