Retail Accounting

We offer retail payroll and accounting services to support the needs of your business. These two time-consuming and complex processes are made easy through Affiliated Foods Midwest. By managing your retail payroll and accounting in a cost-effective and professional manner, we serve as an extension of your business.

Retail Payroll Services

The process for transmitting payroll is as follows:

  • You transmit your hours for your payroll from your computer. After a training period, if this has to be done by Retail Accounting, there will be a cost of $25.00 per payroll, except on special occasions. Note: We will generate a department breakdown, payroll register, deduction register, check register, and an accumulative year-to-date, along with payroll checks.
  • The payroll checks are set up for your signature from our bank account based on your store number. After the checks are cashed, we will receive them back with our bank statement that we will reconcile. Old, outstanding checks are automatically voided after one year and we will issue you credit. The payroll checks are printed with “Void After 60 Days.” There is a stop payment charge of $25.00 for any checks lost or destroyed. Fees are charged on your weekly statement and are based on the number of employees. The net payroll is billed on your weekly statement.

Affiliated Foods Midwest will prepare the following reports:

  • We will calculate the federal tax deposit, tell you how much to pay, and let you know the payment deadline date. If you are signed up on EFTPS, we will transmit the payment and send you a note telling you how much the payment is and what day it will come out of your account.
  • We will prepare your quarterly and year end payroll reports.
  • We will prepare your W-2s. Note: There is a fee of $20.00 for any lost or destroyed W-2s to be replaced from the previous year. All previous year W-2s for corrected social security numbers after February 22nd of the current year will cost $25.00. All prior years will cost $25.00.

Retail Accounting Services

In order to process your retail accounting, the following items are needed on a weekly basis:

  • Weekly sales sheet; balanced and coded. Note: We will set up a manual or computer generated weekly sales sheet formatted for your store.
  • Check stubs and Affiliated breakdowns; balanced and coded. Note: We will set up a Chart of Accounts formatted for your store.
  • Monthly bank, credit card, and EBT statements. Note: We will prepare a bank reconciliation statement for you showing the last deposit and the last check included. The bank reconciliation will be balanced according to your cutoff date.

Affiliated Foods Midwest will prepare the following items for you:

  • Monthly bank reconciliations
  • Monthly sales tax returns
  • 1099s at the end of December
  • Monthly general ledger with supporting journals
  • Cash disbursements will show your individual checks
  • Cash receipts will show your weekly sales reports
  • Journal entries will show adjustments to your general ledger from information you have sent on certain balances, inventories and payables, miscellaneous adjustments to your bank account, and adjustments as needed to prepaid and accrual accounts
  • Monthly financial statements and any quarterly financial statements that are needed
  • Your insurance payments for workers’ compensation and business package are put in a prepaid account and expensed off over the policy period
  • Depreciation is recorded weekly or monthly
  • Real estate and personal property taxes are recorded weekly
  • If you have loans that you are not making monthly payments on, we accrue the interest weekly or monthly
  • We DO NOT do income tax, however
  • We will prepare your year end as accurately as possible to enable your accountant to do the income tax
  • We will send, in a separate envelope, trial balance, supporting depreciation schedule and any year end supporting schedules which would be of help to your accountant. We will also answer any questions your accountant may have, or send any other supporting documentation your accountant would like to see.
  • Fees are charged weekly on your statement and are based on your average weekly sales

Note: All financial information is strictly confidential and not available to anyone without the store’s permission. Our retail development counselors cannot receive any information without the store’s consent.