coreSTORE - Getting Started: Profit Calculation Settings Overview
Click on Company
Click on Settings
Click on Profit Calculation
Calculate Gift Card Profit When
Do Nothing: this means that no profit calculation is performed in relation to the gift card, either at the time of sale or redemption. This setting effectively excludes gift card transactions from profit calculations.
Redeeming Gift Card: this means that the profit from a gift card sale will be calculated at the time the gift card is redeemed, rather than when it is initially sold. This approach accounts for the actual value of the goods or services purchased with the gift card.
Selling Gift Card: this means that the profit from the sale of a gift card is calculated at the time the gift card is initially sold. This approach records the profit based on the amount received for the gift card sale, regardless of when or how the gift card is later redeemed.
Remove Commission From Profit In Reports
This setting means that any commission paid to employees or sales representatives will be deducted from the profit figures in your reports. This provides a more accurate representation of the net profit by accounting for the cost of commissions paid out.
Remove Points Redemption From Profit
This means the value of points redeemed by customers is subtracted from the total revenue or profit calculations. This adjustment ensures that the financial impact of points redeemed on sales or profit margins is accurately reflected in reports or financial statements. Essentially, it separates out the cost or value of points redeemed from the overall profit calculations, providing a clearer picture of net profit after accounting for customer redemptions.
Click on Settings
Click on Profit Calculation
Calculate Gift Card Profit When
Do Nothing: this means that no profit calculation is performed in relation to the gift card, either at the time of sale or redemption. This setting effectively excludes gift card transactions from profit calculations.
Redeeming Gift Card: this means that the profit from a gift card sale will be calculated at the time the gift card is redeemed, rather than when it is initially sold. This approach accounts for the actual value of the goods or services purchased with the gift card.
Selling Gift Card: this means that the profit from the sale of a gift card is calculated at the time the gift card is initially sold. This approach records the profit based on the amount received for the gift card sale, regardless of when or how the gift card is later redeemed.
Remove Commission From Profit In Reports
This setting means that any commission paid to employees or sales representatives will be deducted from the profit figures in your reports. This provides a more accurate representation of the net profit by accounting for the cost of commissions paid out.
Remove Points Redemption From Profit
This means the value of points redeemed by customers is subtracted from the total revenue or profit calculations. This adjustment ensures that the financial impact of points redeemed on sales or profit margins is accurately reflected in reports or financial statements. Essentially, it separates out the cost or value of points redeemed from the overall profit calculations, providing a clearer picture of net profit after accounting for customer redemptions.
Updated on: 06/26/2024
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