Terms And Meanings Flashcards
(168 cards)
Account receivables
The amount of money an organization has the right to receive within some specified period (say 30 days) against the delivery of products/services.
Corporate guests
Corporate guests—frequent guests who are employed by a company and receive a
special room rate
Conventionguests
Convention guests—guests who attend a large convention and receive a special
room rate
ADR full form and formula
Average daily rate
Room revenue/ number of rooms
What is rev par
It is how much revenue is generated per room against total inventory
Rev par formula
ADR x OCC
Total revenue divided by the number of rooms available for sale
Account balance
Difference between charge and credits in an account
Cancellation charges
They are the charges borne by the guest on cancellation of a confirmed reservation or for not showing-up on confirmed reservation.
Concierge
Information desk that assists guests for transportation, booking of events outside the hotel.
GRC
Guest Registration Card, which the guest needs to fill in with personal formation at the time of registration.
IP-PBX
Internet Protocol Private Branch Exchange, where internet protocol is used for call transmission.
PBX
Private Branch Exchange, a private network of telephones within an organization.
POS
Acronym for Point of Sale. It is the revenue generating place in the hotel where retail transactions are carried out
Nerve centre of the hotel property
Front office
Which two functions are important of a front desk operations
Communications and accounting
What is total quality management
TQM is a management technique that encourages managers to look critically at processes used to produce products and services
What is average daily rate(ADR)
Average selling price of all guest rooms for a given time period
Yield percentage
The effectiveness of a hotel at selling it’s rooms at the highest rate available to the most profitable guest, reveals a facilitys success in selling it’s room inventory on a daily basis
Gross operation profit per available room ( GOPPAR)
Is defined as total gross operating profit per available room per day
Revenue per available customer ( RevPac)
It represents the total revenue generated by a single customer
Access time
The amount of time required for a processor to retrieve information from the hard drive; recorded in milliseconds
Accounts payable
Financial obligations the hotel owes to private and government-related agencies and vendors
Aging of accounts
Indication of the stage of the payment cycle eg 10 days old, 30 days overdue, 60 days overdue
All- suites
A level of service provided by a hotel for a guest who desires an at- home atmosphere