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© 2012 Educating Bookkeepers for Business, Inc.

Presentation 6

Liquor Store

Chapter 1: Liquor Store File Set Up



Edit: Preferences: Accounting


Edit: Preferences: Desktop View


Edit: Preferences: General


QuickBooks: Inventory Part


QuickBooks: Journal Entry

QuickBooks: Sales Receipt

Liquor Store POS: Daily Batch Report


income & COSG categories cigarettes misc. taxable liquor beer wine champagne wine coolers non-taxable


discounts income categories to work through sales tax purchase empties container deposits tap deposits gift certificates paid on account


payment types accepted cash debit cards checks American Express VISA Mastercard Discover


payment types to work through tap returns vendor coupons house charge


income & COSG categories cigarettes misc. taxable liquor beer wine champagne wine coolers non-taxable inventory (current asset)


COA accounts? sales tax purchase empties container deposits tap deposits gift certificates paid on account tap returns vendor coupons house charge


sales tax: sales tax payable current liability


purchase empties & container deposits: container deposits payable current liability


tap deposits & returns: tap deposits/returns current liability


gift certificates & vendor coupons: gift certificates current liability


paid on account & house charge: house accounts receivable current asset


Execute the action in parentheses to activate the following modules: Accounts Receivable (create an invoice) Accounts Payable (enter a bill) Undeposited Funds (receive payment)


Lists: Chart of Accounts






File: Utilities: Import IIF Files: Liquor Store COA IIF Open or Restore Company: Restore a Backup Copy: Local Backup: Liquor Store COA


Chapter 2: Liquor Store Transactions


Company: Make Journal Entries


Company: Make Journal Entries


income items income account wine 40100 wine liquor 40200 liquor beer 40300 beer cigarettes 40400 cigarettes champagne 40500 champagne wine coolers 40600 wine coolers misc. taxable 40700 misc. taxable misc. non-taxable 40800 misc. non-taxable


Lists: Item List


Lists: Item List


payment items assigned to undeposited funds cash debit cards checks AMEX VISA MC discover


Lists: Item List


other charge items COA accounts sales tax 22000 sales tax purchase empties 22500 container deposits container deposits 22500 container deposits tap deposits 23000 tap deposits/returns gift certificates 23500 gift certificates tap returns 23000 tap deposits/returns vendor coupons 23500 gift certificates paid on account 11100 house A/R discount item COA account discount 40900 discounts payment item COA account house charge 11100 house A/R


Lists: Item List


Lists: Item List


Lists: Item List


Lists: Item List


Customers: Enter Sales Receipt


Customer: Enter Sales Receipt


Memorized Transaction List


Chapter 3: Deposits, Mark Up & Margin


Reports: Company & Financial: P & L Standard


Banking: Make Deposits: Payments to Deposit


Banking: Make Deposits






Reports: Company & Financial: Balance Sheet


Mark-Up and Margin


Mark-Up vs. Margin

Cost $100. The product is marked up by $25 and sold for $125. The mark up formula is: Mark-Up = Margin/Cost ex. $25/$100 = 25% The margin formula is: Margin = Margin/Selling Price ex. $25/$125 = 20% The profit margin is always lower than the mark-up.


Big Picture Mark-Up vs. Margin

Mark-Up = Gross Margin/Cost of Goods Sold Margin = Gross Margin/Sales

Liquor Store

Mark-Up = $54,232/$211,781 = 25.6% Margin = $54,232/$266,013 = 20.4%


Balance Sheet

Cash Outflows: Department of Revenue • Sales Tax Owed = $15,873.22 • Container Deposits Owed = $4,200.65

Red Flag Negative Numbers Inventory Tap Deposits/Returns Gift Certificates


End of Presentation 6

Liquor Store


PowerPoint Presentationstatic.knowledgevision.com/.../Presentation_6_Liquor_Store.pdfpayment types accepted cash debit cards ... Chapter 2: Liquor Store Transactions ... End of Presentation

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