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Food and Beverage Accounting. Accounting Controls used in the Food and Beverage Service. I. Importance of F&B Accounting Controls. Workplace theft is a big issue Theft and fraud impacts the business financial strength Check control and auditing procedures should be established
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Food and Beverage Accounting Accounting Controls used in the Food and Beverage Service
I. Importance of F&B Accounting Controls • Workplace theft is a big issue • Theft and fraud impacts the business financial strength • Check control and auditing procedures should be established • Cash handling policies and procedures should be established
II. Examples of Employee Theft • Cash sales • Inventory • Receiving procedures • Cash Drawer transactions
Examples of Customer Theft • Skipping bills • Issuing bad checks • Credit card fraud • Disputing a legitimate restaurant charge • Shop lifting
IV. The Only Solution: • Revenue and cash/check/credit card handling procedures must be in placed and practiced in the establishment.
V. Guest Check Controls • Prepare a procedure for Guest Check Control. Information in guest check should include: • Shift time, date, cashier name, meal period, outlet (if applicable) • Number of the check and server’s name • # of covers per check • Total # of guest checks • Method of payment used (excluding tip)
Staff control policy: Accountability of personnel: - # of people handling guest checks - frequency of manager’s review of cover reports
VI. Cash Handling Controls • House Bank • Server banking • Cashier Banking
Responsibilities of Cash Handlers • Ensure correct charges are posted on guest checks • Ensure change given is correct • Training on detecting and reporting counterfeit bills • Deposit daily receipts at the end of each employee’s shift • Properly document and deposit cash variances (overages and shortages)
VII. Check Handling Controls • All check should be approved by a manager before acceptance. • Check for correct information in the check • Request for an ID to confirm guest’s identity • Cashier’s initials should be written at the back of the check • All checks should be made payable to the establishment only
VIII. Credit Card Handling Controls • Cashier should verify information on the credit card first before processing payment • Credit card payment should have an approval code, a signature and an imprint of the credit card on the guest receipt
Information required to process credit card payments: • Credit card number and expiration date • Card holder’s name, billing address and phone number • Total amount of sale (approved prior to processing) • Approval code
IX. Policy in case of Staff Negligence • Negligence – failure to perform properly, especially through carelessness • Policies may include: • Employee becomes responsible for the amount of money lost due to negligence • Employee is subjected to written warning • Employee may be subjected to a disciplinary action from the management • Employee may be subjected to termination due to dishonesty