5 simple Strategies to Follow for Entering Sales Into QuickBooks

Today, I’m sharing how to record your restaurant daily sales in QuickBooks Online (QBO). Regardless of the size of your restaurant business, managing your sales and keeping accurate financial records  is essential for the success of your business. We recommend using QuickBooks accounting software to record your daily sale transactions for your restaurant and help you maintain a clear financial overview of your business. Also, continue reading until the end for a free gift!

How to Enter your Restaurant Sales in QuickBooks

1. Keep Detailed Records

Keeping a detailed record is your foundation for accurate bookkeeping in QuickBooks. I recommend that you start by setting up the right systems to help you with keeping detailed records of all transactions coming in and going out of your account(s). Be sure to always capture all the essential information; such as the date of the sale, customer name, payment method, and the products or services sold. I’m sure you know this already, accurate record-keeping not only helps with sales entry but also provides valuable insights into your business's financial health at any given time.

2. Create Invoices or Sales Receipts

The good news is, QuickBooks offers two primary ways to record sales: creating invoices and sales receipts. The most important thing you should know is this: invoices are used when you're providing goods or services that will be paid for later(kind of like an I owe you), On the flip side, sales receipts are used for immediate payments ( kind of like when you go to a local store to purchase grocery). Another thing to keep in mind is, when entering sales, it's crucial to select the appropriate method based on your transaction. By doing this, you will be able to maintain a clear record of outstanding accounts receivable and cash sales. We are here to help you with this! Book a FREE 15-Min Call Today

3. Assign Appropriate Categories

Categorizing your sales transactions correctly is essential for tracking your income and expenses accurately. QuickBooks allows you to create custom categories or use predefined ones, making it easy to segment your sales data for reporting and tax purposes. Ensure that you consistently assign the right category to each sale, whether it's a product sale, service sale, or any other specific classification that suits your business. We will make bookkeeping easy for you, Book a Free 15-Minute Call today

4. Reconcile Your Sales with Bank Deposits

It’s crucial that you make sure you reconcile your account every month. You probably know this already, reconciliation is the process of matching your QuickBooks data with the transaction in your restaurant business bank account(s). Regularly reconciling your sales transactions with your bank deposits ensures that your financial records are accurate and complete. QuickBooks offers a reconciliation feature that makes this process straightforward. By doing this regularly, you can catch any discrepancies or errors before they become significant issues. If you need help, be sure to join our free group: Restaurant Success Tribe

5. Use Online Banking Integration

Don’t worry, you don’t have to enter each transaction individually. QuickBooks offers online banking integration, which allows you to connect your restaurant business bank and credit card accounts directly to your accounting software. This is great news because, this feature streamlines the process of recording your daily sales transactions, as it automatically imports your transactions, reducing the risk of data entry errors. The best part is, it provides real-time access to your restaurant business financial data, making it easier to track your sales and manage your cash flow more effectively.
 

To Sum This All Up...

Entering sales into QuickBooks can be a straightforward process if you follow these five simple strategies of: keeping detailed records, creating invoices or sales receipts, assigning appropriate categories, reconciling your sales, and using online banking integration. This way, you'll ensure that your financial data is accurate and always up to date. With accurate financial records, you can make more informed business decisions, save time on accounting tasks, and ultimately improve your business's financial health. Start implementing these strategies today to streamline your sales entry process and make the most of QuickBooks' powerful accounting features. 

Ready to transform your restaurant's finances? Whether you need Monthly Bookkeeping, a Catch-up Bookkeeping service, or want to embark on our DIY Bookkeeping Course, we've got you covered. Have questions or need more information? Don't hesitate to reach out. Let's talk about how we can support your business. Schedule your FREE 15-Minute Call today and let's get started on your path to stress-free bookkeeping!