Owner draws


O

oakrocker

I manage a restaurant and am trying to set up a simple system in my QB
to track "owner draws" consisting of family meals taken and personal
trade outs that both constitute personal use. I am unsure how to enter
the amounts on a daily basis. Any ideas for me to consider?
Kirk
 
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P

paulthomascpa

oakrocker said:
I manage a restaurant and am trying to set up a simple system in my QB to
track "owner draws" consisting of family meals taken and personal trade
outs that both constitute personal use. I am unsure how to enter the
amounts on a daily basis. Any ideas for me to consider?



Are you going to try and track that at retail (easier) or cost (much more
difficult)??
 
C

ChulaVistaBookkeeping

ChulaVistaBookkeeping had written this in response to
http://www.rockryno.com/quickbooks/Owner-draws-8344-.htm :
On your chart of accounts, there should be one named Shareholders
Distribution (or you can create a new account naming it Profit
Distribution or Owners Distribution). Use this account for your owner
draws.

If you need additional assistance, e-mail me at (e-mail address removed)!

Jenn
Chula Vista Bookkeeping
www.cvtaxandbooks.com
-------------------------------------
oakrocker wrote:

I manage a restaurant and am trying to set up a simple system in my QB
to track "owner draws" consisting of family meals taken and
personal
trade outs that both constitute personal use. I am unsure how to enter
the amounts on a daily basis. Any ideas for me to consider?
Kirk



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H

Haskel LaPort

ChulaVistaBookkeeping said:
ChulaVistaBookkeeping had written this in response to
http://www.rockryno.com/quickbooks/Owner-draws-8344-.htm :
On your chart of accounts, there should be one named Shareholders
Distribution (or you can create a new account naming it Profit
Distribution or Owners Distribution). Use this account for your owner
draws.
I see no indication that the business is incorporated or that the OP owns
the business.
 
H

Haskel LaPort

oakrocker said:
I manage a restaurant and am trying to set up a simple system in my QB to
track "owner draws" consisting of family meals taken and personal trade
outs that both constitute personal use. I am unsure how to enter the
amounts on a daily basis. Any ideas for me to consider?
Kirk

What is a personal trade out? I would record the estimated value of the
meals with a journal entry which posts to some sort of contra expense
account set up for this purpose.
 
O

oakrocker

Are you going to try and track that at retail (easier) or cost (much more
difficult)??
Track at retail and broken down to food,and alcohol, and some how gift
certificates traded for personal use. I was trying to simply credit and
debit owner draw equity acct but it doesn't give me what I need. Thanks,
Kirk
 
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H

Haskel LaPort

paulthomascpa said:
Are you going to try and track that at retail (easier) or cost (much more
difficult)??

OP is probably going to use some sort of estimate. If the OP has OCD then
every time he sees his boss or a member of the family eating he should run
up to them and say "Open your mouth and say ah", After examining the
contents he should calculate the value at cost.
 
O

oakrocker

Haskel said:
OP is probably going to use some sort of estimate. If the OP has OCD
then every time he sees his boss or a member of the family eating he
should run up to them and say "Open your mouth and say ah", After
examining the contents he should calculate the value at cost.
I know the exact amounts of all that I am tracking, I just am trying to
find the correct (easiest) way to credit or debit and if possible use a
template.
Kirk
 
H

Haskel LaPort

oakrocker said:
I know the exact amounts of all that I am tracking, I just am trying to
find the correct (easiest) way to credit or debit and if possible use a
template.
Kirk
Journal entry. I seriously doubt you know the exact value of the food
consumed by your boss and his family. If you say you do then your pants will
catch on fire.
 
O

oakrocker

Haskel said:
Journal entry. I seriously doubt you know the exact value of the food
consumed by your boss and his family. If you say you do then your pants
will catch on fire.
Well that would be painful fortunately we have great POS terminals that
the meals are ordered through and later voided and GCs are swiped
through same POS with info entered and "House charged" to pay.
Now...need to account for food cost, etc.
 
H

Haskel LaPort

oakrocker said:
Well that would be painful fortunately we have great POS terminals that
the meals are ordered through and later voided and GCs are swiped through
same POS with info entered and "House charged" to pay. Now...need to
account for food cost, etc.
What happens when the boss grabs a piece of cheese when passing through the
kitchen? Hope you are still tracking the sales tax on these voided meals.
The state is still entitled to the tax.
 
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P

paulthomascpa

oakrocker said:
Track at retail and broken down to food,and alcohol, and some how gift
certificates traded for personal use. I was trying to simply credit and
debit owner draw equity acct but it doesn't give me what I need. Thanks,




Set up some different draw type account - but an equity account none the
less - for these types of transactions keeping them separate from any cash
transactions taken as draws. You could easily have it broken down to the
various types of things he's drawing on. Food, alcohol, gift certificates,
etc. could each be a separate account, maybe as sub accounts, maybe not. I
would keep it separate form any cash transactions though.
 
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H

Haskel LaPort

Golden California Girls said:
Better know if that was cold cheese or heated cheese because the sales tax
treatment might be different. Gosh what about the cook tasting it to be
sure it
is right? Gosh is it shrinkage?

What Alan/Haskel has forgotten is he said "family" draws. Owner(s) might
want
to settle up privately, never mind the tax tracking. Or he might be
interested
in setting a limit or just seeing what his sponging family is hitting him
for.

Thanks for the Allan association but as I have said many times before, I
could never fit in the man's shoes.
 

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