QBO RESTAURANT DAILY SALES REPORT: THE ULTIMATE GUIDE
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- čas přidán 21. 08. 2024
- Hey guys, It's been a while since I uploaded my last video. Here is a guide on how to enter daily sales transactions from your favorite POS systems into quickbooks online! Please don't forget to like and subscribe. Enjoy!
Hi. I liked your explanation, thank you. But it would make more sense to call the top part of the split-up source and the bottom part, target. Where the money goes should be the target in my opinion.
Hello :) I tried my best to not be too technical with my explanations. but technically, target lines, by its definition are categories used to split a certain amount into multiple classifications for reporting purposes. While source lines usually tell us where funds are being directed to and from. So, the terms I mentioned are slightly modified rather than made up. but thanks for sharing your thoughts.
I have been searching for a video on this ,thank you so much. Very helpful, much appreciated!
This is a great video, Thank you so much!! so clearly explained.
Thank you for this; it is very helpful. Still trying to figure out how to easily account for credit card fees that are deducted by Toast from our net settlement amount (Toast doesn't include that on the sales report, so I would have to go to a different report to find that number; annoying!).
Also, we cash out tips to our servers at the end of the night, and then receive them back (the credit card tips) from Toast in the next day's deposit. Not exactly sure how to account for that; I assume we should record the cash "tipout" payment as an expense and then match it to the "income" amount received when Toast deposits the credit card payment into our bank account? Seems pretty complicated and time consuming...
Short answer - bank clearing account and a tips liability account. I currently do the accounting for 5 restaurants who use Toast. I’d be more then happy to go into more detail if you’re still lost.
@@hss9774 I would love a bit more detail from you. We thought we had all working well with the cash clearing out when the days "invoice" was negative because of cash tip payout but end of month shows all is not well. I think it is the mentioned tip liability that you mention. Appreciate any info. Thank you.
Thank you! very helpful.
I am selling my business to my employee. Can i export all of my accounts and employee info to her QBs but then wipe all the data to start clean for her new beginning and her tax info? Creating her whole chart of accounts seems daunting so I hope there is a way. Thank you!!!
Hi, Andrew! You're the only person I've found that details anything about Revel. Thank you! Can you tell me how you account for tips paid out? IE: How that's accounted for in the line items?
Also, The credit card line needs to match what will be deposited to the bank, so any tips need to be added in, correct? Then the offset would be the tips paid out?
Hi, the tips you received that reflects on the Revel reports are target lines, so you need to create a service item, name it Tips, and then link it to an other primary income account named tips as well. Make sure you link it both on the purchase and sale field when creating the item so it appears both in sales and expense transactions. When you dispose tips to the staff or whoever, just create a separate expense transaction and use either the tip item or the tip account. It will net out in the profit and loss.
Wish there was the one for desktop qb for restaurants
Hi Louie, the algorithm is pretty much the same in the desktop version in terms of products/service and transaction templates. This might still help you out as long as you know how to navigate through qb desktop.
Really helpful video! I have a questions about gift cards. We use Square to manage the gift cards, and sometimes customers pay with gift cards and sometimes customers buy gift cards. How do we reflect this in our daily sales receipt? We currently have a Gift Card account in quickbooks that tracks sales and redemptions of gift cards
Hi Kevin, it depends on how the gift cards are generated. At the top of my head I can think of two ways.
1. Gift cards are outright expenses, nobody in the company pays for it. In this case create a gift card expense account in the chart of accounts(you can place this under marketing and advertising), link a gift card item to that and use that as a line item (negative sign) on the sales receipt.
2. Gift cards are eventually paid by the management to effectively reimburse the dishes served for free. In this case the same concept as the first one but use an other asset account instead, this will represent the receivable you have from who ever pays for it perhaps the owner of the business. When the owner finally pays for it, just create a journal entry debitting cash and creditting the other asset account used.
3. There is a gift card fund setup.
In this case, create a short term liability account. When fund is setup or simply refunded, create a journal entry debitting to cash and creditting to the other liability for gift cards account. When gift cards are consumed by customers, create a gift card item and link to the other current liability account then apply to the sales receipt using the same concept as 1st scenario. Always negative sign.
Gift cards are a bit complicated as it is dependent on the the workflow and source of fund. Hope this helps.
Thank you!!!
Hi Andrew, What do you do if your POS deposits two amounts for one day? An example would be that it splits the credit cards into two deposits.
On the same account? Or separate
Does anyone think QuickBooks should be used (for sales, accounting, or in general) on any one of MacOS or Windows? (Win 11) Or does it seem identical to you
I am evaluating moving my restaurant to Square for Restaurants and I use QB Online. I currently have the ability to import directly into QB a journal entry very similar to what you sent up by memorializing in a sales invoice. While this is an excellent example of the manual method of memorializing a daily sales report.....Does Square's accounting import tool connected to Quickbooks not have the ability to automate the exact process you are describing?
It does. But it needs to be mapped correctly. You will still need to learn how to do it manually in order to know exactly how to map the accounts during the integration process
Hi Sir Andrew, can we ask how will the check amounting to $36.00 would appear on bank deposit list? We can't see the amount unless we will set first on Sales Receipt as "Deposit to: Undeposited/Payment to Deposit"
Hi, for checks received, you can create a separate account and name it Undeposited checks if you wanna track checks separately from undeposited cash.
I need help please. How will you set up sales receipt for my info? Credit Card Sales: 432.32. Debit Cards 36.41. Cash 86.06. Gift Card 5.95. checks 250.93. Other credit card: 12.13. Discount: 50.57. Tax: 62.15. Tips. 56.47. Grocery purchase: 33. Tips take out: 3. Gross sales: 656.75. Amount collected: 823.80
Create separate service items for your debit cards and credit cards but link these items to the bank account to which the money is being deposited. Gift cards are a little bit complicated. It depends on how the gift card works, is it reimbursed by the company?(link to a receivable account) is it an outright give away?(link to a gift card expense account) tips should be linked to an other income account name it tips or whatever you like. You need to explain grocery purchases and how is that related to your pos sales. The rest is pretty much on the video already but you can send me an email perhaps I can lay it out for you.
Gift cards were bought by customers. Grocery purchase $33 was taken out from cash on hand. Tip tajen put $3 from cash on hand. Casf over/short is 0,05. I tried my best to do like you, but i am stuck. I wish you could make a video on my example
@@AndrewRMoloCPA what is your email?
@@DrAhnaNguyen drewmolo2017@armaccountingbs.com
Please send me a copy of your daily sales report (one day) and the exact amount deposited for that day
@@AndrewRMoloCPA i just email you
You don’t happen to have this in transcript form, do you?
Unfortunately not.