SOP For Vendor Credit Letter
SOP Number: Finance and Accounting – 25
Department: Accounts Payable
Date Issued: 8-Aug-2021
Time to Train: 25 Minutes
Purpose of Vendor Credit Letter :
This policy defines a standard form for obtaining credit from vendors on behalf of a hotel managed by Your own Hospitality. It is the responsibility of the Controller to provide vendors with a clear outline of information regarding ownership.
Vendor Credit Letter SOP Procedures:
The following information should be prepared on property letterhead to establish credit with vendors:
OWNER'S NAME Legal ownership of Hotel
MANAGING AGENT Legal Managing Co. name not "Your own Hospitality"
TRADE NAME d/b/a Name of Hotel
MAILING ADDRESS Address with "Attn: Accounts Payable"
TELEPHONE Hotel number or DDA for Accounts Payable
CONTACT Accounts Payable
BANK Bank used for Operating Account
OFFICE Bank Officer contact
THREE VEND OR REFERENCES
Name:__________________ Name:__________________ Name:__________________
Address:________________ Address:_________________ Address:_________________
Telephone:______________ Telephone:_______________ Telephone:________________
Contact:________________ Contact:_________________ Contact:_________________
Note: If you need further information, please do not hesitate to contact the Hotel Controller.
Training Summary Questions:
Q1. What is the purpose of a vendor credit letter?
Q2. What information should be included to establish credit with vendors?