Here we discuss the journal entry available for Toast as well as why to automate accounting for Toast
Toast POS (Point of Sale) is a cloud-based restaurant management software that helps restaurants streamline their operations, increase efficiency, and improve customer experience. Toast POS is popular among restaurants of all sizes, from small cafes to large chains.
Toast Sales Summary Journal Entry
Bookkeep enables you to integrate your Toast POS to automate journal entry postings.
For Toast, we offer a daily sales summary journal entry. For help on establishing the connection to Toast, visit this article: https://knowledge.bookkeep.com/how-to-connect-toast-to-bookkeep
The sales summary journal entry posts to your accounting platform on a daily basis the sales from the prior day. This aims to capture the gross sales down to the net sales including discounts, refunds, etc. Additionally, this journal entry breaks down the payments by tender type such as cash versus card payments.
We do book the credit card processing fees for Toast when the data is available. The fees reduce the expected balance due from Toast since the fees are kept by Toast.
Additionally, we capture all orders except those with a status of open, voided, denied or error.
Please note that Bookkeep does not see any older orders that are refunded. For example, if an order was refunded on the same day as the sale, Bookkeep will capture and record that. However, if the sales happened on 7/31 but was refunded on 8/10, Toast does not share that information for older refunds with Bookkeep.
Below is an example entry posted by Bookkeep:
The Value of Accounting Automation for Toast:
The Toast point of sale (POS) accounting automation can bring several values to a business, including:
- Time savings: With the Toast POS accounting automation, businesses can save time on manual data entry, as it automates the process of recording sales transactions. This can help reduce errors and free up staff time for other tasks.
- Accurate financial records: By automating accounting processes, the Toast POS system can ensure accurate financial records. This can help businesses make informed decisions about their finances, such as understanding cash flow and identifying trends in sales.
- Cost savings: By streamlining accounting processes, businesses may be able to save on staffing costs and reduce the risk of errors that can lead to financial losses.
Overall, the Toast POS accounting automation can help businesses streamline their operations, save time and money, and provide better service to their customers.
If you have any questions regarding our Toast integration, feel free to reach out to firstname.lastname@example.org.