Pearson New International Edition International pcl tp indd 1

Overflow (hotel)
Guestrooms that are part of a larger group booking that cannot be
accommodated by a single hotel. Room rates for overflow rooms are often established at a
rate similar to that of the hosting hotel.
Overstay
Guest who checks out of the hotel after his or her originally scheduled check-
out date.
Owner’s equity
What remains after subtracting what the business owes others (its liabilities)
from what the business owns (its assets).
Package
Group of hospitality services (e.g., hotel rooms, meals, and airfare) sold for one price.
For example, a Valentine’s Day getaway package to Las Vegas offered by a travel agent might
include airfare, lodging, meals, and show tickets for two people at one inclusive price.
Paid-outs
Payments made by the front desk for legitimate hotel expenses. Examples include
the purchase of minor office supplies, guest refunds, or other expenses authorized by the
hotel’s FOM and recorded by the appropriate staff member.
Paper trail
Accounting term for trackable, physical evidence that a financial transaction
has occurred.