There is no federal threshold limit of bookkeeping for lodging establishments such as hotels, motels, and resorts.
However, some states may have their own thresholds. For example, the state of California requires all businesses with gross receipts of 25,000 or more to keep books and records.
Even if there is no legal requirement to keep books and records, it is still a good idea for lodging establishments to do so. This will help them to track their finances, stay organized, and comply with tax laws.
For further details access our website: https://www.incometax.gov.in
Here are some of the important book keeping records that lodging establishment should keep:
- Cash receipts and disbursements
- Accounts receivable and payable
- Inventory records
- Payroll records
- Depreciation records
- Tax records
By keeping accurate and up-to-date book keeping records, lodging establishments can protect themselves from financial problems and ensure compliance with the law.
Here are some of the benefits of good bookkeeping for lodging establishments:
- Improved financial management
- Increased tax compliance
- Reduced risk of fraud
- Improved decision-making
- Enhanced cash flow management
- Improved customer service
For further details access our website: https://vibrantfinserv.com