September 1, 2023

Staying On Top Of Your Store’s Financials

By Raj Singh, NCASEF Vice Chairman

Franchisees should review the following reports on a daily, weekly, and monthly basis in order to analyze how your store is performing and to identify opportunities for improvement. All the reports mentioned below can be accessed on 7-Report.

 

REPORTS TO MONITOR DAILY

  • DMR—Daily Merchandise Report

This report provides information on your Daily Purchases, Beginning and Ending Inventory Level of DMR date, Audit Adjustments, Past Invoices, Price Overrides, Markups and Markdowns, Write Offs, Daily Inventory Sales, and very importantly—MTD GP% of purchases during the month.

  • POR—Price Override and Markup/Markdown Report

This report provides information on Price Overrides, Markups/Markdowns, Retail Adjustments and Retail Adjustment Amounts associated with the Sales Transactions of items within a business day. Please note: The POR report is a summary of Inventoried Items Transactions ONLY.

  • NIS—Non-Inventoried Sales

This report provides Sales Transactions of Proprietary Beverages, SBT, and Commission Items.

  • PSR—Promo Sales Report

This report provides a detailed breakdown of all the Promos/Discounts issued at the store, which helps to check the performance at the Promo level.

  • APD—Accounts Payable Report

This report provides information on maintenance charges, amount withdrawn from the Draw Portal, and other business-related miscellaneous amounts that are paid on your behalf.

  • ERI—Extended Retail Invoice

This report provides information on the Daily Invoices Detail for purchases that are reported on the DMR for DSD, and provides information on how their retail was calculated—i.e., Suggested Retail Price (SRP), Custom Retail Price (CRP) and Factored (FCTR).

  • WDR—Wholesaler Detail Report

This daily report provides very vital and useful information on your purchases, and needs to be reviewed to ensure the accuracy of your Invoice. (Invoice Unit Cost and Retail, Selling Unit Retail Price, Invoice Quantity, Extended Cost and Retail)

 

REPORTS TO MONITOR WEEKLY

  • IMR—Inventory Management Report

Franchisees should review this report every week in order to understand the purchase trend over weekly overage. The IMR reveals information on the irregularity in ordering.

 

REPORTS TO MONITOR MONTHLY

  • AP9—Accounts Payable Summary

This report provides information on your maintenance charges and other miscellaneous amounts that 7-Eleven pays on your behalf. The AP9 is the summary report of the APD.

  • 11A—Detailed General Ledger

This report provides all the charges that appeared on 48A—Franchise Financial Summary. Apart from the charge details, this report provides Net Activity of the month and beginning balance of all the charges, including your purchases during the month.

  • 48A—Franchise Financial Summary

This report provides all the financial information, including profit or loss, balance on Open Account, and Minimum Net Worth.

            The above information is very basic, but is important as it helps you understand your store’s finances. Apart from above reports, franchisees should also review the following Daily/Weekly/Monthly reports in order to understand your store in detail.

 

DAILY REPORT

  • RA1D—Daily Bank Activity

 

MONTHLY REPORT

  • BRS—Final Billback/Scanback report to verify the accuracy of Billback amount in 48A.
  • CCE—Monthly Credit Card Fees Expanse Report to verify the accuracy of credit card fees in 48A.
  • MAP—Product Margin Report

This is monthly report provides very useful information on the Current Period and Year-to-Date (PSA Category, Cost, Retail, % to the Retail, % to the Purchase Margin, % Purchase Margin Contribution, Ending Inventory, Non-Inventoried Sales, Inventoried Sales, Inventory Turn, Gasoline Sales, Transaction Count, Average Daily Transaction Count, and Average Sales).

All of the above-mentioned reports contain essential information that will help you better understand how your store is operating, and if there are any measures you can take to improve its performance.