Inventory valuation: the number that decides your profit
How stock is valued changes reported profit and tax without anything physical changing. FIFO against weighted average, what cost includes, and the write-down nobody wants to make.
A daily sales report is a habit, not a document. Five numbers written down at close tell you more over a quarter than any monthly review can reconstruct.
A daily sales report is the short record of what a shop, site or small team sold today. It exists for a reason that monthly reporting cannot serve: patterns at the level of days — weather, weekday, a promotion, a staff change — are invisible once figures are aggregated into months, and by the time a month closes nobody remembers what was different about the second Tuesday.
The discipline that makes it work is that it must take two minutes. A daily report that takes fifteen gets done for three weeks and then stops, and a partial series is worth much less than a complete one.
The notes column is the part people skip and the part that pays. A year of daily totals with no context tells you that some days were better; a year with three-word notes tells you which promotions worked, how much rain costs you, and what happens when your best person is off. Write the note at close, not later.
After a few months, three things become visible that were guesses before. The shape of your week, which tells you where to put staff. The real effect of promotions, measured against the same weekday rather than against a feeling. And the size of your seasonality, which is what makes a cash-flow forecast credible instead of speculative. None of these can be reconstructed later from monthly totals — which is the whole argument for logging daily even when nothing seems to be happening.
Ettex Sheets suits the daily log: one row per day with formulas for average transaction value and running totals, conditional formatting to flag a day well below the same weekday's average, charts from any range for the weekly shape, pivots by weekday or by category, and cell comments if a figure needs explaining. Version history means a corrected day is traceable. The takings themselves are categorised in Ettex Books — a chart of accounts, categories and auto-categorisation rules, attachments on any entry — and if daily figures are submitted by staff rather than typed by the owner, Ettex Forms collects them timestamped in one inbox with export to CSV or XLS.
The boundary: Ettex does not connect to a till or payment terminal. There is no EPOS integration, no automatic import of daily takings, no footfall capture and no retail analytics. Someone types five numbers, or submits them through a form. For a single site that is the two-minute habit described above; multi-site retail wants a system that pulls the figures itself.
Total sales net of tax, number of transactions, average transaction value, one meaningful split, refunds and discounts, and a short note about anything unusual that day.
Two minutes at close. Anything longer and the habit fails within a month, and an incomplete series is worth far less than a complete one.
Net, consistently, so the series reconciles to your accounts. Mixing the two between days makes comparison meaningless.
No — reconcile weekly against the till or bank. Daily reconciliation is the most common reason the log becomes a chore and stops.
Because day-level patterns — weekday shape, promotion effects, weather, staffing — cannot be reconstructed from monthly totals, and those are the patterns you can actually act on.
The notes. Three words about what was different explains more of the variation than the numbers do, and it costs nothing to write at close.
A daily sales report is five numbers and a short note, logged at close by the person who closes. Keep one row per day for a year and you will have answers you cannot get any other way.
How stock is valued changes reported profit and tax without anything physical changing. FIFO against weighted average, what cost includes, and the write-down nobody wants to make.
Staff turnover is easy to calculate and easy to misread. How to work it out, why voluntary and involuntary must be separated, and what a replacement actually costs.
Business interruption cover replaces lost profit while you cannot trade. How the sum insured is calculated, why the indemnity period is the number that matters, and what is usually excluded.