SOP For Advance Deposits
SOP Number: Finance and Accounting – 28
Department: Accounts Receivable
Date Issued: 8-Aug-2021
Time to Train: 28 Minutes
Purpose of Advance Deposits:
To standardize the method of recording advance deposits on all properties. It is the responsibility of the Controller and General Manager or Front Desk Manager to ensure that the following methods are used to record advance deposits.
Advance Deposits SOP Procedures:
All advance deposits should be logged and restrictively endorsed. The checks are separated as either Rooms or Banquets advance deposits. They should be listed by date of arrival. Copies of the Logs and checks should be made and the actual checks dropped in the drop safe.
A copy of the Log should be given to Accounting. Banquets and Reservations.
2. Reservations should transfer the reservation from their Reservation System. and post the advance deposit in the advance deposit mode They should then run a shift close to balance to the check copies and drop the check copies in their drop envelope.
3. The General Cashier will compare the totals posted by Reservations to the total drop from the original processor and report any overages or shortages with the Consolidated Deposit Over/Short Report.
4. Under no circumstances should any advance deposit receipts be held or not posted on the same or next business day that they are received.
Training Summary Questions:
Q1. Who has to ensure the methods are used to record advance deposits?
Q2. Why should run a shift close to balance and where to drop the check copies?
Q3. Who will compare the totals posted by Reservations to the total drop from the original processor ?
Q4. What are the checks separated as?