hotelrevenueaccountingcontrol（6页）.docVIP

HOTEL REVENUE ACCOUNTING CONTROL Business Transaction: The exchange of goods, property or services for cash or a promise to pay Revenue (sales) - Expenses = Income I-Revenue Centers: 1. Categories of revenue centers Major revenue centers (i.e. Rooms, Food Beverage) Minor revenue centers: Telephone Gift shops Newsstand Valet Laundry Barbershop or beauty salon Recreation centers 2. Revenue centers and financial reports ( Issue supporting schedules or departmental income statements for each revenue center. ( Separate food beverage revenue center into two: Food schedule and Beverage schedule ( Might use more than one account for Food and also for Beverage ( If the sales volume and expense items are not significant, they might be pooled to a single financial reporting category called other operated departments ( The functions associated with some minor revenue centers may be leased to a Concessionaire, and hence appear on hotels schedule of rental and other income 3. Fundamental revenue concepts ( Sales and the matching principle! ( Upon deposit receipt, cash shall be debited, and unearned revenue, deposits or credit balances shall be credited Revenue accounts Room sales Room allowances (Contra revenue account) Food sales Food allowances (Contra revenue account) Beverage sales Beverage allowances (Contra revenue account) Other income-- Food and Beverage department Telephone sales Telephone allowances (Contra revenue account) Other accounts for income earned by the hotel (ex: interest income, dividend income, rental income, concessions income, commissions income, vending machines income (less the cost of merchandise sold), salvage income, and foreign exchange income) ( Net revenue = gross revenue - allowances ( Gross profit = net revenue - cost of sales (merchandise items) ( Gross profit = Net Revenue (ex: for room revenue) II-Internal Control for Food and Beverage Sales: 1. Guest Check (also called Servers Checks): This initiates the Food Beverage