NO.1 Bookkeeping for Quick Service Restaurant

Restaurant Bookkeeping - IN INDIANAPOLIS

Restaurant bookkeeping for qsr in Indianapolis is often over complicated for one reason or another.  I think the day to day demands of running a restaurant can cause an owner to neglect the bookkeeping process.  Once you are behind on the bookkeeping it is difficult to get caught up.  The profit margins in the restaurant industry are too tight to let your bookkeeping slip.  If you aren't watching your financials closely it may be too late to fix problems by the time you catch them.  Here is a simple 5 step guide on handling your restaurant bookkeeping.   

Recording sale

1. One of the first items you will have to figure out is how to properly record your sales.  With restaurant sales it is necessary to record a daily sales journal entry into Quick Books. We record a separate daily sales entry for each day (not monthly or weekly) because we're attempting to mimic how the cash and credit card deposits hit the restaurant's bank.  Most restaurants accept credit cards and settle the batch on a daily basis.  This will result in a credit card deposit or deposits hitting your bank account separately for each batch.  You need to analyze how funds are hitting your bank and set up your bookkeeping system to mirror that activity.

In order to record the daily sales you will need to generate some sort of report that summarizes your sales.  Most restaurant POS systems will have a daily sales summary built into them.  If you need to customize the report to get more detailed information you will need to work through the customization with your POS system.  Once you have a sales summary you should set up a daily sales journal entry and create a memorized transaction in QuickBooks.