Contra Accounts are used to give a percentage cost of Cost of Sales and Expense Accounts to the Contra Sales Accounts in Profit and Loss (P&L) Reports. This divides the cost of sales to a specific sales account.
Each Category can have an Income Account assigned to it. By default, these Accounts are linked to the Total Income Account. Your sales will be detailed based on the Groups and Categories each sold menu product is assigned.
To Set a Contra Account:
1. Be sure your Sales Categories are entered.
2.
Select Settings (upper left corner).
3.
Choose Setup .
4.
Click Accounts .
5. Add a new Income Account to correspond to your Sales Categories (Food Sales, Liquor Sales, etc.).
6. In the Cost of Sales or Expense Accounts, choose the appropriate Sales Account to link to under Contra Account.
7.
Click Save .
8. Repeat procedure for all desired Cost of Sales Accounts. You will now be able to see Food Costs percentage of Food Sales on your P&L reports.