Please advice to book Total Sales in Hotel Business. My client has hotel and Sales streams are Restaurant, Banquet and Rooms Accommodation. For Banquet, Catering and Rooms we receive Advance payment which is later on adjusted against final bill.But since there are numerous transaction of Advance how to book Exact Sales?? I mean do we need to create Advance A/C for each customer and then later pass JE to convert this to income?
I would appreciate your response in regard to Accounting for Advance payment received and then converted to Sales ??
CAclubindia
