QuickBooks For Restaurants: Benefits And Steps to Set Up

QuickBooks is the top accounting software & offers so many features at an affordable price. From keeping track of all your accounting books to helping to organize your finances, there is nothing QuickBooks cannot do. Many different industries are gradually starting to use QuickBooks for their accounting and bookkeeping requirements. One such sector is the restaurant sector. QuickBooks For Restaurants can help the owners in several ways.

In this article we’ll learn about how QuickBooks POS For Restaurants can be operated and utilized to the fullest. How does accounting software like QuickBooks help restaurants to manage their finances? So without delaying any further, let’s get started.

How Does QuickBooks For Restaurants Work?

When you use QuickBooks For Restaurants Software, you alter it so that it can work accordingly. When it does, it provides you different core benefits that make you want to operate it.

Make Informed Decisions

Restaurants run on a budget. The owners have margin that they use for running the entire system. Therefore any decision they make will affect the whole process severely. Utilizing QuickBooks For Restaurants Reviews that you can easily run profit and loss reports and make informed adjustments and changes that will be in your favor.

Live Support

You can contact the customer support team anytime you want. The bookkeeper will help you resolve all your issues by analyzing them and providing a good solution. This will help you run QuickBooks For Restaurants very smoothly.

Easy Invoicing

Using QuickBooks For Restaurants Software eliminates the traditional manual way of approving bills and invoices. QuickBooks automates this entire invoicing process wherein invoices are generated with just a few clicks and sent ahead for approval. Repeatedly occurring bills or invoice are create and generated automatically. Therefore workload is reduced and the whole procedure is fast.

Inventory Management

QuickBooks Pos For Restaurants gives you a clear picture of what inventory you have spent and what is left. It also shows all the orders the customers give in. you get regular updates when you need to restock items. Moreover, you are alerted every time a new order comes up. With sales re[orts you can analyze the items utilized and the items still left. 

Manage Several Branches/Departments

QuickBooks Pos For Restaurants allows you to manage different locations or branches of your restaurant or you can even manage different departments in the same location. You can review their performances collectively as well as separately. However, You can see which section or branch is making the most profit or is undergoing loss. You can even track their sales and records.

Reporting

When using QuickBooks Online For Restaurants, you can generate reports that will help you review your sales and purchases, profits and losses, cash in and out etc. These reports will help you judge our performance and also help you make informed decisions regarding your restaurant. You get a QuickBooks balance sheet, profit and loss statement and cash flow reports as per the date range you set.

Payroll Accounts

You can manage the salaries of your employees according to the time they spent working. You can provide bonuses and make other additions and deductions using the payroll feature of QuickBooks For Restaurants. This specific feature allows you to pay daily to your employees.

Record Sales And Expenses Daily

QuickBooks For Restaurants Reviews that you can easily record the sales and expenditure on a daily basis using bookkeeping features of QuickBooks.

Steps To Setup QuickBooks For Restaurants 

Step 1:  Create Company File

You’ll need to create a new company file for your restaurant business in QuickBooks For Restaurants Software.

• New users, open QuickBooks. 
• A no company open window will pop.
• Tap on create new company > express start.
• If you are an experienced user, go to file menu > new company.

• Fill up all the fields and correct information about your restaurant. (name, email, contact  number, websites etc)
• Hit the next button.
• Select industry type, and opt for help me choose.
• Set the type as restaurant, caterer or bar.
• Now hit next.
• Under the company type tab, you’ll see a list of options. 
• Select the company type from here. Tap on next.
• Now under my financial year start in, set the initiation date of your restaurant. 
• Tap next > create company file > start working.
• Go to the list menu.
• Tap on add/edit multiple list entries.
• Tap on the list in the drop down menu.
• Opt for customer, vendor or item.
• If you want to set up your list for a vendor, customer or item, you’ll have to repeat this process.
• Hit on the empty row and add initial details. It can be either customer name from customer’s list, item name from item’s list or vendor name from vendor’s list.

Step 2: Set Up Chart of Accounts

You’ll be asked if you want to create a QuickBooks recommended Chart of Accounts, decline this and create your own.

• • In QuickBooks open list menu drop down list.
  • Tap on new.
  • Now set the account type and add details.

Save and close.

In a restaurant business, you can add below listed accounts:

• Bank account
• Credit card account
• Food inventory
• Alcohol stock
• Fixed assets
• Sales tax payable
• Payroll
• Beverage sales
• Food sales
• Cost of food
• Alcohol/ beverage costs.

You can create other accounts as per your suitability. These are just examples.

Step 3: Set Up Classes

• Open the list menu drop down menu.
• Tap on the class list.
• Hit a particular class button.
• Give it a name.
• You can even create a class or track a class for a particular location or department.
• Hit next if you want to add more classes.
• Or else, select ok, save and close the class list.

Step 4: Set Up Taxable Customer

You’ll have to create a taxable customer to represent your daily sales. Then create individual items for all items you want to keep track of into organized groups, one out of which should track your sales. You can divide these groups into food and liquor, or maybe into bar section and food section. One group should represent tips and discounts. There should be a miscellaneous group. Set up more groups according to service, items or payments.

Step 5: Finish Up

Finally fill up all QuickBooks account details and empty fields. Once completed, your QuickBooks For Restaurants is all set to run and operate your business.

Conclusion

With this, we conclude, QuickBooks for Restaurants can be really helpful for restaurant, bar or catering business owners. They can track daily sales, review performances, track expenses, use automated invoicing for faster processing, and whatnot. If you use QuickBooks For Restaurants, you’ll get a helping hand for your business that keeps all your accounting books on point with all accurate transactions. Your workload is reduced and so are the efforts you spend on accounting. 

Frequently Asked Questions:

Q.1 : What is the best accounting method for a restaurant?

A: The accrual method of accounting is the best suited for a restaurant business. It means that the transaction is recorded when it is made and not when you receive payment. Most of the restaurants run on the accrual method of accounting.

Q.2 : What is the best accounting software for a small restaurant?

• Restaurant365
• MarginEdge.
• Food Service Ace.
• QuickBooks Online.
• Wave.
• Xero.
• ZipBooks.
• DAVO.

Q.3 : How do I enter restaurant sales in QuickBooks?

• Go to the left panel and tap on sales.
• Select customer > new customer.
• You can type names as daily sales.
• Hit the save button.