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Hotel stay bill format for Accounting

welcome to a new learning session knowledge is money fundamentals of hotel front office accounting [Music] imagine a world without order where everything was a mess and no one knew where anything was where money and resources were being thrown about in all directions without knowing or caring how much was spent how much was left or even where it went to this wouldn't be very sustainable not to mention comfortable [Music] now imagine if this was in a hotel environment how could you even accommodate guests hotel staff wouldn't get their salaries guests wouldn't get what they paid for no improvements would take place and money would just disappear that doesn't sound too good does it organized things look good definition accounting it is a systematic process of identifying recording measuring classifying verifying summarizing interpreting and communicating financial information it reveals profit or loss for a given period and the value and nature of a firm's assets liabilities and owner's equity read more at .pedestrians.or EECOM accounting is the language of business accounting purpose accounting provides information to the company on following resources money capital manpower etc available to affirm the means employed to finance those resources the results achieved through their use accounting practice and body of knowledge what hotel accountants do producing an accurate set of month-end accounts comparing profit to previous periods and forecasts estimates preparing budgets and business plan financial statement and balance sheet production cash flow statements payroll control sounds complicated it is not [Music] [Music] [Applause] unique things about hotel guests charge privilege for convenience of guests in hotel as well hotels provide a facility of buy now pay later unexpected checkouts guests can decide to leave any day anytime they wish hotels do not force them to honor the agreement in reservation contract because they want guests to keep coming back hence hotels have to keep their guest accounts accurate and up-to-date to handle sudden departures charge privilege and house limit hotels cannot afford to give unlimited credit to any guests because it will be too risky every guest is permitted a maximum credit purchase limit known as house limit every account is checked and totaled every day to find out if an account has crossed that limit accounts near their house limit are called high balance account charge privilege is not allowed to scanty baggage and walking guests they are on a PC all payments in cash basis the major functions of front office accounting creation and maintenance of guests and non guest accounts timely and accurately tracking financial transactions buy and pay of customers monitoring the credit limit of guests preparing a high balance account report providing an efficient management information system Mis maintaining effective control over cash and credit transactions types of accounts guest accounts non guest accounts guest account count is the record of financial transactions between a resident guests and hotel the front office creates an individual folio account for each guest on the basis of guests folio the final bill is prepared and presented to the guests for payment guest lives in hotel you non guest accounts a non guest account is the record of the financial transactions that take place between a non-resident guest and the hotel this is also known as city account non-resident guests use services like restaurant bar salon spa swimming pool Club etc city guests only use services transactions equals guest charges guest charges credit purchase can include guest room charges taxes telephone charges food and beverage charges for other products and services generally accepted accounting principles GAAP standards and procedures that have been adopted by those responsible for preparing business financial statements for the purpose of ensuring standard and uniformity accounting terms basic assets items owned by a business including cash on hand money in checking or other accounts money owed to the business inventories property equipment and furnishings liabilities debts owed by a business owners equity equals assets minus liabilities uniform system of accounts for the lodging industry USA Oh aye a standard set of accounting procedures used to record a hotel's financial transactions and condition account and folio a document used to show increases or decreases in the asset liability or owner's equity because of their shape accountants referred to these as ta accounts you debits and credits are like two sides of a balanced accounting terms accounts receivable AR money owed to a hotel for example from guests payable AP money owed by a hotel for example two suppliers vendors and loan account retained earnings profits earned but not paid dispersed to the business owners entry accounting a system of recording financial transactions in a way that maintains entry of one transaction in two books once on credit side and second on debit helps in trial balance accounting for guest charges debit and transaction that records a change on the left side of a t-account credit an accounting transaction that records a change on the right side of a t-account vouchers the front desk cashier is required to present supporting documents as approve for all the financial transactions buy or pay recorded in the guest folio voucher is a written instrument that serves to confirm or witness vouch for a transaction commonly a voucher is a document that shows goods have been bought or services have been given authorizes payment and indicates the ledger account in which these transactions will be recorded a voucher sample you types of vouchers you vultures visitors paid out voucher it is cash paid out by the hotel on behalf of a guest petty payments like taxi fare cinema tickets medicine postage etc are made by the front desk a visitor's paid out voucher is issued on guests name and his signature is collected and the amount is debited in guests folio VPO is paid from impressed or cash bank miscellaneous charge voucher guests miscellaneous charges may include the following shoe shine health club barbershop beauty parlor pastry shop postal charges antique shop etc cash banks cash Bank is an amount