Quickbooks Online FULL SETUP FOR RESTAURANTS
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- čas přidán 8. 08. 2020
- Hey Restaurant Owners, struggling on your quickbooks online setup? Here is a full guide that might help you out. if you find this video helpful, please don't forget to like and subscribe!
Initial Setup 00:20
Account & settings 2:06
Chart of Accounts 9:43
Products & Services 20:18
Sales taxes 27:30
Custom Reports 29:37
Test run 38:41
Chart of Account import file: docs.google.com/spreadsheets/...
Non inventory Items import file: drive.google.com/file/d/10JQY...
(Edited for timestamp) 12:19 to 13:30 - Thank you for going over the concept of using Month-end adjusting entries to handle the Ending Inventory amount and Cost of Sales (Cost of goods sold) amount -- for the end-of-month (Monthly) Report. Then, reversing those said adjusting entries in the next month.
hey can you upload the chart of account again please
Thanks for sharing your knowledge!
Wow this is great! I'm a bookkeeper and haven't done a restaurant before and this was SO helpful!! :)
Hi sir! thank you for this tutorial. It saves me.. actually I am QBO certified but this is my first time applying it to my job as a bookkeeper. God bless!
Loved the video ! Very well explained 👏 👌
It was very helpful. Thank you!
Thank you so much! Really appreciate your efforts
You're welcome!
Very well explain.
Thank you so much . can you please make a set up for Franchisee for cleaning services.
Hello Sir Andrew, thank you for this! I have a prospect client who is a restaurant owner. He integrated Lightspeed to QBO through the journal entry method, then he can't proceed because the credit card payments never match the exact amount put through the system and the amount actually received in the bank. Do you have an idea why it happened? Thank you in advance.
It is good know about set up restaurants business.
How can we know the amount of loss on spoilage and waste?
can you able the doc of the chart of account? link enable
hi sir Andrew can i get access for the charts of account and non-inventory file. thanks much
The chart of accounts link seems to be in a different language. Any way to convert it?
Thanks for the tutorial. By the way chart of account file and non-inventory file are no longer exist. Will you be able to upload new files? Or send the new link? Thank you
Thank you for the easy-to-flow tutorial! However, the link to the chart of accounts is missing. Can you provide the link?
new files for the Chart of Accounts or Non-Inventory Items? would you update the links?
Got it. Thank you. If You will Continue the Video it will help for Other. make a video that. Customer list Vandor List Invoice Copy And How to Work in Restaurant Accounts.
If You Will Make Continue Video It Will Be Great Help.
Thank you Very Much.
Can I import and set up Chart of accounts based on new POS Z report or Sales report? I switched from Square to Toast, which doesn't integrate. I have been advised to not attempt to use Sales Receipts when recording Sales data for Toast. Very lost and overwhelmed. Bookkeepers too as they quit. Books aren't too bad or unreconciled. Just need direction
thanks!
What did you mean by "don't forget to reverse this entry next month"?
Hey.....
how to create Sales Service fee /Charge 8%?
Good job,but I don’t find the file
What do you mean when you say to be sure and reverse out the inventory adjustment the next month? How do I do that? A more in depth video on this inventory method would be a real help and greatly appreciated!!
Hi there, you reverse the cos-inventory adjustment at month end on the begining of the next month to bring back the beginning balance of cost of sales. Again this is the expense method. The purpose of recognizing the inventory at month end is only to correct tye balance of cost of sales. Since all purchases are debited to cos, the remaining purchased items at month end should form part of beginning cos the next month.
If you need detailed explanation on inventories at asset method please check out my main channel its ARMaccounting. Or maybe i can help you out. Email me at drewmolo2017@armaccountingbs.com
@@AndrewRMoloCPA can you make a video on this reversal entry you mentioned ? I know I wasn’t the only one thinking about it because there was this comment referencing it. I would greatly appreciate it
@@lovebugg9618 I'll put this in line. will upload soon. thanks for the suggestion.
