Year-End Prep Guide

Year-End Prep Guide

Inventory is the reporting area that needs to be completed on the last business day of the year or prior to the first business day of a new year.

Inventory Physical Checklist

Use the Inventory Physical Checklist to perform a physical count of the products you have in stock. 
It is important to remember the information contained in the Inventory Physical Checklist report is only as good as the day it is generated. 
  1. Click Inventory.
  2. Click Inventory Physical Checklist.
  3. Choose a specific Product Line or All.
  4. Select specific Suppliers or leave as default of All.
  5. Choose to view/print only retail items, just professional items, or both types using the dropdown list.
  6. Correct any on hand amount by entering the true number in the Count box to the left of the product.
  7. Once all products have been reviewed/count updated, click Save.
It is important to maintain an accurate on-hand count, or other reports could be affected when you are looking for year-end totals.

Manage Inventory Report

Many owners find the end of the year a good time to clean up and correct inventory data. The Manage Inventory Report not only allows for adjusting of Quantity On Hand but also Minimum Quantities, Standard Cost and Price.  SKUs and Size can also be updated.
  1. Click Inventory.
  2. Select Manage Inventory.
  3. Use the View Options dropdown menu to view All items, only retail items, or only professional items. 
  4. Click the Search button to display the products based on your selections. 
  5. Click in the field and make the necessary changes for all report field except the product Active/Inactive status or Unit of Measure. These two items can only be adjusted in the Setup of the individual product.
  6. Click Save.

Inventory Adjustment Report

When changes are made to Quantity On Hand in the Inventory Physical Checklist or in the Manage Inventory report, the system will create an Adjustment report. This report shows the adjustments to the Cost (each) and Total Cost of the updated products.  
  1. Click Reports.
  2. Click Inventory and Gift Reports.
  3. Click Adjustment Report.
  4. Click View (the “eye” icon).

On Hand Quantity

IMPORTANT: This report gives the total value of all products currently in stock. For an accurate inventory value for your accountant, you will need to print this on the LAST day of the year, before there is any inventory activity in the new fiscal year.
  1. Click Reports.
  2. Click Inventory and Gift Reports.
  3. Click On Hand Product.
  4. Select a Product Line.
  5. Click Generate.
    1. Total displayed for the Product Name column indicates the number of products on hand. 
  6. Click Print.

Other Helpful Year-End/Tax-related Reports suggested for review are the Tax Summary, Gift List, Packages, Account Balance, Employee Tip, Inventory Usage, Promotion, and Price Adjustment.

Tax Summary Report

The Tax Summary Report breaks down the Services and Products sold, the amount that was taxable and the amount that was not taxable by worker.  At the bottom of the Service Sales Table, it will display any Service Packages that were sold that were non-taxable and taxable.  The company grand total appears at the bottom of both the Service Sales table and the Product Sales table.
  1. Click Reports.
  2. Click Sales Reports.
  3. Click Tax Summary Report.
  4. Enter the annual (or quarterly) date ranges.
  5. Click Print.
Note – This report is calculated by taking each item individually and multiplying by the Sales Tax percentages entered into Setup > Setup Ticket Preferences > POS.  The individual results of the calculation will be rounded up or down to the nearest cent for this report.  Some businesses / accountants may chose to take their total sales (Service / Retail) and multiply that times the required Sales Tax percent.


Gift List

You and your accountant may be interested in the total number of Gifts issued this year and what the Current Total Balance of those yet to be redeemed is.
  1. Click Reports.
  2. Click Inventory and Gifts Reports. 
  3. Click Gift List Report.
  4. To print the Gift List report for all gifts Issued during the year, set the dates to the start of the year and the end of the year. 
  5. Set the Report Type to Issued.
  6. Click Print.

Gifts listed without a Name in the Gift Recipient field are considered anonymous gifts and were ‘sold’ without including a name in the Gift Recipient area of the ticket at the time of purchase. 

If your business sets Expiration Dates when selling Gifts, to find which Gifts are yet to be fully redeemed that expire at the end of the year:
  1. Set the dates to the start of the year and the end of the year.
  2. Set the Report Type to Expired.
  3. Click Print.

Packages Report

The Packages Report is a great tool to report on packages sold during a date range and the remaining value of the package.  
  1. Click Reports.
  2. Click Appointment & Client Reports.
  3. Click Packages Report.
  4. Enter Begin and End dates to search by the date the package was sold.  
  5. Click Generate and Print.

Account Balances

The Account Balance Report displays a list of current balances owed to the business by the client or credits owed to the client as recorded on the client’s card.
  1. Click Reports.
  2. Click Transaction Reports.
  3. Click Account Balance.
  4. Select an option to show All Balances, Balance Due or Account Credits.
    1. Each selection will show a different report based on the client account balance:
      1. All Balances will display all of the client account balances where an account charge, prepayment, deposit or received on account are applied to a client.
      2. Balance Due will display all of the client account balances where the client owes the business money.
      3. Account Credit will display all of the clients where they are due a credit from the business.

Tip Summary Report

The Tips Summary Report displays Tips left in drawer and paid out totals for all workers for the date range.
  1. Click Reports.
  2. Click Compensation Reports.
  3. Click Tip Summary Report.
  4. Set the Begin Date and the End Date. 
  5. Leave the default (as Select) for Cash Drawer and Cash Drawer Shift.
  6. Click Generate.
If a daily tip breakout by worker is desired, generate the Tip Detail Report.

Inventory Usage

The Inventory Usage report displays information gathered from each Inventory Usage created in Inventory > Inventory Usage. Inventory Usage displays the products used, and a Total Cost subtotal for each individual product with a total for each date. 
  1. Click Reports.
  2. Click Inventory and Gift Reports.
  3. Click Inventory Usage Report.
  4. Set the Begin Date and the End Date.
  5. Click Generate to view the results and Print.

Promotion Report

The Promotion List Report is used to determine the income the various promotions have brought to your company.
The report shows the promotion, type of promotion, start and end dates, duration of the promotion, discount amount, and compares services and retail for the Period and Lifetime of the promotion. 
  1. Click Reports.
  2. Click Transaction Reports.
  3. Click Promotion Report.
  4. Select the Begin Date and End Date. 
  5. Leave the default setting of Company and click Generate.

Price Adjustment Report

The Price Adjustment Report notes any instance where a service or products original price was greater than or less than the original price.  Changes to service and / or retail prices, promotions, and rewards are all included in this report.

The Price Adjustment Report includes Promotional discounts in the totals. Therefore to get the total adjustment amount made outside of using a promotion – the promotion report totals should be subtracted from the respective Service and Product price adjusted totals.

  1. Click Reports.
  2. Click Transaction Reports.
  3. Click Price Adjustment Report.
  4. Select the Begin Date and End Date. 
  5. Leave the default setting of Company and click Generate.
    1. Service Adjustments displays the Ticket Number, Client Name, Price, Adjustment, Total price, Worker and Ticket Date.  The total amount is summarized below.
    2. Product Adjustments displays the Ticket Number, Client Name, Price, Adjustment, Total price, Worker and Ticket Date.  The total amount is summarized below.  
    3. Grand Total Adjustment Amount is the Service and Product adjustment totals added together. 

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