Be it from catering, food truck, or a restaurant, it is possible to monitor your income and expenditure. Accumulate, report, or pay sales tax faster, regardless of what are you doing, QuickBooks assembles the data at your fingertips to handle the cost and take quick plus smart decisions. All in all, accounting software like QuickBooks can help restaurants manage their books quite well, and add to their overall productivity.
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Why do You Need to Setup QuickBooks for Restaurants?
When you setup QuickBooks for restaurants, you get a host of benefits that include:
Detailed Reports and actionable Inputs
Restaurants have tight margins. Hence, when an owner tries to change the operations or the menu, it affects the bottom line. It is very convenient to run the profit and loss reports, evaluate the performance and make the necessary adjustment by setting up QuickBooks for Restaurants.
Experience Live Bookkeeping Assistance
QuickBooks allows you to talk to a bookkeeper to analyze your financial books, run the required reports and also get assistance with bank reconciliations. As a result, you get more time to run your particular restaurant.
Automate Invoice and Bill Approvals
Requesting manual approval is an old and obsolete thing. It is the era of automating the accounting system by utilizing customized workflow templates to make repetitive billing and invoicing tasks hassle-free and convenient.
How to Set up QuickBooks for Restaurants?
Here are the steps to set up QuickBooks for restaurants:
Set up and Company Lists
Step 1: Press the Express Start button in case you are new to QuickBooks and have never used it before. If you are an experienced user, press the File menu and then the option New Company.
Step 2: Share the details requested concerning your business. Add all the required company details in the Street Name, Company Name, Phone, City, Country, Email Address, Tax ID, Website ID, etc.
Step 3: Press Next.
Step 4: Choose Help Me Choose option from the given Industry type field. Choose Restaurant, Bar, or Caterer.
Step 5: Press Next.
Step 6: Choose your company type from the list of the options provided. Restaurants may be categorized as an S-Corporation, Partnership Corporation, or any other option that is suitable for your organization type.
Step 7: Press Next.
Step 8: Press the option My Fiscal Year Starts in from the drop-down menu and choose the month when your particular organization has initiated its fiscal year.
Note: Usually companies begin in January. In case you own a seasonal restaurant, like a mountain resort or ski lodge, choose the first month to do your business.
Step 9: Press Next.
Step 10: Press Create Company File and then click Start Working.
Step 11: Press the Lists menu and then click Add/Edit multiple list entries.
Step 12: Choose the List option from the drop-down menu and select Customers, Items, or Vendors list.
You will require to repeat this process in order to set up your list of customers, items, and vendors list.
Step 13: Press the empty row first and enter the details of the first entry you made. It can be the Customer Name in the Customer List, Item Name in the Item list, or the Vendors name in the Vendor’s list.
Step 14: Press Save Changes.
Step 1: Press the Lists menu and choose Class List. Now press the particular Class button.
Step 2: Enter a name for the particular class. It is possible to create a class for a particular restaurant department or location like catering.
Step 3: Press Next to add another class or choose OK and Save and Close the Class list.
When adding customer transactions, choose the right class on the invoice or bill.
Are you stuck while setting up QuickBooks for restaurants? Do not worry. It can be solved easily.
In this article, we have explained in detail and step-by-step we have mentioned how you can set up QuickBooks for restaurants easily.
If you are still confused about it and need professional help with it, you can get in touch with us. Our Dancing Numbers team of qualified QuickBooks experts will make it easy for you.
Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number
+1-800-596-0806 or chat with experts.
What are the Financial Reports you can Generate for Your Particular Restaurant Business in QuickBooks?
Here are some of the major financial reports that be generated for a restaurant via QuickBooks:
Sales Reports: cash receivables and collections daily, weekly or monthly.
Profit and Loss Report: With this report, you can check your revenue with your expenses and determine whether the business has made a profit or loss.
Budget Report: Check how much you have invested or earned in comparison to your budget for variances.
Inventory Report: With this report, you can analyze the recipes, ingredients, and food menu.
Expense Report: This report talks about credit or cash payables to the service providers and vendors.
Balance Sheet: This report helps you to monitor your assets and liabilities and determines what is the worth of your business.
How to Manage Restaurant Inventory via QuickBooks?
It is possible to manage restaurant inventory through QuickBooks, especially if the restaurant is not a big one.
There are two options for managing inventory in QuickBooks, they are Tracked and Untracked inventory options. Those inventories that do not count or determine inventory balances are called Untracked inventory.
In order to set up the inventory, it is crucial to list down inventory items systematically. Inventory count diminishes or increases when the purchase of sales is recorded.
An inventory report is generated by QuickBooks that includes:
Inventory Valuation Information
Inventory Valuation Synopsis
Physical Inventory Log
Note: It is very affordable to use QuickBooks for restaurant inventory in the initial years. This is because it helps the business to grow and expand seamlessly.
How to Manage Restaurant Payroll with QuickBooks?
Generally, in the restaurant business, there are several casual and part-time workers. Hence, to monitor the employee details and wage information is imperative to be in sync with the payroll tax rules.
QuickBooks has a payroll feature. This feature has incredible options like automatic tax determination, time-tracking, etc.
In order to begin with payroll, you must set up and enter the employee information like basic details and the pay rates. QuickBooks will determine the tax and wages automatically on the given due dates.