Accounting for Restaurants and Bars FLEXCAST

Overview

Restaurants and bars typically produce low profit margins, so they need a strong accounting system to help identify ways to improve those profits. In the Accounting for Restaurants and Bars course, we cover all aspects of the necessary accounting systems, as well as the controls needed to keep fraud in check. Course materials include the accounting for inventory, fixed assets, leases, revenues, expenses, and payroll, as well as a discussion of how to close the books and produce performance metrics.

Highlights

Characteristics of restaurants and bars. Inventory accounting. Accounting for fixed assets. Accounting for leases. Restaurant and bar revenues. Restaurant and bar expenses. Accounting for payroll. Restaurant and bars fraud. The Hubbart formula. Menu engineering.

Prerequisites

None.

Designed For

CPAs, CEOs, CFPs, and other accounting professionals.

Objectives

Cite the accounts that can be included in the chart of accounts for a restaurant or bar. Specify the structure and content of the financial statements for a restaurant or bar. Identify how a similar unit comparison can be employed by the manager of a restaurant or bar. Specify how the par level is used in inventory monitoring. State the main characteristics of a system of fixed asset depreciation. Identify the accounting for a leasehold improvement. Identify the accounting for a lease by the lessee. Specify how guest checks and house accounts are used. Define expendable items in a restaurant. Specify the accounting for mandatory gratuity charges. Identify the accounting for a restaurant’s web site. Specify the accounting for a payroll, including the treatment of tips. Recognize the types of fraud found in a restaurant or bar. Specify the metrics used by restaurants and bars, and how they can be misleading.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.