FIXE Restaurant Bookkeeping Glossary

platforms where customers can order delivery or pickup from restaurants on their phones or computers. DoorDash, GrubHub and UberEats are our 3 biggest platforms, with Ezcater gaining steam.

Financial calendar with 4-week, 4-week and 5-week blocks each accounting quarter, versus monthly or 4 13-week accounting quarters.

Financials are based on the dates you incurred revenue and expenses, not based on the dates you paid for or received those expenses.

Automated clearing house is the process of paying a vendor directly into their bank account vs a check or virtual credit.

Accounts payable

List of invoices or bills in QBO that are yet to be paid.

Accounts receivable

Balance sheet

Financials track revenue and expenses based on the dates money enters or leaves your bank account.

Cost of Goods Sold – Cost of food and beverages associated with sales. This can also include paper supplies depending on the client.

All costs outside of COGs and payroll associated with the day to day operations of running the restaurant.

Enterprise resource planning

All expense between NOI and net income

Federal employer identification number (also known as EIN)

Generally Accepted Accounted Principles. Financial Accounting Standards Board (FASB) is an independent NGO that establishes these accounting and financial reporting standards for public and private companies and non-profits. Governmental Accounting Standards Board (GASB) is a separate NGO that sets these standards for states and local governments. Both boards recommend forms of accrual accounting.

General ledger or PL detail (in QBO)

Revenue (less voids, sales taxes, tips and possible other service fees or deferred revenue such as gift card sales) before factoring in expenses.

Net revenue less COGs

These are typically overhead costs, advertising, insurance, etc.,associated with running the restaurant.

You incur expenses and record them as money leaves your bank account. An accrued expense still gets incurred.

Key performance indicators

NOI less taxes, interest, depreciation, amortization and typical items such as R&D, royalties and management fees. These items are more closely tied to a corporate office rather than the restaurant.

Prime profit less direct operating costs and administrative and general costs

Gross revenue less discounts and 3rd party commissions (although this can be customized).

Profit & loss statement

Gross profit less payroll costs

Quickbooks Online

Return on investment

The name for this changes from state to state, but is needed to set up any payroll processing.