ProjectionHub has a balance sheet template made specifically for Restaurants that turns complicated numbers into simple questions about your business so you can have a balance sheet ready to go in no time
The restaurant balance sheet excel template used is unique because it collects your data inputs as answers to simple questions rather than you having to remember exactly where each number should go on a balance sheet. Plus the template will tell you automatically if your balance sheet balances or not!
A restaurant balance sheet should include your assets, liabilities, and equity. As an example, a restaurant should include the following line items in each section of the balance sheet:
Check out this article to see an example restaurant balance sheet.
Gift cards for a restaurant can be a wonderful cash flow tool. You can receive the cash up front when you sell the gift card and only incur the food cost and labor cost when the gift card is redeemed (if it is redeemed at all). Gift cards create a bit of a complication with your restaurant accounting though! The dollar amount of any unused gift cards should be tracked and recorded as a liability on your balance sheet.
In order to create a pro forma, or forecasted balance sheet you will need to create a full set of financial projections for your restaurant. Learn about the difference between a current balance sheet and balance sheet forecast in our guide.
Preparing a balance sheet for a restaurant might seem easy at first because you just need to list your assets, liabilities, and equity, but what happens when your balance sheet doesn’t balance! Don’t worry you are not alone, it is tough to get a balance sheet to balance. In this video I walk you through the process of creating a balance sheet for your restaurant and even problem solve with you when your balance sheet doesn’t balance.