Pinoy Hotelier

Principles of Hotel Cash Management

Hotel cash management refers to the set of procedures and standards for the handling, processing and transfer of cash inside a hotel.

Some of the principles of hotel cash management are the following:

• Bookkeeping and cash handling must be separated from each other.
• Cash handling must be separated into cash payment and cash receipt.
• Incoming and outgoing cash should be safeguarded in the cash register.
• All payments must use bank transactions; every transaction must leave a paper trail.
• Related to the above, all documents must have a serial number; it must be easy to identify one document from another, even if the same form.
• There should be daily bank deposits. (Of course, incoming cash during Saturdays and Sundays should be deposited on Monday; incoming cash during holidays must be deposited immediately the next banking day.)
• Consistent internal and external audit must be implemented.
• There should be an inventory of cash on a random basis, at least once a month.
• The vouchers must be used, even if there is a computerized system.