![]() The example below is simplified to reflect only sales, meals tax collected, the house charge, cash and credit card receipts and cash over/short. The daily sales entry therefore takes into account all the sales, meals tax, expense and deposits for the day. All the information required to make this entry will come from your POS report. You will be recording this $75 expense as part of your daily sales entry into QuickBooks. Record the Credit as Part of Your Daily Sales Entry Either way you need to make sure that you can easily recognize this “line item” on the POS daily sales report so that you can make a consistent General Journal entry into your QuickBooks accounting system. You may even have additional house charges that day that result in a total greater than $75. ![]() When it is time to pay for the meal, let’s say the total for this visit is $75, the server simply uses a house charge key (rather than cash or credit card) and links the charge to the specific authorized account, which you previously set up to track Creative Advertising's account.Īt the end of the day the POS report will show the $75 as a house charge. When the customer (Creative Advertising in this case) orders his meal, treat it the same as any paying customer by entering the sale in your POS. “Ring in” the Meal the Same As Your Paying Customers If you have this type of system (contact your POS salesperson if necessary) you can easily enter Creative Advertising as an authorized House Charge account and may even be able to enter a credit amount of $500 (if the POS cannot track the running total and credit balance than use a simple spreadsheet). Most current POS systems have the ability to track house charges by customer, and many can even keep track of pre-entered credit amounts. Let’s begin by setting up a system to track the credit. We also need to recognize that the Creative Advertising is unlikely to use all its credit in one visit, so a means of keeping track of the credit till it is fully used is also important. When we are done your books will reflect a $500 advertising expense that is offset by $500 of food and beverage sales. First off lets be clear what we are trying to accomplish. ![]() Let’s use Creative Advertising as a Vendor who provides a $500 service to you in exchange for $500 of food and beverage credits. ![]() Here is a simple system that will allow you to take advantage of these trades, and will record these transactions in a way to keep your books “clean”. The end result can misrepresent your food and beverage costs as well as your expenses, especially if you use barter on a regular basis. Instead of paying $1 in cash, you pay the equivalent of your restaurants “cost of goods sold” for the food and beverage items you provide, say 30 to 35 cents.įrom an accounting perspective these exchanges are rarely recorded properly, if they are recorded at all. These barter arrangements can be very cost effective, especially for products and/or services that are essential. Many restaurants like to barter food and beverage credits for pr oducts and services from their Vendors and others. By John Nessel, Restaurant Resource Group ![]()
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