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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?