cost of goods sold

A Restaurant Chart of Accounts for Any Bookkeeper or Accountant can utilize

What’s a Restaurant Chart of Accounts (COA) ?

          A chart of accounts (COA) is the financial accounts in the general ledger of a company. In short, it is an organizational tool that provides a digestible breakdown of all the financial transactions that a company conducted during a specific accounting period, broken down into subcategories.

          Suggest have at least 7 categories in your restaurant chart of accounts ;

  • Assets (1000 – 1999)
  • Liabilities (2000 – 2999)
  • Equity (3000 – 3999)
  • Income or Revenue (4000 – 4999)
  • Cost of Goods Sold : “COGS” (5000 – 5999)
  • Expenses (6000 – 7999)
  • Other Income (8000 – 8999)
What is Cost of Goods Sold (COGS)?

          COGS is the total cost involved in the production and delivery of a product. For a restaurant, it is the summation of all it costs to make and deliver your food.

          From purchasing raw food materials to all the cooking and post-cooking expenses, you need to know the exact cost of producing a menu item. Your gross income less all these expenses gives you your net profit.

          COGS is determined with the following equation:

COGS = (Opening Inventory + Purchased Inventory + Other direct expenses) – Closing Inventory.

  1. Opening inventory: This is the monetary value of the inventory you have leftover from the previous period (day, week, month or year).
  2. Purchased inventory: This is the monetary value of the inventory purchases you make for the upcoming time period.
  3. Other direct expenses: such as cooking gas, direct labor, etc.
  4. Closing inventory: Once you get to the end of your time period, you calculate the monetary value of the inventory you have leftover.
         Restaurant Sample Chart of Accounts.
Account NumberAccountAccount Type
1000Cash On HandCurrent Asset
1010Checking AccountCurrent Asset
1020Savings AccountCurrent Asset
1100Accounts ReceivableCurrent Asset
1200Inventory: WineCurrent Asset
1210Inventory: BeerCurrent Asset
1220Inventory: Non-AlcoholicCurrent Asset
1230Inventory: FoodCurrent Asset
1300Prepaid ExpensesCurrent Asset
1400Fixed Asset Tech (Computers, POS systems)Fixed Asset
1410Fixed Asset Furniture & EquipmentFixed Asset
1500Security DepositsNoncurrent asset
2000Accounts Payable (A/P)Liability
2110Credit Card 1Liability
2120Credit Card 2Liability
2210Payroll Clearing AccountLiability
2220Sales TaxLiability
2230Tips PayableLiability
2300Outstanding Gift CardsLiability
3000Capital ContributionEquity
3010Capital Contribution: Member 1Equity
3020Capital Contribution: Member 2Equity
3030Draw Account: Member 1Equity
3040Draw Account: Member 2Equity
3300Retained EarningsEquity
4100Food SalesCost
4110Food Sales: BreakfastRevenue
4120Food Sales: LunchRevenue
4130Food Sales: DinnerRevenue
4140Food Sales: DiscountsRevenue
4150Food Sales: CompsRevenue
4200Beverage SalesRevenue
4210Beverage Sales: WineRevenue
4220Beverage Sales: BeerRevenue
4230Beverage Sales: LiquorRevenue
4240Beverage Sales: Non-AlcoholicRevenue
4250Beverage Sales :Beverage CompsRevenue
4260Beverage Sales: Beverage DiscountsRevenue
4300Merchandise SalesRevenue
4400Catering & ContractsRevenue
5100Food CostCOGS
5110Food Cost: Dairy CostCOGS
5120Food Cost: ProduceCOGS
5130Food Cost: MeatCOGS
5140Food Cost: SeafoodCOGS
5200Beverage CostCOGS
5210Beverage Cost: WineCOGS
5220Beverage Cost: BeerCOGS
5230Beverage Cost: LiquorCOGS
5240Beverage Cost: Non-AlcoholicCOGS
6000Payroll ExpensesExpenses
6100Operating and Overhead ExpensesExpenses
6110Glassware, FlatwareExpenses
6120Kitchen EquipmentExpenses
6130Bar EquipmentExpenses
6140Linen and Linen ServicesExpenses
6200Cleaning ServicesExpenses
6400Software Subscription FeesExpenses
6500Communications (Internet, Phone)Expenses
7000Other ExpensesOther
7300Facilities: Pest ControlOther
7310Facilities: MaintenanceOther
7400Equipment RentalOther
8000Other IncomeOther

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