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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.
To make this all a bit easier on you, we want to offer a free PDF with QuickBooks chart of accounts for restaurants, caterers, and bars.
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, and other such things.
If you have any questions regarding accounting for your food service business, feel free to reach out to the FTC team!
3 Responses
Can you provide me with a Chart of accounts for restaurants that includes tips withheld (unless it goes on AP). And is there a Payroll for Tips contract account?
Thanks for your help.
Can you provide me with a recommended chart of accounts for Banquet Facility Business. In addition, we contract out all of the professional services. We do not hire any employees. Presently we are an LLC.
Sherman, Begin by using the template designed for the catering industry as your foundation. From there, customize the accounts further based on the specific services you offer.