Accounting for a restaurant w. various AR and payment methods
eliteacchk
Member Posts: 31
We are managing the books of a restaurant in Hong Kong and I wonder if WAVE can help speed up the process.
The restaurant has a POS which generates daily reports showing gross F&B sales as well as payment methods - cash, VISA/ MC/ Amex, shareholder's accounts, discounts, vouchers/ coupons, etc.
In order to manage tracking and reconciliation of various receivables vs. payment methods, the sales amount is split into each method and entered separately so we have about 5-6 sales entries each days, totally to the daily sales.
The reason for this is so we can track receipts from credit cards, shareholders as well as coupons, all of which occurs at a later stage - all these are shown under Accounts Receivable (AR) module so we can track via aging reports. For example. When a receipt comes in, say, for Amex sales 3 days later, we can set off the amount against the equivalent daily sales. Or in the case of shareholder's accounts, we can generate aging reports to follow up on settlements - usually due after a month, but some shareholders are slow to pay up :P
Ideally, we would like to see one daily sales entry with AR charged to each of the appropriate Receivable accounts, but even with our current accounting software doesn't let us to that.
Any thoughts as to how we can setup one daily sales entry against various settlements?