Remittance

Overview

Guests may make payments in cash or by cheque at the reception. These payments are stored in the cash drawer and periodically reconciled against recorded transactions. This process, known as Cash Clearance in Maxxton Software, ensures that the physical cash aligns with the system records. Once the cash has been verified, it is placed in a safe for secure storage. The system also provides visibility into all cash and cheque transactions, supports denomination entry, and generates journal reports to assist accounting teams in reconciling collected funds with financial records.

What is remittance?

The cash from the safe is handed over to a third-party security company, which is responsible for securely depositing the funds into the bank. This process of transferring or sending cash from one party to another is referred to as Remittance.

Remittance involves collecting cash from the safe and cheques or ANCV cheques (a type of holiday voucher) from the reception drawers. These are then handed over to a third-party service provider for a secure bank deposit. The funds being transferred are referred to as in transit.

There are two types of remittance:

• Location-specific remittance: All transactions and remittance activities occur at the same physical location where the guest is staying.

• Headquarter (HQ) remittance: Transactions and remittances are centrally managed by the headquarters, regardless of where the guest is staying.