Hotel Accounting guide

Vendor Payment Runs With NEFT Bank Files

Pay vendors in one run, MSME suppliers first, with an NEFT bank file, remittance advice, retention and advances handled, and a single journal.

You clear what is due in one sitting. Before this, approved bills just sat there: nothing paid them, every one showed as open, and the creditors balance only kept growing.

Building the run

Pick a date and the run lists what falls due by then:

MSME suppliers first, then the rest by due date
Advances already paid are adjusted
Retention held under a contract stays held
Debit notes against the vendor are netted off

You can add or remove bills. Before any money moves, the run shows the total for each bank account.

Making the payment

One journal per run: creditors debited, bank credited
An NEFT file in your bank's format
An email advice to each vendor listing the bills paid and any deductions

The TDS withheld goes onto its own challan.

Commissions and management fees

Two kinds of payee never send you a bill. A travel agent is owed commission, and your group earns a management fee as a percentage of hotel revenue. Both are calculated from the period's records and become bills paid in the run like any other.

Other Hotel Accounting guides

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