What's the difference between the Sales Insights screen and the Income Statement?

Your Sales & inventory insights screen in Flipwise represents your sales performance along with insights about your inventory. The revenue and expense numbers shown on this screen are exclusive to your sales across all marketplaces, and do not include general business expenses and credits from the Ledger. You gross and net sales numbers shown on the Sales & inventory insights screen is made of up of all items sold within the time period selected.

The Income Statement represents your total income for the time period selected, and consists of all revenue and expenses, including those coming from sales across all marketplaces, as well as general business expenses and credits from the ledger. This report helps you see how much money is moving in and out of your business at any given time across all facets, while the Sales Insights screen is focused solely on the performance of your sales across marketplaces.

Why is my Net income on the Income Statement different from Net sales on Sales & Inventory insights?

Your "Gross sales revenue" on the Income Statement should match your "Gross sales" numbers exactly on the Sales & inventory insights screen. However, your net income may be different between the two for a variety of legitimate reasons, the most common of which are:

• The Income Statement includes the total amount spent buying new inventory during the time period selected regardless of whether the inventory has sold or not, while the Sales & inventory insights screen only considers the cost of goods sold (COGS) during the time period selected.
• The Income Statement includes general business expenses and credits recorded in the Ledger when calculating your Net income, while the Sales & inventory insights screen only includes expenses related to specific orders during the time period selected.
• On the Sales & inventory insights screen, expenses and credits that are associated with an order will be reflected on the date the order was placed. But on the Income Statement, all expenses and credits are reflected on the date on which those transactions occurred, which may be different than the date the order was placed. For instance, on the Sales & inventory Insights screen, a shipping label cost adjustment is tied to the date of the original order. However, on the Income Statement, it is linked to the date the expense was actually incurred—specifically, on the date the adjustment transaction occurred.