How can I keep the statement and losses for the restaurant?
One of the features of the restaurant is that, despite the general increase in the use of credit cards, many payments are still made in cash. If income is received in cash, it is important to ensure that they are properly recorded. Therefore, relevant employees should have strict procedures regarding the use of the cash register, record cash revenues and transfer data from the books of the first entry into the main accounting records. Normally, it is a good practice to ensure that all cash earnings are banned directly and that no cash payments from cash income are made before the cost is paid to the bank. When creating procedures for recording income and expenditure and preparation of the statement and loss for the restaurant, owners or managers of the company should realize that this type of business is often examined by carefully by the tax of authorities.
For tax officials, it is to estimate the restaurant for tax officials, simply to get in the restaurant and look at the number of work to O.F customersThey are at different nights of the week. Therefore, the profit and loss statement for the restaurant, which is sent to the tax authorities, should therefore be very carefully prepared by supporting records and documents that can be triggered if the profit and loss statement is attacked. Books and records from which profit and losses have been compiled should be left in the case of a tax investigation for several years.
In addition to food in the restaurant, the atmosphere created by lighting, false ceilings, decorative walls and other accessories and fittings are important. Most of this is qualified as capital expenses and should not appear in the profit and loss statement for the restaurant. Business must be very clear about the difference between capital and income expenditure. Capital expenditure cannot be included as an expenditure in profit and loss statement, but may be eligible for tax allowances that can be deducted for tax purposes. An accountant to handle anyIndirect taxes such as turnover tax should also be reviewed.
Payments to seasonal and occasional workers should be strictly recorded as wages in the profit and loss statement for the restaurant and tax regulations must be respected in case of occasional employees. If employees serving in tables receive cash tips directly from customers, they are usually considered to be an employee income and should not be included in the profit and loss statement for the restaurant. Depending on the tax regulations in the country where the restaurant is located, individual employees may be responsible for the announcement of these payments for their own tax returns, even if the restaurant has tax obligations if the tips are connected and divided between employees.