Hotel accounting system - Case Study Example

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Hotel accounting system

The lodging industry was apparently one of the first industries to enlarge “definitive standards to provide precise regulation to accountants and operators. The standards evolved since consistency of layout and arrangements were, and are, still not strained under U.S. Generally Accepted Accounting Principles (GAAP)." Those standards were and are controlled in the Uniform System of Accounts for the Lodging Industry (USALI), which is published by the American Hotel and Motel Association. The USALI itself provides for up to 30 departmental statements, which include, in addition to those previously mentioned: telecommunications, garage and parking, golf shop, golf pro shop, guest laundry, health center, swimming pool, tennis, tennis pro shop, other operated departments, rentals and other income, human resources, information services, security, franchise fees, management fees, rent, property taxes and insurance, interest expense, depreciation and amortization, income taxes, house laundry, salaries and wages and payroll taxes and employee benefits. (Collins, M. & Parsa, H. 2006)The principal differences between hotel's transactions and internal control and those of additional businesses are found in the revenue cycle. Room revenue is the mainly significant source of income to hotel. The front desk is the center of the hotel's operation and the place where the guest ledger, which abridges and accrues all charges to guests using the hotel facilities, is maintained. ...
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The lodging industry was apparently one of the first industries to enlarge “definitive standards to provide precise regulation to accountants and operators. The standards evolved since consistency of layout and arrangements were, and are, still not strained under U.S. …
Author : wolffvernon

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