Finance

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

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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…

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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…

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FI 024: Travel Agent Commission Objective: To ensure that payment is made promptly and accurately on all commissionable bookings. "...On checkout, the guest folios will be transferred from Front Office Staff to the control office. The General Cashier…

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FI 003: Capital Expenditure Objective: To ensure that the capital expenditure is properly planned, valued and executed. "...Any capital expenditure project which is included in the agreed capital expenditure budget for the year but for which no capital…

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FI 004: Advance Deposit Objective: To ensure that advance deposits received for accommodation and functions bookings are requested, controlled and recorded in accordance with the hotel policy. "...The deposit checks/order/cash should be passed through to the General Cashier…

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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…

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FI 005: Bank Account Reconciliation Objective: To establish a standard for maintaining written reconciliation’s for all bank accounts. Includes: SAMPLE REPORT (BANK RECONCILIATION) Details: File Size: 24 KB File Format: Word Print Length: 03 pages Publication Date: August 25, 2016 Language:…

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FI 016: Night Auditing Objective: To establish an effective Night Auditing Procedure. "...All Room rates should be verified with the respective contract (If contracted) and or the reservation letter or Email or the details available at the reservation..."…

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FI 007: Cash Float Objective: To guarantee the cash float safety and ensure that the cash float amount is adapted to the activity of the related outlet. "...The contradictory counting and possible discrepancies are formalized and countersigned in…

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FI 018: Payment Control Objective: To ensure that the Hotel only pays for goods and service which are bona-fide purchases. "...If the price shown on the invoice does not agree with the purchase order, the invoice and documentation…

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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…

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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…

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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…

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FI 021: Purchasing Procedure Objective: To ensure that all expenditure incurred by the Hotel is authorised in accordance with stated management policy. "...The requisition may cover several items and may involve purchases from more than one supplier. The…

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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…

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FI 022: Receiving Procedure Objective: The primary objective of receiving is to ensure that the Hotel obtains the quality and quantity of merchandise ordered at the quoted price. "...A log book will be set up for Purchasing Department…

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FI 001: Accounts Payable Objective: To ensure that only valid and authorized payable are recorded and paid, that accounting procedures are implemented to ensure the accuracy of amounts, coding of General Ledger accounts and the appropriate timing of…

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FI 012: Inventory Control Objective: To ensure that goods purchased for use in the operation are kept safely and in good condition until such time as they are required to be used. "...The Store man should on completion…

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FI 002: Accounts Receivable Objective: To ensure that payment for credit extended by the Hotel is received promptly, and in full. "...Requests for billing to a third party will normally be made at the time that the room…

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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…

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FI 025: Unsettled Checks Objective: To ensure that revenue collected is recorded fully and in the correct period. "...Income audit must review all “Unsettled Checks” reports to ensure that the checks were settled on the subsequent shift and…

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FI 006: Cash Disbursement Objective: To ensure the strict control over payments by minimizing cash amounts. "...Paying cash directly to guests is to be avoided (unless a refund is due to them on excess cash that they have…

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FI 017: Paid Outs Objective: To ensure that there is minimum risk of loss to the hotel from paid outs. "...Paying cash directly to guests is to be avoided (unless a refund is due to them on excess…

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FI 019: Personnel and Payroll (Introduction) Objective: To introduce the hotel payment and payroll general role and responsibilities. Details: File Size: 21 KB File Format: Word Print Length: 01 page Publication Date: October 31, 2016 Language: English Editable: Yes

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FI 023: Removal of Fixed Asset Objective: To establish a procedure to ensure that all removals of fixed assets from the Hotel, either on a temporary or permanent basis, are properly documented. "...No fixed assets are to be…