Owner draws

I manage a restaurant and am trying to set up a simple system in my QB to track "owner draws" consisting of family meals taken and personal
trade outs that both constitute personal use. I am unsure how to enter the amounts on a daily basis. Any ideas for me to consider? Kirk
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Are you going to try and track that at retail (easier) or cost (much more difficult)??
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Paul Thomas, CPA
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paulthomascpa wrote:

Track at retail and broken down to food,and alcohol, and some how gift certificates traded for personal use. I was trying to simply credit and debit owner draw equity acct but it doesn't give me what I need. Thanks, Kirk
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Set up some different draw type account - but an equity account none the less - for these types of transactions keeping them separate from any cash transactions taken as draws. You could easily have it broken down to the various types of things he's drawing on. Food, alcohol, gift certificates, etc. could each be a separate account, maybe as sub accounts, maybe not. I would keep it separate form any cash transactions though.
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Paul Thomas, CPA
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wrote

OP is probably going to use some sort of estimate. If the OP has OCD then every time he sees his boss or a member of the family eating he should run up to them and say "Open your mouth and say ah", After examining the contents he should calculate the value at cost.

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Haskel LaPort wrote:

I know the exact amounts of all that I am tracking, I just am trying to find the correct (easiest) way to credit or debit and if possible use a template. Kirk
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wrote

Journal entry. I seriously doubt you know the exact value of the food consumed by your boss and his family. If you say you do then your pants will catch on fire.

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Haskel LaPort wrote:

Well that would be painful fortunately we have great POS terminals that the meals are ordered through and later voided and GCs are swiped through same POS with info entered and "House charged" to pay. Now...need to account for food cost, etc.
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wrote

What happens when the boss grabs a piece of cheese when passing through the kitchen? Hope you are still tracking the sales tax on these voided meals. The state is still entitled to the tax.
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Haskel LaPort wrote:

Better know if that was cold cheese or heated cheese because the sales tax treatment might be different. Gosh what about the cook tasting it to be sure it is right? Gosh is it shrinkage?
What Alan/Haskel has forgotten is he said "family" draws. Owner(s) might want to settle up privately, never mind the tax tracking. Or he might be interested in setting a limit or just seeing what his sponging family is hitting him for.
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wrote

Thanks for the Allan association but as I have said many times before, I could never fit in the man's shoes.

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ChulaVistaBookkeeping had written this in response to http://www.rockryno.com/quickbooks/Owner-draws-8344-.htm : On your chart of accounts, there should be one named Shareholders Distribution (or you can create a new account naming it Profit Distribution or Owners Distribution). Use this account for your owner draws.
If you need additional assistance, e-mail me at snipped-for-privacy@cvtaxandbooks.com!
Jenn Chula Vista Bookkeeping www.cvtaxandbooks.com ------------------------------------- oakrocker wrote:

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What is a personal trade out? I would record the estimated value of the meals with a journal entry which posts to some sort of contra expense account set up for this purpose.

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