Have you uploaded new files for the Chart of Accounts or Non-Inventory Items yet? If so, would you send me the links?
hi Andrew
when you adjust the inventory @46.03 you said reverse the entry next month
why we should do that ?
thanks
Hi there Mohannad.
Under this model, which is essentially called the expense method, all of your purchases are immediately posted as an increase in Cost of goods sold. Which means, your COGS will include items that are unused/unconsumed. By principle these should not be part of cost of goods sold that is why we adjust the balance ate the end of the month by increasing inventory balance and decreasing COGS balance based on the cost of ending inventories. The next month or any period you want, the cost of ending inventories that you deducted against COGS should revert back to the COGS account because this will be the items that will be used first (next in line if you will). So, since you removed that from the current month COGS, you should bring it back for the next period that is why the reversal is necessary. The reversal entry will also zero-out the inventory balance you increased on the first entry. It will present the ending inventory balance for the reporting date but since we are using the expense method, items should always be in the COGS category not inventories.
For more queries you can email me at drewmolo2017@armaccountingbs.com
Would you consider doing a one on one ?
Hi Andrew, When will you have the updated Chart of Accounts File? The link doesn't work.
Thanks
Hi, the link is now updated.
Hello Andrew,
Please upload the list of accounts file.
I am in very much need of it.
The file seems to be deleted.
Hi, link is now updated.
Very timely and relevant. Thanks for sharing this
Hi Andrew, curious how to set up/categorize credit card deposits that come thru our account. under chart of accts, I have the acct named Business Checking, type=bank, detail type=checking but my bank balance and QB balance are way off so i think i should change the type to income or credit card?
Hi Cindy, I think you need to elaborate on that. Would you mind rephrasing the question and sending it to my email? drewmolo2017@armaccountingbs.com
Hi Cindy, since I haven't received any emails from you, I'll try to respond here based on how I understand your question.
So here is the premise; You have a business checking account and you also have a credit card being used for business. All credit card payments are charged against your checking account and your concern is if whether or not the category type has something to do with both accounts being not reconciled with your actual bank/credit card balance? please correct this if I'm wrong.
So here is my response; the category type has nothing to do with qb balance and bank statement being way off. you need to reconcile your bank and credit cards regularly. I suggest you connect your checking account with quickbooks online so that it automatically downloads the bank transactions and you can match them with qb books transactions. you should do the same with your credit cards and match the transactions from time to time.
as for the category type, ofcourse you need to use bank for the checking account and credit card for the credit card. but they do not guarantee your books to be reconciled automatically. you have to reconcile them every month.
Do you recommend integration with QBO and a POS like Clover or Cake? What about integration with a full Payroll service like Gusto with QBO? Thanks!
I have had many clients in the past who needed cleanup of their quickbooks and it was so messy. The main cause? integration. Apparently, integration softwares that are able to push accurate figures into quickbooks is hard to find these day. although plenty is being offered in the market, accuracy of data transfer is always the main issue. so, to answer your question, Yes if the integration app can push accurate figures. otherwise, an absolute no.
@@AndrewRMoloCPA I appreciate you, thank you.
Why did you not add the inventory items as subcategories of inventory like you did for Cost of Sales?
Can you go deeper into how to use the inventory and COS fields to calculate your month end COS data? I am not understanding how you are using the two categories to come up with the COS for the month?
Hi there, the presumption in this tutorial is that restaurants use materials that cannot be practically traced to the final product. That's why i used the expense method. But if, in your restaurant you can practically measure and track ingredients to the final product then you can use the asset(inventory) method. For that, please visit my main channel its ARMaccounting. I have a video there that talks about inventories.
If the restaurant sells 10 dishes, how can we account the sales of these 10 dishes separately so that we can find out the total sales of each of these dishes at the year-end?
I recommend that you let the POS system do that. If you're not using any, you can post sales transactions into qbo by dish type simply by creating specific ledger accounts. As long as you have other means of summarizing the sales transaction for the entire day before posting in bulk to qbo.
