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Post Info TOPIC: Recording sales in a restaurant (clarification)
Stardoe


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Recording sales in a restaurant (clarification)
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Hi Linda,

You could use the 1240 credit card account, but change it to read Amex and then you could create another account in the same range and call it Streamline.

When you have done your journal your will have the following:-

Dr    Cash          1100

Dr    Amex         2200

Dr    Streamline  5500

Then when the money is banked (in the case of cash) or goes through the bank (for Amex and Streamline) you Dr Bank and Cr the relevant account above.

All these will sit in the 12xx range on the Balance Sheet in Sage.

Hope this helps

Pauline

P.S.  I think all the men have gone off to watch the footie!  I'm watching it, but on here at the same time!



-- Edited by Stardoe on Friday 8th of June 2012 08:35:05 PM

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Pauline
loulton


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Hi Everyone

I know I'm really needy at present and am trespassing on everyone's good will for which I apologise profusely. 

I'm still unsure how to process the takings for the restaurant. I've drawn up a spreadsheet showing my best guess - with comments. 

I know it's a lot to ask but if someone wouldn't mind taking a look I'd be so grateful. 

 

Lindaconfuse



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MarkS


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Hi Linda

For your SAGE journal you have got the debits and credits round the wrong way. 

Journal Should be

Dr Cash

Dr Credit Card

Cr Sales Food

Cr Sales Drink

Cr VAT

Cr Service

What is the service?  Why is VAT not included?  I thought there would be VAT on the service charge.

When the money is received you would

Dr Bank

Cr Credit Card

to clear out the control account

There may of course be cash expenses and cash banked that would be credited to to petty cash account so that your cash reconciles to what is in the till.

Regards

MarkS



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Wella


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MarkS wrote:

.......

What is the service?  Why is VAT not included?  I thought there would be VAT on the service charge.

.........

Regards

MarkS

 Yes there should be VAT added at the same rate as the meal, as it is a consideration for the supply of the meal.

It is only when a service charge is optional, or paid directly to the waiting staff that it is outside the scope of VAT

http://www.hmrc.gov.uk/manuals/vatscmanual/VATSC56400.htm

Gives more detail

Bill



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loulton


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Point taken Bill. I was not involved in setting up the till system and just accepted it as a fact. I've notified the director and the manager of their error. Than you so much for pointing that out.
Linda

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loulton


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Mark,

Thank you so much for your lengthy explanation.

In your journal you debit the credit card account - surely that's not the 1240 company credit card account?

And if it isn't wouldn't I need 2 - one for streamline and one for amex. If I have to create these accounts where would they sit in the chart of accounts?

Linda

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MarkS


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Hi Loulton

By credit card account i mean a control account.  You could put all the credit card sales into the one account or if you want to separate between amex/streamline thats fine.

The control account is used to record the sale

Dr Control Account

Cr Sale

then when the money is banked it is cleared from the control account

Dr Bank

Cr Control Account

Therefore the control account should either be £nil or Dr with non cleared receipts.

Regards

MarkS



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
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