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Restaurant Software: Restaurant Payroll Accrual Spreadsheet for Excel

Restaurant Payroll Accrual Spreadsheet for Excel

One of a series of pre-configured and customizeable Microsoft Excel spreadsheets by a leading restaurant accounting consultant. Accruing payroll at the end of each month is unquestionably the most important task that 99% of independent restaurant operators ignore. Most importantly, use this for accurate payroll totals in your profit and loss statement. This workbook makes accrual easy and automatically creates the necessary journal entries to enter into your accounting software. Downloadable for immediate free delivery.

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Restaurant Payroll Accrual Spreadsheet for Excel
    

 

Our Price
$29
Restaurant Payroll Accrual Spreadsheet for Excel
Product ID: RRG-PA-00141
Revised: 4/1/2017

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Main Class: Spreadsheets

More Classes: Downloadable Software;  Employee Management Software, Books & Videos;  Kitchen Management;  Labor Management;  Restaurant Accounting;  Restaurant Cost Control;  Restaurant Management - Back Office;  Restaurant Management Software, Books & Videos;  Restaurant Management, Front of the House;  Restaurant Payroll;  Restaurant Software;  Spreadsheets;  Spreadsheets;  Starting a New Restaurant Business

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Overview

This is one of a series of pre-configured and customizeable Microsoft Excel spreadsheets authored by a leading restaurant accounting consultant.

This product is downloadable for immediate free delivery.

Accruing payroll at the end of each month is unquestionably the most important task that 99% of independent restaurant operators ignore. Most importantly, use this for accurate payroll totals in your profit and loss statement. This workbook makes accrual easy and automatically creates the necessary journal entries (both the accrual and the reversal) to enter into your accounting software.

This spreadsheet comes with detailed instructions that tell you where to input your information. It even helps you to take action based on the results.

It can easily be customized by an experienced Excel user. Simply unprotect the worksheet, make your changes and then re-protect it again.


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Requirements

Microsoft Excel is required for this product and is not included.

About Payroll Accrual

By taking the concept of accrual into account, you can produce a monthly profit and loss statement that is infinitely more accurate, especially as it relates to your payroll costs. To accrue payroll is simply to recognize that the end of a weekly or bi-weekly payroll does not usually coincide with the end of the month, and therefore an "accrual" is necessary to recognize those payroll expenses that occurred in the current month that otherwise would not be recorded till the following month.

First off, why is there a need to do anything at all as it relates to your payroll entries into QuickBooks? The answer is simple. If you are like 99% of restaurant owners or operators, you are evaluating your financial performance based on a "monthly" profit and loss statement. On the other hand, you are most likely processing your payroll on a weekly or bi-weekly basis. The math is straightforward...most months will consist of 30 or 31 days of revenue and corresponding expenses, but will only account for 4 weekly or 2 bi-weekly payrolls, in both cases representing only 28 days. You are therefore regularly understating your true payroll cost by 7-10%. If you process payroll every two weeks, then two months each year will include an extra payroll, and in those months your total payroll costs will be grossly overstated by as much as 40%!

Human nature being what it is, the ten months of understated payroll are usually ignored. Then of course the extra payroll months appear, and the typical reaction is to casually dismiss the result as being overstated without ever similarly recognizing the other ten months of under-reporting.

Simply put, the process of accruing payroll is designed to eliminate this problem. By accruing payroll each month your Profit & Loss Statement will reflect an equal number of revenue, expense and payroll days. As payroll expenses typically constitute over 30% of every restaurant revenue dollar, an accurate accounting of payroll is critical.

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