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Turnover

  • 26-02-2009 12:39pm
    #1
    an_other
    Closed Accounts Posts: 183 ✭✭


    Does anyone have the time to give me a simple example of what is meant by the term "Turnover"?

    On Dragons den they always ask for the turnover for the year.


Comments

  • #2
    Kinetic^
    Closed Accounts Posts: 13,224 ✭✭✭✭Kinetic^


    It's total sales for the year exclusive of vat.


  • #3
    hivizman
    Registered Users, Registered Users 2 Posts: 1,163 ✭✭✭hivizman


    I've taken this definition from the UK's Companies Act 2006:
    The amounts derived from the provision of goods and services falling within the company’s ordinary activities, after deduction of—
    (a) trade discounts,
    (b) value added tax, and
    (c) any other taxes based on the amounts so derived.

    The term "turnover" isn't used in International Financial Reporting Standards, where "revenue" is the term used. In either case, it's basically the "top line" in the income statement (profit and loss account).


  • #4
    Bren1609
    Closed Accounts Posts: 459 ✭✭Bren1609


    Sales


  • #5
    an_other
    Closed Accounts Posts: 183 ✭✭an_other


    So quite simple it's any sales ext VAT made within the period no deductions for puchases or expenses.

    Cheers Guys.


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