Accounting question - how do you record daily sales

So I’m finally switching from quicken (check register) to a full fledged accounting system (Accountedge for Mac). I’m having a little bit of trouble wrapping my head around recording daily income.

Our daily income comes in the form of Gross Sales which includes sales tax. That’s easy enough. I can break out Liquor v. Food in my POS - also easy enough.

Where I get into trouble is recording the CC deposits. The CC deposit each night includes tips and tax. We pay these tips to our servers out of the cash each night.

Additionally, while I know what % of our total sales are Liquor v. Food, I can’t easily determine that % as it applies to my CC sales separately.

Finally, the bank deposit doesn’t match the gross CC receipts b/c visa/mc takes their cut out of every ACH. But I have to wait until the next day to find out what that cut is.

My primary goals are to get an accurate financial snapshot of my finances as close to real time as possible but at least on a weekly basis (something I do now by spreadsheet) and to be able to generate an accurate PNL on demand.

So how do you guys handle recording your daily receipts? If you have a worksheet you use each day, I’d really appreciate it. I have very little accounting experience but really don’t want to hand everything to my accountant b/c I want more real time data than an accountant would allow.

Thanks in advance

I use QuickBooks…I have basic categories for pizza, subs etc & I manually enter them…(I believe P.O.S. will do it also, kinda…lol…)

A General Journal entry can be used to adjust c/c charges…

U.S.M.C Auditor
Semper Fi!

That is odd. Who is your processor? Every processor we’ve ever used deposits the entire batch amount - and then, in a separate transaction, withdraws their cut. The deposits match watch we think should be going in, and the separate transaction can be used to track actual CC expense.

Our CC deposits match sales and the fee comes out once a month.

Sales do not include sales taxes or tips. That would be gross receipts.

CC tips are netted out since they are paid out in cash. i.e. CC + other forms of payment = gross receipts.

Our POS tracks net sales which is what we track.

not to turn this into a cc processing thread, but you need to switch to another processor…chances are they are overcharging you and this would be a way to cover it up…either way it does not make it easy for you to track so at least have them debit your account only once a month and make sure you are on interchange plus program

why NOT an interchange plus?

Rockstar that was a typo…my bad