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Accounting Division. Key Terms . Financial Transaction: The process of buying something and paying for it Ledger: The book that the financial transactions are recorded in (all done online now)
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Key Terms • Financial Transaction: The process of buying something and paying for it • Ledger: The book that the financial transactions are recorded in (all done online now) • Accounting: A system of recording and summarizing financial transactions and analyzing and reporting the results
Functions of the Accounting Division • 1. Keep Track of Transactions • Restaurant, Reservations, Gift shop, anything purchased • Payroll • Taxes • 2. Make Payments and Deposits • Pay bills, send out invoices, make deposits • 3. Categorize Transactions • Accounts: a financial record that lists transactions and shows the balance.
Functions of the Accounting Division • 4. Control Costs • Monitors the costs of items purchased by the business • 5. Prepare Financial Statements • Balance sheet: shows the financial value of the company on a specific date • Income statement: summarizes all the revenue made and all the expenses paid out during a time period • Cash flow statement: Shows the ways that cash moves in and out of the business during a time period
Jobs/Departments • The Controller • Oversees all operations of the accounting department and supervises the accounting staff. He/She reports directly to the general manager. • Departments Within Accounting • Accounts Receivable • Accounts Payable • Night Audit • Food and Beverage Controller
Skills and Technology • Personal Qualities and Skills • Math skills, attention to detail, computing skills, administrative skills, organizational skills, problem solving skills, etc. • V. Technological Innovations • Property Management System • Point of Sale computing
Questions • 1. What is the difference between a debit and a credit? • 2. List the five main functions of the accounting division • 3. Name the 2 types of software used in the hospitality industry to keep track of financial transactions • 4. How does the accounting department help a business control costs? • 5. List the 3 basic financial statements • 6. Name the person in charge of the accounting division • 7. List the 4 departments within accounting and what each does • 8. What is an audit • 9. Name 4 qualities that workers in the accounting department should have • 10. Why do the front office and the accounting division need to work together?