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IA- Regional Presentation
Transcript of IA- Regional Presentation
A - L
M - Z
How to "Audit" Your property
Folio Audit Trail Review
Audit Pack Reviewed/Signed
Dipp & Drop Procedures
Reconcile Sold to Clean
Room Adjustments Documented
Refund Cash Form
Paid Out Receipts
Credit Checklist Reviewed
CASH IN DRAWER
IS LESS THAN
TACC AND KEY
Any deposit discrepancies
and/or late deposits must be
emailed to Acct-Revenue-Deposits
Balance AR Bucket weekly (at least every 8 days)
Checks are recorded immediately and applied correctly
Collection Efforts are timely and documented
SKIPS are pursued for collection
Undistributed payments are applied
Write off are processed correctly
Keys to Low AR Balances
Effective Hiring &
Review Active Employee Listing each pay period
Secure Personnel Files
Complete the I-9 process timely
Ensure employees sign for Hours Worked each pay period
Ensure employees sign for time adjustments each pay period
Audit Employee files periodically
-Vacant/Out of Order Rooms
-Tax Exempt Certificates /
COMP Rooms Testing
Folio Audit Trail is your
effective way of maintaining controls at
orning review time is saved
ccounting practices are promoted
raining opportunities are identified
BITDA loss and revenue
risks are minimized
The Folio Audit Trail is a
in the field!
- Emergency Small Business Expense
- $100 Maximum
- Vendors should be paid with Pcard or AP
- Accurate Coding
Critical for accurate P&L presentation.
- Expense Posted on day cash is spent
Payments to Employees
- Wages should
be paid using petty cash
-Baggage Tips through payroll
-Bonus through payroll
- Reimbursements for mileage and business purchases are the ONLY reason for cash to employees.
-Must be documented well and have signatures
- GM Reimbursement must always use OOP
- No Gifts/Gift cards through Paid Outs
Paid Out Transactions
1) PCARD Close print statement and receipts taped to paper in order of statement.
2) Code each purchase correctly - critical for accurate financial statement presentation.
3) At month end, code all "transactions to date" purchases prior to period close.
4) CAP EX purchases - receipt fax/email to acct-fixed assets
5) Personal Purchases
- Email RVP and cc Acct-PCard and Internal Audit
- Write Check for total amount of purchase
- Mail completed "Reimbursement Form" with personal Check and copy of email from RVP in separate envelope, ATTN PCARD.
- All Gift Card purchases require PRIOR written approval from RVP. Should be purchased from recommended Vendors.
- Gift Card Acceptance Form must be completed for all gift cards – send copy to payroll and keep a copy in pcard packet.
Gross Up Calculation
Federal Income Tax
$25 gift card = Tax of 30.65%
$36.05 * 30.65% = $11.05
$25 + $11.05 =
AR Write Offs
Centralized Risk Audits (CRA)
GM will receive an Email from Internal Audit with the list of all documents to provide.
GM must email or fax all documents to Internal audit within 1- 2 weeks.
Internal Audit will release a score to the GM, RVP, and EVP.
GM will complete an action plan if the score is failing.