How to Manage Transfers Between Restaurants

If I transfer products from one restaurant unit in my group to another, how do I record that in MarginEdge?
When inventory is transferred at cost from one unit to another within the same restaurant group, we refer to this as an internal transfer.

Internal transfers are recorded by filling out a Store Transfer Form, and uploading it, just like an invoice.

First, you’ll set up transfer accounts in MarginEdge; then you can upload Store Transfer Forms, and we will record the transfer and send it to your accounting system as a journal entry.


What do I need to set up in MarginEdge?
Before we can begin processing internal transfers, you need to establish a payment account for each restaurant in the group

Go to Accounting> Payment Accounts.

To add a new account, select the “+ Add Account” button.

A new row will appear on your screen below your existing payment accounts. Double click the “Payment Account Name” field and enter the name you want to use for the account (we recommend, “Transfers To/From [Restaurant Name]”). You will need to create a payment account for every restaurant in your group in the Payment Accounts section for each unit.

Next, you’ll need to map this payment account to your accounting system. To do this, double click the field next to your payment account name under the “Accounting System Account” column and select the desired account from your chart of accounts. Don’t forget to save changes before exiting

Screen_Shot_2019-06-18_at_11.40.42_AM.pngUploading internal transfers
To record your internal transfers in MarginEdge, use the Store Transfer Form (PDF download at the bottom of this article).

On the Store Transfer Form, include the restaurant the products are being transferred from, the restaurant the products are being transferred to and the date; we also highly recommend including a unique identification number on each transfer form for tracking purposes.
For every item transferred, list the following information:

  • Item name For best results, use the name of the item as it appears on the invoice or in MarginEdge
  • Item code If possible, include the code from the invoice
  • Unit/packaging This is the unit of measurement for the transferred items
  • Quantity How much of the item (by the unit of measurement listed) is being transferred.
  • Price The per item and total price.

Example of an Store Transfer Form:

Screen_Shot_2019-06-18_at_11.42.29_AM.png

Alternatively, the transfer form may include only a dollar total (lump sum amount) and category.

Example of an Store Transfer Form with just category and lump sum. 

Screen_Shot_2019-06-18_at_11.44.20_AM.png

 

Download a PDF copy of the Store Transfer Form here:

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2 Comments

  • 0
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    Laura Potter

    Do we then upload the Store Transfer Form to invoices@....?

  • 0
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    Jonathan Schuyler

    you can download the attached form, fill it out and, and snap a photo and upload it like you would a regular invoice. Just make sure your payment accounts have been set up so we can close it properly.

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