HFTO Launches 10th Edition of Uniform System of Accounts
Updates 9th Edition Published in 1995
AUSTIN, TX, November 2, 2006. Hospitality Financial and Technology Professionals (HFTP(R)) will launch the new 10th edition of the Uniform System of Accounts for the Lodging Industry (USALI) at the BAHA Annual Hospitality Finance and IT Conference in Heathrow (London), U.K. HFTP Immediate Past President Ralph Miller, CA, CBV, CHA, CHAE, will present delegates with an overview of changes to the newest version which is greatly expanded from its predecessor, published in 1995. The 10th edition reflects the evolution of business practices as the industry has changed, and has eliminated inconsistencies in operating reports among lodging properties and management companies.
"The USALI has long been an important reference for the lodging industry," said Miller. "As a representative of all of the HFTP members who assisted in this project, I am delighted to be able to share our expertise with a sister organization in the United Kingdom."
The British Association for Hospitality Accountant's (BAHA) Annual Hospitality Finance and IT Conference provides delegates the opportunity to hear expert industry speakers sharing their views on the hottest issues in financial management and control in highly interactive sessions. The conference is being held Thursday, Nov 2 through Friday Nov 3. Miller's presentation will be at 12:30 on Friday afternoon.
The updated USALI was produced in collaboration with HFTP, the Hotel Association of New York City, the American Hotel & Lodging Association (AH&LA) and AH&LA's Educational Institute. Revisions for the 10th edition began in the summer of 2002 and were overseen by the AH&LA Financial Management Committee, which includes HFTP members. The first Uniform System of Accounts for the Lodging Industry was published in 1925, and was the precipitating project that brought financial executives together to form what has become HFTP.
"Our goal was to create a reference that would align with the current characteristics of the lodging industry and provide a structure that emphasizes consistency and practicality," said Melvyn Wilinsky, CPA, chair of the AH&LA Financial Management Committee; EVP and CFO for Outrigger Enterprises; and an HFTP member.
"Since HFTP's beginning, the publication of this book has been a major part of the association's roots," said Frank I. Wolfe, HFTP executive vice president and CEO. "The association has been an integral figure in the book's evolution, and it was only natural to continue our contribution as the industry changes."
In addition to general input from HFTP, an HFTP sub-committee totally overhauled the Expense Dictionary. The dictionary is now more user-friendly as a result of including "two" Expense Dictionaries. One is sorted alphabetically followed by the department or departments to which the expense is charged and then the specific line item or account name. The other is organized alphabetically, first by department and then by expenses appropriate to that department. In both sections of the Expense Dictionary, many items are repeated under different names so that users can more easily find an expense item based on what they perceive as the correct item name.
For more information or to order the USALI, 10th Edition, contact the AH&LA Educational Institute at (800) 752-4567 or (517) 372-8800.
Based in Austin, Texas, HFTP is the professional association for financial and technology personnel working in hotels, resorts, clubs, casinos, restaurants and other hospitality-related businesses. The association provides continuing education and networking opportunities to more than 4,500 members around the world, and produces the premiere hospitality technology shows HITEC and EHTEC, as well as the new Caribbean Hotel Finance and Technology Conference. HFTP also administers the examination and awards the certification for the Certified Hospitality Accountant Executive (CHAE) and the Certified Hospitality Technology Professional (CHTP) designations. HFTP was founded in 1952 as the National Association of Hotel Accountants.
HFTP(R) and HITEC(R) are registered service marks of Hospitality Financial and Technology Professionals.
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