Guest Charges, Payment, and Check-out. Chapter 11. Accounting for Guest Charges. Guest charges can include: Guest room charges Taxes related to the sale of guest rooms Guest-initiated room telephone charges Food and beverage and other product/services purchases charged to the guest’s room
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Assets = Liabilities + Owner’s Equity
Total Monthly Allowances and Adjustments = Total Room
Room Allowance and Adjustment % Revenue
Payment card processing:
Address Verification Service (AVS): A company that, for a fee, allows access to its database of current addresses.
Chargeback: Payment card charges disallowed (reversed) when a cardholder successfully protests the legitimacy of the charge or because the hotel made an error in processing it.
3. Completion of transaction
4. Receipt of funds
SOF: Short for “Signature on File”; refers to a signature obtained from a guest at check-in.