RESTAURANT BEST PRACTICES
CASH HANDLING Make sure there is only one manager in the safe during each shift. Incoming and departing managers should both verify the count and report any discrepancies. Cashiers should always count their cash drawer before accepting it and sign off. Only the...WE DON’T JUST PREPARE YOUR TAX RETURNS
Throughout the year we pick up new clients – many from other accountants. We always review the prior work to see if there is anything that was missed or can be done to better your situation. One of the recurring things we notice is that many accountants and tax...HOW TO SURVIVE THE COVID-19 SHUT-DOWN – EMERGENCY RECOMMENDATIONS
Since the COVID-19 emergency began, Kallas Restaurant Accounting has been tracking all the relief programs and new law changes for our restaurant clients. There is an overload of information from many different sources and much of it duplicated and some inconsistent. The details of how the various programs work together or are implemented is still being issued over the next few weeks.
But, here are the first steps Kallas Company recommends to help get through the shutdown.
Visa & Mastercard class-action lawsuit may yield cash back for you!
Interchange Fess AntiTrust Litigation
There has been a class-action suit filed against Visa, Mastercard and Defendant Banks for over-charging on their fees. A new settlement has been reached and all eligible merchants including restaurants and bars could be eligible for a share of the settlement. The settlement is between $5.5-6.2 billion.
When a cardholder makes a purchase of food or beverage at your restaurant or bar using a credit or debit card, there is an interchange fee charged to the merchant by the bank. The fee is usually 1-2% of the purchase price including tips.
If you took Mastercard or Visa during the years January 1, 2004 and January 25, 2019, you would be a potential claimant.