of cash given to a cashier before the shift begins in order to tender exact change in every transaction only one person who signs for it has access to the cash bank and is solely responsible for it at the end of the shift the cash bank amount is separated and the remaining cash is put in an envelope and deposited with chief cashier cash Bank shortage and overage monetary differences between the money placed in front office cash envelope and cashiers net cash receipt is noted on the envelope as overages Moore shortages or dewbacks net cash receipt is the amount of cash checks and other negotiable instruments in the cashiers drawer - the initial cash Bank plus the paid outs cash bank due back due back occurs when a cashier pays out more than the amount received as cash bank and there is not enough cash in the dryer to restore the initial cash bank due backs are also known as do bank when VPO is settled later due back money is recovered and returned vultures cash receipt voucher that is produced by a company each time it receives money for goods or services telephone call voucher in automated hotels call from rooms are directly built into account if a call is made through operator then a bill is raised on telephone voucher vouchers travel agent voucher vulture detailing the accommodation transport food and entertainment to be provided to the bearer guests the payment may be direct by guests or sent to the agent Commission voucher travel agents tour operators taxi drivers etc who provide business to the hotel are paid a commission 10% of room rate through this voucher vouchers guests allowances a rebate or deduction from an invoice bill to give a compensation to the guests for poor service or mistake excess advance deposit refund at checkout is also an allowance restaurant or bar check restaurant and bar check will have the details of charges of food or drinks ordered by the guests when the check is presented the guest signs it for confirmation that he had agreed to pay over writing is not allowed in accounts you folios the front desk cashier transfers writes the financial transactions that are recorded in the vouchers to individual or the group accounts folio a folio is a written record of a guests accounts and is created at the time of reservation or registration types of folios guests folio master folio non guests or city folio employee folio guests folio these are accounts of individual person of guestrooms and are also called bill folio non guests or city folio they are also called semi-permanent folio and are the account of non guests business or agencies with hotel charged purchase privileges by now pay later master folio these are accounts of more than one person or guest rooms and are usually maintained for groups employee folio they are the accounts of various employees with charge purchase privilege and not always handled by front office accounts are directly handled by Accounts Department for example City folio credit card payment etc split folio and incidental folio company-sponsored guests at times request for a split folio one to record expenses to be paid by the company and the other to be paid by the guests personally and directly the personal expenses like cigarette or drinks are recorded in incidental folio example of debit and credit entries debit room rate tax food and beverage laundry telephone VPO health club and spa business center etc credit prepayment part payment allowance adjustment transfer final settlement ledger a ledger is a collection of the same type of accounts the front office ledger has a collection of folios there are normally two Ledger's guest ledger city ledger you guest ledger a guest ledger contains the details of all the financial transactions between all resident guests and a hotel including charge purchases and the payment received from the guests in a manual system the financial transactions are recorded in a tabular ledger or tab ledger which is of two types horizontal tabular ledger vertical tabular ledger Visitors tabular ledger Visitors tabular ledger is a ledger meant for keeping the records of all registered guests in a loose-leaf form one leaf or sheet per day it serves the purpose of a day book sales book on one hand and registered guests personal account on the other it is maintained for keeping the record of all the transactions relating to the sale of goods and services to registered guests in a systematically analyzed form vertical tabular or ledger you horizontal tabular ledger you city ledger a city ledger contained accounts of all non-resident individuals and agencies to whom hotel extends charge privileged credit purchase facility it is also known as non guest ledger list of city ledger accounts City folio built a company disputed late charges guaranteed reservation retention charge travel agent voucher airlines meals and accommodation order and passenger service order credit card skipper walk out left unintentionally bad or bounced check accounting cycle you settlement of account also known as zero out it is the final step in guest accounting cycle one last entry is made either on debit side or credit side depending on the outstanding account balance the balance of the account is calculated with the following formula opening balance plus debit entries minus credit entries equals outstanding balance if debit side is more guest pays if credit side is more the hotel refunds to the guests trial balance accounting the aggregate of all debit and credit balances at the end of an accounting period that one shows if the general ledger is in balance total debits equal total credits before making closing entries to serves as a worksheet for making closing entries and three provides the basis for making draft financial statements income or loss aging schedule or account aging aging schedule is a table that shows a summarized breakup of accounts receivable in two different time brackets it is an important tool used in working capital management to project pattern of collections and estimate doubtful debts it is called aging schedule because it ranks accounts receivable ing to their age that is into slabs such as not yet do 30 days overdue 60 days overdue 90 days overdue etc an account gets older the possibility of collecting payment becomes more doubtful compilation and presentation pravin ja senior faculty IHM pure facially Bihar