Hotel Finance - Provision for Doubtful Debt - SOP 2 years ago

FI 020: Provision for Doubtful Debt Objective: To establish a formal routine assessment of the adequacy of the provision for doubtful debts “…each Controller is responsible for establishing a realistic basis for calculating a monthly provision. The preferred …

Read more

Hotel Finance - Operating Equipment Inventory - SOP 2 years ago

FI 015: Operating Equipment Inventory Objective: To establish a simplified standard method for charging the in-use inventory and issuance of operating equipment such as China, Glass, Silverware, Linen, Kitchen Utensils, Uniforms, etc. “…The intention is to carry a …

Read more

Hotel Finance - Obsolete Stock - SOP 2 years ago

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 …

Read more

Hotel Finance - Cash Management - SOP 2 years ago

FI 013: Cash Management Objective: To encourage an efficient and active management of all the Hotel’s cash resources and thereby maximize earnings through reduced short term borrowings and increased deposit interest income. “…In order to achieve the stated …

Read more

Hotel Finance - Purchasing Functions & Policies - SOP 2 years ago

FI 011: Purchasing Functions & Policies Objective: The Purchasing department is responsible for the procurement of all items needed in a hotel’s operation as well as the services necessary in installing and maintaining these items. “…Orders should be …

Read more

Hotel Finance - Finance Department Organization & Roles - SOP 2 years ago

FI 010: Finance Department Organization & Roles Objective: In order for the accounting department to achieve maximum effectiveness and efficiency with sufficient internal controls in place to prevent errors and frauds, the department should be organized by operational …

Read more

Hotel Finance - Food & Beverage Cost Control - SOP 2 years ago

FI 009: Food & Beverage Cost Control Objective: Organizing and implementing the purchasing, receiving and storing system with proper control of quality and value of raw materials, minimizing loss through efficient production, standardizing the production method to satisfy …

Read more

Hotel Finance - Fixed Assets Control - SOP 2 years ago

FI 008: Fixed Assets Control Objective: To establish a standard method of accounting for the Hotel’s fixed assets and the responsibility for their care and security. “…Whenever there is any physical movement of a fixed asset, from one …

Read more