This 4 week full-time course of study focuses on the process of understanding hotel & restaurant financial statements and financial planning for success.

Text:
Basic Hotel & Restaurant Accounting, Fifth Edition
Raymond Cote
Educational Institute of the American Hotel and Lodging Association

Duration:   4 WEEKS - 100 HOURS
  
Introduction to Accounting; Users of accounting, corporate accounting, the accounting profession, government and professional organizations and generally accepted accounting principles.

Business formation, taxation and insurance: Initial planning strategy, business formation, proprietorship, partnership corporation, limited liability company. Taxation of business income, insuring the business.  

Introduction to Financial Statements: Basic financial statements, statement of income, revenue, cost of sales, gross profit, operating expenses, equity statements, Balance Sheet, Statement of Cash flows.

Analysis of Balance Sheet Accounts: Asset classification, current asset accounts, non-current asset accounts, liability classification, current liability accounts, bonds and equity classification.

Analysis of Income Statement Accounts: Revenue Classification, Sales Accounting, Expense classification, cost of sales expense, Inventory systems, depreciation.

The Bookkeeping Process: 21st Century Bookkeeping, bookkeeping accounts, analyzing business transactions, analyzing 21 universal transactions, debits and credits.

General Ledger Software and Computerized Accounting: Advantages of computerized systems, input, output, on line accounting, standard general ledger modules, accounting cycle, journalizing monthly transaction, end of month accounting.

Restaurant Accounting: Restaurant Income statement, food sales accounting, beverage sales accounting, cost of sales, operating expenses, restaurant balance sheet, chart of accounts for restaurants, food and beverage ratio analysis, food sales statistics and analysis, beverage sales statistics.

Hotel Accounting:  Hotel income statement, departmental statements, revenue accounting, expense accounting, hotels with casinos, hotel balance sheet.  Chart of accounts for hotels, operating ratios.

Internal Control of Cash: Definitions of control, bank reconciliation.

How to read and Analyze Financial Statements:  Financial Statement package, the money illusion, overview of analytical methods, the income statement, the balance sheet and the statement of cash flows.

Upon successful completion of the exam, you will earn a Certificate from the Educational Institute of the American Hotel and Lodging Association.