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?
ChulaVistaBookkeeping had written this in response to
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
If you need additional assistance, e-mail me at
Tax and Accounting Software Forums
Web and RSS access to your favorite newsgroup -
alt.comp.software.financial.quickbooks - 8070 messages and counting!
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,
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.
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.
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.
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.