QuickBooks Point of Sale: Basic 8.0
A business owner who uses QBPOS v8 recently asked: My business has both a retail shop and a restaurant in one location. We purchase wine and food, some of which is sold to customers in the retail shop and some of which is regularly taken back to the restaurant. For retail sales and inventory vouchering, we use QB POS. For restaurant sales, we use Dinerware.
My issue is how to track inventory when it is getting "taken" from the retail into the restaurant? Do a physical inventory adjustment? A sales receipt with a 100% discount or something else?
Basic flow is: 1) items are ordered and received in retail shop (vouchers created in QB POS); 2) some items are sold through QB POS, which adjusts inventory and COGS properly; 3) some items are "taken" to the kitchen and bar for sales to restaurant customers (those sales are entered in Dinerware); 4) Every night, we enter one bulk "restaurant sale", which is actually an item in QB POS with a price of $1 and a cost of $.30 (intended to be the basic COGS in the restaurant). So, if we did $5000 in restaurant sales, we would enter a receipt for 5000 of the item "restaurant sale". This takes into account restaurant income and (sort of) COGS, but does NOT account for inventory.
Is there a way I can accurately track the inventory of items that go back to the restaurant? Is there a better way for me to enter the restaurant sales in QB and QB POS?
Solution: Create a quantity adjustment memo to adjust the quantities taken for the restaurant. This will post to an account called POS adjustment expense which can be moved to your Restaurant COGS.
I’m curious as to if you receive all inventory through POS, even those things not sold in the store. I assume you that don't. In either case, I would like to offer a free 30 min consultation to discuss your needs. We have a number of clients in your industry whom we have helped.
