Finance Management in Retail Business Manager
[vc_row][vc_column][vc_column_text]In this article, we will review topics related to finance management in the Retail Business Manager Excel Template.
Retail Business Manager Excel Template – Product Page Support Page
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Order Related Costs
When we enter the order line items in the Order Details sheet, we are entering the purchase costs of products (in a purchase order) and sales prices of products (in a sale order). We are also entering any product level discounts.
Other Charges
In addition to this, any order level charges can be entered in the Order Headers sheet. This will be added to the Total Order Amount. Also, any order level discounts can be entered there. This amount will be deducted to calculate the Total Order Amount.
Entering Payments made
In a sale order when the customer makes the payment, we enter the paid amount in the Order Headers sheet. Similarly, for a Purchase order when we pay the supplier, we will enter the paid amount.
Due Amount will be calculated for each order as (Total Order Amount – Paid Amount). You can filter on this filed to limit the data to only orders which are still due (Filter to values other than 0).
Accounts Receivable and Accounts Payable Summary
We can see the overall current status of accounts receivable and accounts payable in the Report sheet.
We can also see the aging of the payments due (1-30 days, 31-60 days, 61-90 days, >90 days).
When we choose a specific partner, we can see the financial status.
Operational Expenses
All the other operational expenses not directly related to any one specific order, should be entered in the Expenses sheet. For example, if you buy any stationery for your business or subscribe to any other business service, you can enter those expenses here.
We calculate Net profit as (Gross Profit – Operational Expenses) and display that in the Report sheet.
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14 Comments
ANALYTICS ARE NOT SHOWING UP ON REPORTS
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Thanks for sharing this article. This is very helpful for business owners like me who’s having a difficulties in accounting. This is very easy to understand and to follow.
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Thanks for sharing your experience.
We will endeavor to progress your business.
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Thanks
Hi
How would I structure it if i have differentiated pricing for each of my products/variants i.e. I have 3 categories and offer different pricing for each product to each of those categories.
For example category A would be a massive customer buying a lot more than B and C and therefore pricing would be a lot lower.
Please advise how i would structure this in the template.
regards
Andrew
Thanks.
In the Order Details sheet, currently it is set up to pull the sales price for the sales order and purchase price for the purchase order.
One option is to remove that automated extraction, by removing formula in Unit price column. This would mean we have to manually enter price for every order detail row.
Other option:
In the Prices sheet, we have to enter additional columns to store 2 more sales prices. Then, add a new column in Order Details to record the price category. Then the formula for Unit Price in order details has to be modified to pull the appropriate sales price based on price category chosen.
Best wishes.