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Entering daily sales for restaurant

blt178blt178 Member Posts: 1

I'm woefully new at accounting and freshly on my own with a small restaurant... please use small and simple terms! lol. I will catch up!

I'm setting up Wave but how can I use the system to record my daily sales since it is implausible to record each transaction.

Any advice on how to best use Wave for a restaurant setting is helpful!

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @blt178.

    The very simplest way to do this is to enter an income transaction for the total of your sales on the Transactions page at the end of the day and categorize it to the "Sales" income account. You wouldn't really need invoices to be involved since you aren't charging your patrons one by one using Wave.

    It gets more complicated if you're throwing in inventory management (which Wave doesn't technically do, but I can offer workarounds).

    If you can give me more details about exactly what you want to represent from that transaction, I'll be able to give you a more detailed answer.

  • mbs234mbs234 Member Posts: 1

    I need some help on the same topic. I do not need or wish to record all 3000+ customers per week! But I need to enter daily sales figures for cash and credit card. I need be able to see clearly in a overview what the monthly and quarterly sales were. But as I have connected my bank account, this too is inputting sales as I pay cash in to the bank. This will not be the same figure exactly as I pay some suppliers in cash etc. Eg. Monday I take £500 cash and £500 CC including VAT @20%. I pay a supplier £100 cash. I Bank 400. The CC arrives in my account a few days later, minus the merchant fees so I receive £480 bacs payment from them. How will all this reconcile? Thanks in advance!

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭

    @mbs234

    You need to do a daily z read from your till and from your card machine and post these as cash sales to the cash account each day, remembering to also enter the VAT as and when relevant. Depending on the type of till you have it may well offer you a day total analysis to split sales between standard rate, zero rate VAt etc and possibly even by sale type (useful if you want to monitor sales performance of individual lines). When you bank your sales money you show that as a transfer from cash to bank on the date you bank it (same goes for the card sales, they are "banked" each day when you do your end of day). The money received into the bank that will appear in your bank uploads you then need to match off to the manually entered bankings.

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭

    @mbs234

    Did that help?

  • SelphieSelphie Member Posts: 2

    @Alexia, I found your post very informative, and I would be interested in knowing how I could use wave to keep track of inventory and COS, if it is possible.

  • IssamDXBIssamDXB Member Posts: 1

    @Alexia, I second @Selphie request above - it would be great if we had a section dedicated to restaurant owners to show them how to use Wave and best practices.

  • tudortudor Member Posts: 1

    @Alexia @MerlinAccounts_UK

    I have a restaurant as well and I'm new to wave and accounting softwares.
    Can you help me with the following
    1. how to get started on how to use Wave accounting to record my daily sales and expenses?
    2. How to record specific sales items? For instance, if I sell $200 rice, $100 beans, $400 beef today, how do I make that to reflect in the daily sales record?
    3. How do I add a description to each of the sales items above? For instance, how do I add a description to the $200 rice I sold above? e.g "this sales was for the students" or "the rice was requested for by the teachers on their anniversary"
    Thanks in anticipation.

    edited January 29, 2020
  • EmmaPEmmaP Member Posts: 639 ✭✭✭

    Hi @tudor! Thanks for reaching out here!

    1. You could set up specific income and expense categories and accounts that your business would use. To set these up I recommend checking out this Wave guide on adding accounts and customizing categories.
    2. If you want to record specific sales, you can enter income transactions on the Transactions page and categorize them to the income categories you created in Step 1.
    3. On the Transactions page in Wave, when you create an income transaction you can add notes to the 'notes' field or enter details into the transaction description. This Wave guide on the Transactions page has some good detail to refer to!
  • SelphieSelphie Member Posts: 2
    @Alexia and @EmmaP you had mentioned that there is a work around for doing inventory, any chance you could share that with us? Thanks
  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @Selphie! That workaround is listed out in this Help Center article here. That's what they'd be referring to in these posts :)

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