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Processes
Session 60
Cash Handling
Foundation Certificate in International
Hospitality Management
Session Objectives
By the end of this session you will be able to
Understand the importance of Cash Handling
Describe the process for tracking transactions
Types of Transitions
How to handle Foreign Exchange
Tracking Transactions
Types of Transactions
There are a variety of transactions as:
Cash Payment
Charge Purchase
Account Correction
Account Allowance
Account transfer
Cash Advance
Cash Payment
Cash payments reduce a guests net outstanding
balance are posted as credits to the guest
thereby decreasing the balance of the account
A cash voucher is used to support such
transactions.
Charge Purchase
These represent deferred payment transactions.
The buyer /guest receives the goods and
services from the hotel but chooses to pay for
them later. Thus increasing the outstanding
balance.
A charge voucher takes care of the same. This
is filled up by the POS and handed over to the
front desk
Account Correction
It resolves an account correction posting error on
a folio
This is usually made on the same day the error is
made, before the close of business
Correction Voucher is used here
The correction may increase or decrease the
account balance
Allowance
It involves 2 types of transactions.
For service recovery
A posting error noted after the close of
business (after Night Audit)
An allowance voucher is used
It requires management approval
Vouchers
Account transfer
A transfer voucher supports the reduction in
balance on the originating folio and the
increase in balance in the destination folio
Cash advance
An advance voucher is used
If guests want cash advance against the room
this is supported by the cash voucher
Internal Control
It involves tracking transaction documentation
Verifying account entries and balances
Identifying vulnerabilities in the accounting
system
Auditing is the process of verifying FO records
for accuracy and completeness
under Academic
supervision
of
Crtsy:. The
Taj President
Foreign Exchange
Essentials
Regulated by RBI
Each hotel has to get valid authorization to deal
in FOREX
The Front office cashier is the authorized person
on behalf of the management who earns
FOREX.
The daily exchange rate should be displayed for
guests but these vary from time to time.
under Academic supervision of
Thank
Recap Objectives
Now You are able to:
Understand the importance of Cash Handling
Describe the process for tracking transactions
Types of Transitions
How to handle Foreign Exchange