Hotel Finance – Obsolete Stock – SOP

      FI 014: Obsolete Stock


      Objective:

      To establish the requirement of providing adequate provisions in order to cover the loss of value in inventory due to obsolescence and deterioration.

      “…Most Hotels already have a provision established and it should only be adjusted on a periodic basis to reflect significant changes in the level of provision required as indicated by the Slow Moving/ Obsolete Stock Report…”


      Details:

      File Size: 21 KB
      File Format: Word
      Print Length: 01 page
      Publication Date: October 06, 2016
      Language: English
      Editable: Yes

      The finance (sometimes called accounting) department function is recording financial transactions, preparing and interpreting financial statements and providing management with timely report and operating results.