Hi Andrew I don't understand when you mentioned in the video to reverse the inventory journal entry for the next month. Can you please give a clear example ? Thank you
Hi. That's the expense method. Since all of the purchased goods are recorded as cogs when bought, the ending inventory that was removed from the cogs at month end and transfered to inventory account must be reversed the following month to effectively bring the cost of prior month ending inventory to the beginning balance of cogs the following month, since those items will be the first batch to be consumed. Hope it makes sense.
@@AndrewRMoloCPA So what is the journal entry for the reversal?
@@evelynechristie7181 the opposite of the month end adjusting entry.
The month end entry is debit to inventory and credit to cogs. The reversal is simply debit cogs and credit to inventory.
@@AndrewRMoloCPA Thank you for the reply. Just to confirm, so the reversal journal entry will be dated at the beginning of each month and the ending inventory journal entry dated at the end of each month. Am I correct?
@@evelynechristie7181 yes. To be exact. The reversal would be dated at the beginning of the following month. The adjusting entry is on month end.
Do u have same video for quickbook desktop
Hi lamia, no I don't all of my videos so far are for qbo users.
Why did you de-activate versus delete the accounts from the chart of accounts?
Hi. There is no "delete" option in the chart of account. Only "make inactive"
Hi Andrew, I want to start using quickbooks for my restaurant. Was wondering if you do 1 to 1 sessions or any private courses on how to set up and use the app. I found it quite daunting however, your videos help a lot. We are a London based restaurant and I am struggling with recording sales from a third party delivery partner like Uber Eats. Don’t seem to wrap my head around on how should I record the commission. Any way to contact you directly?
Hi Anca, please email me at drewmolo2017@armaccountingbs.com
I can also give you my whatsapp number through email.
I can help you out with that.
Hi Andrew, what version of Quickbooks online is sufficient for a restaurant: Simple Start, Essentials, Plus, or Advanced? The Plus has inventory tracking but we don't need that for a restaurant? Thanks!
Hi. The plus also has products and services that can be uses in making purchase transactions. What I suggestes in the video is the use of non-inventory parts to track purchased goods, so, despite the inventpry tracking issue, I would still go for the plus.
@@AndrewRMoloCPA Awesome thank you greatly!
Great work bro. Income tax expense and depreciation expense have same account number. Is that okay? It affected my upload
Is that from the file i provided? If it is you might wanna change the account numbers there shouldnt be any duplicates.
how to fix the chart of accounts while importing it? it shows some red boxes..
Its a text formatting issue. need to align it with how your version of quikbooks presents the titles. you can get the correct formats when creating a new account manually. then copy the texts to the import file you are working on.
@@AndrewRMoloCPA ah great thanks,
By the way, how do you do when you import daily reports,
When you put sales,
Credit card payments
Tips
And cash on hand.
I’m having a difficult time with that
@@alexpolicarpo4344 its on a case to case basis. totally depends on what your daily sales report looks like. you need to be able to separate target lines from source lines in an unscheduled sales receipt template. it's a bit technical, but I bet I can help you out with that. send me an email. it's on my banner.
Hi! When will the files be available? Thank you for this quick and easy tutorial.
Hi. I happened to clear out my drive a year ago and accidentally deleted the files. I am working on an updated tutorial that includes inventory tracking under the two bin system. Its alot fancier thana this the basic concepts and are applicable to restaurants who use stockrooms. Will be uploading very soon.
@@AndrewRMoloCPA thank you! will wait for that tutorial.
How do you add a tip to an already created invoice? So I invoice $300 for service then the customer adds a $30 tip.
create a product, name it TIPS, then link that to a ledger account that will be used for the tips income. you can create one from your chart of accounts. then edit the invoice, add another line and enter the TIP item, the amount, then save and close.
@@AndrewRMoloCPA thank you
Brother upload some transection for practice. So that we can learn from ur video
Hi Brother, I have an upcoming series of tutorials for QBO restaurant operations. it will be focused on entering day to day transactions into quickbooks. so stay tune.
Can u also make a video for bakery and store with qbo?
Sure, I'll put this on my list.
@@AndrewRMoloCPA Thanks Andrew!
