Bookkeeping for hospitality businesses

What the books involve

• Trading-day sales: point of sale totals for every trading day, weekends included, matched to card settlements that can reach the bank on a later day, so each day's sales can be traced to a deposit.
• Bookings and deposits: function deposits, table deposits and prepaid packages held apart from earned sales until the event or stay goes ahead, and any refund for a cancelled booking matched back to the deposit it came from.
• Delivery apps and booking sites: each payout split into gross sales, commission and adjustments, which shows what every channel costs to sell through.
• Supplier accounts: produce, meat, dry goods, beverages and cleaning supplies bought on account from many suppliers, with invoices entered as they arrive and credits for short or spoiled deliveries matched before statements are paid.
• Groups of venues: kitchen, bar and room income, or the results of each venue in a group, separated with tracking categories in Xero or MYOB so every part of the business has its own profit and loss.
• Kitchen equipment and fit-outs: coffee machines, cool rooms and fit-out costs recorded with their lease or finance repayments, and repair call-outs coded apart from purchases of new equipment.