I own a Resturant and enter my daily sales daily. But my bank downloads include credit card payments which in effect are being added twice inflating my sales. See i enter my daily sales in the required reporting catorgories of food, beer/wine,liqour.
This depends on how you are entering your daily sales (see my procedure below).
However, since you are downloading, you need to set your daily sales summary to point the cc payment to a clearing account called Credit Card Receivables.
Then, when you download, map the deposit to that account.
Laura D
Here is my streamlined approach to using QuickBooks for restaurant/food establishments:
I start with a simple chart of accounts and edit/add detail when needed.
_Post your Daily Sales using the figures from your register reports and cc settlement reports. (see below)
_Post your purchases to Cost of Goods Sold, using Write Check, or Enter Credit Card Charge, depending on how you paid for the purchase.
_Periodically (annually, quarterly, or monthly), do an inventory adjustment to reflect current value on hand.
For a restaurant/food service business, I do not suggest that you track individual items or costs in QuickBooks. It would be extremely cumbersome. The only reason to track individual items would be if you need to print your purchase orders out of QuickBooks. In that case, I would set them up as non-inventory type items.
However, you might want to create separate (double-sided) items for food and liquor and use these items on both the purchase and sales transactions, so that you can run profitability reports by those categories.
This method is streamlined and will give you good tracking for your business - with numbers that your accountant will be able to use for taxes. . . and a good overview of your business activity for evaluating and setting future goals.
Periodically, you will need to do some calculations to help you with pricing, but, for the most part, your bookkeeping should be simple enough that you can move on to the business at hand, which is serving your customers!!
___________Daily Sales Summary Procedure: _______________
If you can get good end-of-day reports from your register/POS system, I would suggest creating a Daily Sales Summary to post the totals from your z-out tape.
The Daily Sales Summary template is available in the premier versions. You could work with a ProAdvisor who could help you set one up, or customize a Sales Receipt yourself.
Use one item for total sales (or multiple, if you want the detail in QuickBooks) - use Sales Income as the account.
If applicable, create an (other charge type) item for Gift Certificates Purchased. Point it to a current liability account called Gift Certificates Outstanding.
Create Other charge type items for the various sales tax collected (pointing all to a liability account called Sales Tax Payable). Make sure that your file preferences say that you 'don't collect sales tax' because you won't use the internal sales tax platform that QuickBooks provides. You might want/have to rename and make the internal QuickBooks Sales Tax Liabilities account inactive before creating your own.
(In Canada, and/or when using the CAN version, you might need to use the internal sales tax platform to report sales/sales tax collected, per the requirements, but I am not sure about this.)
Then, in the same summary, I would enter payment type items (in a Mac, or if using QBOE, you need to create other charge items and remember to enter them as negative). . one for AMEX, one for Discover, and one for MC/Visa. I would send Discover and MC/Visa directly to the specific bank account. You might want to put AMEX to Undeposited Funds because you might have to total more than one day's activity to match how it actually hits the bank. (If AMEX takes the fees out with each transaction, call them and ask them to do it monthly)
Or, you could create an item (payment or other charge) pointing to a Credit Card Receivables (Other asset type) account and send the total credit card payments to that account. Then, if you download, point your merchant deposits to that clearing account.
Create an item for Gift Certificates Redeemed (discount type item - non taxable) and point it to the same Gift Certificates Outstanding liability account.
The balance of that sales receipt would be the cash/checks to be deposited. (you should also have an item called Short/Over to post the variance to the actual drawer count)
If you make a deposit slip for the bank for every day's total cash/checks, send this sales summary (sales receipt) to your checking account. If not, send it to a bank type account called Cash on Hand/Safe and, then, when you make a deposit (in real life), transfer the funds from Cash on Hand/Safe to Checking-Operating.
Tips paid out of the drawer do not need to be accounted for on the daily sales summary. The fact that tips are paid out means that the credit card payments are higher to include the tips. Therefore, cash is lower (due to the tips paid out), but cc payments make up the difference.
This is just a general overview. You will need to develop a system that works best for you.
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If you still need help, I suggest that you contact someone directly for assistance.
You can search www.findaproadvisor.com if you want someone local.
Also - many of us work remotely and could be contacted via the info on our websites or profiles.
I hope this helps,
Laura D
