Hotel Glossary Terms

The International Air Transport Association (IATA) is a trade association of the world's airlines founded in 1945. IATA has been described as a cartel since, in addition to setting technical standards for the airline, IATA also organised tariff conferences that served as a forum for price-fixing.

A multi-featured phone that may include such functions as two-way speakerphone capability; a jack for portable computer use; an alarm clock; radio; remote control of heating, ventilating, and air conditioning, television, and room lights; energy management; and a theft alarm.

Guest room entertainment provided through a dedicated television pay channel. Charges for the use of this in-room entertainment are posted to the appropriate guest folio.

In-House is the all guest that are registered with the Hotel.

In-house laundry is a hotel-operated department that launders linens, uniforms, bed-spreads, etc.

In-room guest checkout is a feature of the property management system that allows the guest to use a guest room television to check out of a hotel.

What is an Incentive program in Hotel Industry?

A program offering special recognition and rewards to employees based on their ability to meet certain conditions. These programs vary in structure and design and are a way to award exceptional performance beyond the paycheck.

Travel financed by a business as an employee incentive.

A tour in which specific elements like airfare, hotels, transfers, etc. are included for a flat rate. An inclusive tour rate does not necessarily cover all costs.

Income ratio  is the basis for dividing both net income and net loss in a partnership.

Income statement is a report on the profitability of operations, including revenues earned and expenses incurred in generating the revenues for the period covered by the statement.

Income statement is a financial statement showing money earned from sales of goods and services, less expenses incurred to earn that income, for a period of time; sometimes referred to as the profit and loss statement.

Income summary is an account that receives the sums of all sales revenue and expense accounts when they are closed to a zero balance. The final balance of the income summary account will represent net income
or net loss which is transferred to the capital account(s) or the retained earnings account.

Incremental budgeting is a method of budgeting whereby an increase, generally on a percentage basis,is automatically applied to last year’s budget. 

An operation owned by an owner or owners with one or more properties having no chain relationship. Menus, food purchase specifications, operating procedures, etc. may differ among the owned properties.