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Chapter 8 Front Office Accounting

1. Competencies for Front Office Accounting . Summarize front office accounting fundamentals, including issues surrounding accounts, folios, vouchers, points of sale, and ledgers.Describe the process of creating and maintaining front office accounts.Describe typical procedures for processing and

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Chapter 8 Front Office Accounting

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    1. Chapter 8 Front Office Accounting Managing Front Office Operations Seventh Edition (333TXT or 333CIN)

    2. 1 Competencies for Front Office Accounting Summarize front office accounting fundamentals, including issues surrounding accounts, folios, vouchers, points of sale, and ledgers. Describe the process of creating and maintaining front office accounts. Describe typical procedures for processing and tracking common front office accounting transactions. Describe internal control procedures for front office operations and explain typical settlement procedures.

    3. 2 Front Office Accounting Fundamentals ? Create/maintain accurate account files ? Track financial transactions ? Ensure internal control ? Record settlement ? Accounts ? Folios ? Vouchers ? Point-of-sale systems ? Ledgers

    4. 3 Types of Folios ? Guest folios ? Master folios ? Non-guest folios ? Employee folios ? Special request folios (split folios, for example)

    5. 4 Guest/City Ledgers Guest ledger: ? Accounts of registered guests ? Accounts of advance deposits from future guests (credit balance) ? Front office collects City ledger (non-guest ledger): ? Guest ledgers not paid in full at check out ? Accounting department collects

    6. 5 Front Office Accounting Formula Previous Balance + Debits – Credits = Net Outstanding Balance

    7. 6 Front Office Transactions ? Cash payment ? Charge purchase ? Account correction ? Account allowance ? Account transfer ? Cash advance

    8. 7 Internal Control Functions ? Track transaction documents ? Verify account entries and balances ? Identify vulnerabilities in the accounting system

    9. 8 Cash Banks ? Bank limit ? Net cash receipts ? Overage/shortage ? Due back

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