What is the meaning / definition of Outstanding Balance Report in the hospitality industry?
This report contains all the listings of a guest’s folios that are unpaid or due to be paid by a guest. This sheet is used to record the total charges and amount that needs to be paid by the guest on departure. This information is then copied into a guests folio when the guest is ready to check-out.
This sheet is also used to determine the potential revenue generated by an outlet and what profits are except in the near-future. Through this sheet a hotel can determined the overall near-future profit by a guest.
An average outstanding balance is the unpaid, interest-bearing balance of a loan or loan portfolio averaged over a period of time, usually one month. The average outstanding balance also refers to any term, instalment, revolving or credit card debt on which interest is charged.
- Point of Sales