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Related To Money Owed: The accounts payable division performs all bookkeeping related to money owed by the hotel to vendors and employees. Payroll checks and cash disbursements—payments for operating expenses, such as utilities, telephone, supplies, and so forth—are produced by this staff.The general cash division performs all bookkeeping related to monies received from clients. The cashier handles cash transactions, including check cashing, guest payments, and invoicing. The auditor keeps track of money owed to the hotel both by guests charging items to their room accounts and by groups and corporate clients.
GRESHAM'S LAW, gresh'amz, in economics, is usually stated as "bad money drives out good." The law stems from the fact that money has a value both as money and as a commodity in the open market. The former value is set arbitrarily by law and is relatively fixed; the latter is determined by supply and demand and varies from time to time, "Good money" has a higher value as a commodity than as money and will disappear from circulation. |
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