Restaurant business

466 views 2 replies

TSI

Accountant

53 Points Joined February 2015

Can someone please advice how to make entries for Restaurant Sales ? There are numerous sales at the end of the day. Some sales are in Cash and some are in Credit. Do we need to enter each sales entry ( Each individual Bill) or we can enter summary of Cash and Credit Sales at the end of the day. As I see the numerous bills I do not think that we can enter even item wise like Rice, Curry, Beverages because some are in Cash and some are in Credit.

Please advice if anyone has experience in this business. I would really appreciate your response.

Replies (2)

chandra n devadiga

ARTICLED ASSISTANT

31 Points Joined May 2014

You can either do for each bill or as daily cash sales,credit sales. You can also do by item wise. It is your choice. Which is compertable to u u can choose. No restrictions

Rahul Agarwal

Chartered Accountant

213 Points Joined February 2010

Agree, it totally depends on you how you wish to make the entries. However, if you consolidate your entries for the day in one single entry, make sure that there is sufficient tracking to be able to locate the bills for daily sales (for audit/future reference purposes)

The restaurant bill should be retained for future reference and audits. Later, as required, the bills can be retrieved from your records as per the need.

Further, sales should be separated for credit and cash sales.

Hope that helps!

Regards,
Rahul