Hello. Kind of unrelated question here: Can Philippine local banks be connected to QuickBooks Online (PH version)? I know it doesn't work using the U.S. version of QBO because I've asked their chat support before, but I'm really curious if it works using the PH version of QBO.
I have a prospect local client that's why I want to confirm. Please advise.
Hi, yes it can connect PH version QBO to local banks.
If the bank is not yet registered in the system you can always request access. just use the banks website's URL
Thank you, Andrew! You are amazing! Keep uploading great contents about QBO for different industries. New subscriber here!
How do I record my POS transaction to Quickbooks, if we will enter each transaction in sales receipt that would be time consuming for us as we are averaging 300-400 transactions per day in a single branch
Hi Karl, I can give you some tips but it would depend on what version of quickbooks you are using. Would you mind telling me?
You can also send me an email drewmolo2017@armaccountingbs.com
Anyway, you don't have to enter sales receipt for each of the 400 transactions. Just generate a daily sales report from you POS everyday that shows all the totals then use that to enter 1 sales receipt each day.
If you are dealing with months of backlogs and don't have time to enter sales receipt one by one, here is what you can do;
If you are using quickbooks online, you can save all unrecorded daily sales in a csv file and import it into qbo. Just follow the format suggested by quickbooks.
If you are using quickbooks desktop, the best option you have is enter them manually, then connect your POS to you quickbooks using apps like commerce sync moving forward. You can also connect POS to qb if you are using quickbooks online.
Email me for more details.
Useless, if you cannot track consumption of items in Restaurant rest accounting can be done on excel also. what is the use of ERP here ?
You have to understand that quickbooks can track inventories. Its not an issue with inventory tracking itself. Its an issue of practicality of inventory tracking as it relates to how restaurants operates.
You cannot buy onions, slice them into pieces, put them in a dish, sell the dish and expect your books to tell you at the end of the day that you have 3 whole onions and 5 slices left.
You can go around this by measuring everything that goes in and out of the kitchen including the condiments. The problem with this is that 1. Its very impractical and 2. You will end up choking your kitchen staff and your chefs with every ingredients pre-portioned out.
What I showed in this video is the most practical alternative for restaurant setups. We need to sacrifice a little bit of detailed accuracy for practicality and convenience.
Also, accounting softwares do more than just track inventories. Things that excel can only do when arranged meticulously by an expert. Even so, its much more prone to errors than readily available accounting softwares.
There are almost no software solutions out there that offers tracking of ingredients for restaurants because restaurants operate in a way that its difficult to completely quantify every activity unless you're willing to sacrifice convenience and freedom of your kitchen staff.
It's not that simple.
@@AndrewRMoloCPA Well to some extent i agree to your point that it is hectic job to reach accuracy in restaurant consumption but as per current search on ERP's i have seen software they will give you option of inventory consumption (one time fixing) than every time we are selling that item it will reduce all those items included in ingredients of that product. This will reduce inventory recalculation time every month and adjustments can be done quarterly. anyhow the video was good for other perspectives.
@@GgladiatorRr I agree to that. I have seen a lot of solutions offered all over the internet. But non of those solutions can handle the inconvenience in the kitchen when everything is already portioned out to align with the mechanics in the ERP. That's my point.
Anyone can just develop a software for tracking of ingredients but it inherently adds more problems than it provides solutions.
Have you seen kitchen nightmares? A lot of failed restaurants there can be used as an example. When owners try to look At everything quantitatively, They tend to measure every ingredients in order to track consumption. then, the quality of operations suffer.
Hey! thank you for this, seems like the file has been deleted
Yeah, sorry bout that. Will restore them soon I lost the files in my drive a few months ago.
Hello Andrew, Its Very Nice Video. Your Chart Of Accounts Import File Not Working.
Hi. Thanks. I will update you when I fix the problem.
@@AndrewRMoloCPA Please Upload it the File seems to be missing.
@@AndrewRMoloCPA I like Your presentation. It will be Helpful For All learners if You Upload Continue Tutorial. Many Many Thanks.
Hi, the link is now updated.
I want to get you Quickbooks Enterprise. You’d love it.