Owner draws

Posted by oakrocker on July 16, 2009, 12:09 am

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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

Posted by paulthomascpa on July 16, 2009, 8:11 am

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>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)??

--
Paul Thomas, CPA
www.paulthomascpa.com

Posted by oakrocker on July 16, 2009, 11:42 am

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paulthomascpa 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?

> 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

Posted by paulthomascpa on July 16, 2009, 1:13 pm

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> paulthomascpa 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?

>> 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,

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.

--
Paul Thomas, CPA
www.paulthomascpa.com

Posted by Haskel LaPort on July 16, 2009, 11:46 am

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>>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)??

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.

> --

> Paul Thomas, CPA

> www.paulthomascpa.com