Daily Sales Report
Sound financial tracking begins with the accurate recording of sales. The Daily Sales Report (DSR) is the core tracking element for controlling cash, measuring cost vs. sales performance, and forecasting future sales.
Gaining the maximum effectiveness from your DSR entails a two-step process wherein the revenue (sales) side of the equation is generated at the cash register or POS level, and the settlement (receipts) side is based on actual receipts. The difference between the two is commonly referred to as Cash Over and Short (Cash O/S).
The DSR data entry feature in the Prime Cost Wizard can be configured to match the reporting order from your cash register or POS report, thus minimizing the chance of errors and making it easy to enter data. Future releases of the Prime Cost Wizard will facilitate the import of some POS data directly into the DSR.
Two Ways to Use it
#1: Quick-track Option – If you are using the Prime Cost Wizard solely for the purpose of calculating weekly prime cost, then you may not need the built-in cash-auditing features. You can simply record daily sales information for food and beverage sales. The level of detail you want to report is up to you. In this example we show the basic sales information collected for a full service restaurant. It takes less than one minute per day to record sales using the Quick-track option.
#2: Cash-audit Option – The Prime Cost Wizard not only gives operators a tool to easily track weekly prime cost, but the onscreen DSR has a built-in cash auditing feature that tracks cash over and short as well. With this option you can can record virtually every conceivable sales and settlement transaction needed to properly account for your hard-earned cash. Each data entry form is customized to fit your specific needs, resulting in a cash balancing formula that let’s you know when things are out of balance.
In your accountant’s world, everything is a matter of debits and credits. At the end of the day, debits must equal the credits in order to properly record income and expenses to the general ledger. In the PCW, revenue items are credits and settlement items are debits. If the two don’t match, the difference is expensed to cash over/short. Here’s a quick overview of typical revenue and settlement items:
- Food sales
- Beverage sales
- Merchandise sales
- Sales tax collected
- Charge tips withheld
- Gift certificates sold
- Cash drawer loan used to pay tips (tip float)
- Credit card fees collected (from servers)
- Customer deposits (on banquets/catering/etc.)
- Cash deposits
- Credit card deposits
- Discounts (these are a reduction to sales)
- Coupons (these are a reduction to sales)
- Cash purchases (paid outs) from sales
- Gift certificates redeemed
- Repay the cash drawer
- Accounts receivable
The basic formula for calculating cash over/short is to add all the settlement items and then deduct all the revenue items. If the balance is negative then you have a cash shortage. Ultimately, operators would like to see cash o/s to equal zero.
Cash Balancing Entry Form
Flexible Sales Reporting
Unlike standard spreadsheets, the Prime Cost Wizard was designed as an online database with a built-in reporting tool, enabling operators to report on a range of dates rather than the limited reports found in spreadsheets. The W-T-D Sales Report provides a snapshot of the cash balancing totals for a given week. Your accountant will love this report because it shows virtually everything needed for recording sales into the accounting system. Other sales reports include a 6-week sales trend, prior period comparison and more.
W-T-D Sales Report
Built-in QuickBooks Interface
Now here’s the really cool part – the Prime Cost wizard has been designed with QuickBooks in mind. Over 60% of our members reported using QuickBooks as their primary accounting software. Using QuickBooks’ built-in Web Connector™, simply click and go to seamlessly import all approved transactions – saving several hours a week of data input and ELIMINATING DUPLICATE DATA ENTRY.
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