16 February 2015
Sir, I am approached by a person to account for his hotel business transactions. I have never accounted for a hotel business before this. i would like to know whether there are any special features that has to be considered while accounting. Also i would like to introduce some internal control mechanisms that would facilitate his business.
17 February 2015
Think about the transactions of Hotel Industry.How they get income and what they have to spend to earn such income.IS it Restaurant and Lodging? For Restaurant: Vegetables,Milk,Non Vegetarian purchases may not have bills.Get vouchers prepared for them and obtain receiver signatures.For other provisions,Oils, Gas etc., obtain proper VAT Bills.Sales can be divided into 1.Credit Card Sales.2.Cash Sales. For Room Rents, check the liability of Luxury Tax. For Staff- comply with ESI,PF rules.Profession tax also.All Kitchen Eqipment can be treated as Plant & Machinery.
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