I am new to all this… I have just launched a mobile catering caravan and was recommended to use Quickfile. Just wondering how I record (or should I record) food wastage for cakes and milk etc that doesn’t sell before the best before date.
Thanks in advance for any help.
There’s no native feature in QuickFile to record food wastage. From an accounting perspective your produce would typically be logged to a “Cost of Goods Sold” code such as “General purchases” so the full value of this is already getting offset against your income for tax relief.
I’m not an accountant so others more qualified than I may also have an opinion on this.
If the food spoils and you have to chuck it away I would not record it but keep the original purchase, as it is allowable for tax purposes.
Hi Glenn and Chris,
Many thanks for sharing this knowledge with me - useful stuff - thank you.