Setting up a restaurant in Quickbooks.

Thanks, I would prefer to do cash receipts on a daily basis.  I set up a customer called daily sales and then I set up the individual items for cash/check, MC/Visa, Discover, Amex, and paid outs.  That's as far as I got because the sales number I get from them includes sales tax and I'm trying to figure out a way that I can back out the sales tax and have it figured by the system at the bottom without messing things up.  Does that make any sense?  Thank you for your response.

Turn off the sales tax preferences in QuickBooks.

Then, when posting the sales amount, divide it by 1.xx, depending on the sales tax rate.  (1.05, for 5%sales tax)

This will give you the net sales amount.  The difference should be posted to a current liability account called Sales Tax Payable.  (don't use the defaulted account in QuickBooks).

Or, instead of adjusting it out daily, you can do this adjustment monthly to determine your liability for that month and post it in a journal entry as of the last day of each month.

Does this help?

____________________________

Laura D

See my profile at:

http://proadvisor.intuit.com/r...

Hi Laura,

    Thank you for your response.  That makes sense, but they already give me the dollar amount for the sales tax daily and what I'd rather do is back it out of the total sales for the day and then have the system figure it for me at the bottom of the daily cash receipt.  That way, when I run my sales tax liability report at the end of the month, it should match the amount they gave me if I add up the whole month.  The problem is, I don't know how much of the sales tax was cash vs MC/Visa, Discover, etc.   Can I set up a "sales tax collected" item and then enter it as a negative number on the daily cash receipt?  Also, I saw that someone said to set up a daily cash summary and I can't find it.  Do you know where that is?  Thank you!!! Trish

OK. . .now I understand better.

This is my general procedure for using QuickBooks for recording a Daily Sales Summary from a z-report:

Depending on the specifics of your business, you might adapt this . . .

******************************************

I would create a daily sales summary_ in the sales receipt form_ to post from your z-report.

Create a customer called 'Daily Sales'. Make this customer taxable, if you have set your preferences to use the sales tax feature in QuickBooks. (or, instead of using the sales tax platform in QuickBooks, create an 'other charge' type item and post your sales tax amount from your z-tape to a current liability account called Sales Tax Payable. This choice would depend on personal preferences and how detailed your sales tax reporting needs to be for the tax collecting agency(cies) involved.)

Use a taxable item for the taxable sales and a non-taxable item for the other sales, pointing to your income account. (You will need to set up a Sales Tax item to track sales tax properly)

You can create as many items as you would like to report on - (use your z-report to name your items to make it simple to enter the totals)

If applicable, create an item (non-taxable) for Gift Certificate purchased. Point it to a current liability account called Gift certificates outstanding.

Then, in the same summary, I would enter payment type items. . 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)

Create an item for Gift certificates redeemed (discount type item - non taxable) Use a discount type item 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)

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 you make deposits of varying amounts, you can send it to a bank type account called Cash on Hand. (Easier to use than "Undeposited Funds) Then, you can post your actual deposits and paid outs using that account. (for expenses paid out of that 'pot', use the Write Check form from Cash on Hand)

Once you set up your items, create a Daily Sales summary, attaching the items that you use daily - with no numbers. Memorize this to use for each day's sales, deleting the unnecessary lines before saving.

******************************************

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.

____________________________

Laura D

See my profile at:

http://proadvisor.intuit.com/r...