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Additional resources for CTH Finance for Tourism and Hospitality
The purchase invoice must not be passed for payment until it is also certain that the goods being invoiced have actually been received in good condition by the organisation. The evidence of receipt of the goods is the goods received note which will normally either be filed with the purchase order or separately in the stores department. When the goods received note is checked to the purchase invoice it is important to note two things in particular: The goods received note should adequately describe the goods that were actually received and these should be exactly the same as the goods described on the supplier's invoice.
4. Post the amount of the pre-payment. Debit – Prepayments account Credit – Expense account Invoice received Debit Expenses account Credit Creditors' account Payment made Expense in P&L account Part that relates to current accounting period Part that relates to later accounting period Prepayment. An asset in the balance sheet, not charged as expense in the P&L account E X A M P L E Prepayments are expenses which have been paid in advance (or for which an invoice demanding payment has been received) but which relate to a future accounting period, and so should be an expense in the P&L account of that future period.
In the hospitality and tourist industry many of the sales generated are cash based. For example, in a restaurant, hotel, bar, theatre, art gallery or any retail outlet, customers will have paid for the goods or services received before they leave the premises. Hotel guests generally build up credit overnight or over a few days and at the end of their stay, the credit will be settled as the bill is paid. Some businesses eg, holiday companies dealing with travel agents, will offer credit over a longer period and a substantial amount of their sales will be generated in this way.