MEMBERS: Magante, Trisha Mae M. & Gonzales, Job G.

BSHM2E

Bacolod Business Inn

I. METHODS OF ACCOUNT SETTLEMENT

 When it comes to payment, there are numerous options available in HOTEL, including credit
cards, direct billing (bill - to - account), cash or personal check, traveler's checks, or debit cards.
After that, the credit card company settles the guest account by transferring funds against it. This
is commonly referred to as account settlement via direct billing. The front office staff verifies
guest folios and transfers the guest account to a non-guest or city account during direct billing
account settlement. The guest confirms the method of payment during checkout in order to owe
a room.

II. BANKING AND CASH FLOAT PROCEDURES

 Cash float refers to the total amount of checks written and taken off the books of the payer, but
not out of their bank account, and before it is in the back account of the payee, even though they
would have already recorded it in their books. The majority of a hotel's cash requirements are for
outflow rather than inflow: cash is given to customers as change, currency is exchanged as a
courtesy to guests, and tips are paid to employees. This cash must be tracked and accounted for
with the same care that any other service industry manages its cash.

III. MEASURES OF CREDIT CONTROL

 The hotel credits are monetary amounts that can be applied to excursions or upgrades. More
credits for staying longer. So that credit is used for things like going to the spa, golfing, romantic
dinners on the beach, upgraded wine, and so on. Credit control is the process by which your small
business ensures that you only extend credit to customers or clients who can pay you back and
that they pay you on time. Credit control is a business system that ensures credit is only extended
to customers who can pay. Credit control is critical for every business because it reduces the risk
of unpaid invoices and bad debt.