Entering Cash Register Sales

[TexasLeg]

I operate a restaurant utilizing a Point-of-Sale system. This question may seem a bit elementary, but I am confused as to how enter the sales data processed through the system each day into my Peachtree program. After reconciling each cash drawer at the end of the day, I end up with a form containing information that includes:
Total Receipts (including individually, the total of all cash, checks, credit card sales, gift card receipts, & house account sales.) Also included are the amounts of state sales tax collections, total paper currency, net total over/under, and total amount available for bank deposit.

Can anyone direct me to anything in the Peachtree instructional material that will tell he how to enter this information or can anyone outline the procedure for doing this.

I'm really unsure how to proceed. Hope someone can point me in the right direction.

[JScottU]

I'm not an accountant. The way that I do it is to go to "inventory items" and create the following items..."Sales register daily" (an income account), "Over/under" (an income account") "Sales credit" (a cash account), "Sales debit payment" (a cash account), "Sales tax" (a current liability account). etc. I don't know if I am making sense to you but all of these items are "non-stock items" (under "item class") all all three boxes have the same GL account number...the fourth box is "tax exempt" except for the "Sales register daily" and the "over under". I use one daily sales invoice to enter these items (you can even set up a memorized sales invoice to save time. You could also make items for coupons, etc. I will look here tommorrow to see if you have any further questions. Hope this isn't totally confusing.

[JScottU]

The important thing is that when you create these non-stock items (item class) is that all three GL account boxes have the same account number in them. The way I learned all of this was by creating a fake company and playing around (or use the practice company.

[TexasLeg]

Thanks JScottU,

I want to thank you for taking the time to pass along your suggestions. I have already started trying out some of the steps you described. I will have to work with it awhile to see if I'm on the right track. I certainly feel more comfortable with the direction I'm taking than I did.

Thanks again!

[JScottU]

Some more thoughts (I'm really interested in this since I was determined to make Peachtree work for me - even though the instructions don't spell it out in this area).

When you enter "Sales register daily" (an income account) you could also call it "net sales" to correspond with the terms used on your Z report tape. But the important thing is that it is the total sales made that day (according to the tape) and the over/under (also an income account) is the way you adjust it for reality (the ACTUAL deposit that was made).

Now here's a tricky part. For Credit payments and debit payments (I don't distinguish check payments since the bank deposit doesn't distinguish them for the total deposit made)
you will have to enter these credit and debit payments on the invoice as a MINUS amount.
Example
Daily sales GL sales income $3000
Credit payment GL checking account $ -200
Debit payment GL checking account $ -150

and then the below box where you make a cash payment at the time of the sales invoice...after making that cash payment, the amount owed would be zero.

Of course I left out several lines, the over/under line, coupons, etc.

If you have a restaurant I take it you are not going to try to use peachtree to keep track of how many buns you used today...only payments made. I have come to realize that for inventory and payroll it is sometime better to NOT use ALL of the features of an accounting program in an integrated fashion...especially when you are just getting started.

[JScottU]

Couple of other points...
I am using the "cash" accounting method...not "acrual". Also, using my method the "Credit payment" and "debit payment" items listed on the invoice will NOT appear seperately in the "checkbook register" part of peachtree but will be added to the "cash payment" receipt on the bottom for one total. However, the general ledger WILL list them seperately for when you want to compare it with your bank statements. There is a way around this problem. Simply use the "receipt" window to make "credit sales" and "debit sales" receipts...but that takes more time and my whole philosophy is to save time.

[JScottU]

for tax purposes my accounting category is "cash modified for inventory"...not just "cash"

[JScottU]

And one other thought. If your cash register is doing all of your sales tax figuring for you, then you should enter that amount as an item and not let peachtree figure the sales tax...set the peachtree sales tax amount at zero. But you still want to list which items are "taxable" and which are "exempt"

[JScottU]

Minor correction: total sales for the day are not "Net Sales" ...they are just total sales