The food service industry is one of the steadiest industries in America. It never seems to slow down, even in recessions, people still find a way to go out and eat. One of the best ways to ensure that your business stays on track in this prosperous industry is to make sure that your QuickBooks chart of accounts is set up properly.
All food service businesses should have a food sales account. If your company is a bar or a caterer, then you may name this account catering sales or bar sales as is appropriate. It is also a good idea to have a few cost of goods sold accounts for food and bar purchases, as well as an account for merchant fees.
Most restaurants will have common expenses such as rent, utilities, and repairs. Depending on how your business is run, you may also need expense accounts for uniforms, cash drawer overages and shortages, cash drawer payouts, supplies, computer expenses.
Where Can I Find More QuickBooks Help?
To learn about a chart of accounts for another industry, try our post on industry specific charts of accounts.
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