Travel Agency Accounting

[Laurie P]

Hi all,

I have searched for an hour online and really could not find any info out there to see if there are any special accounting to consider for the travel agency industry.

I am looking for information related to revenue recognition and prepayments of travel/tours and how to handle correctly for an accrual based agency. I am thinking that revenue would be recognized based upon date of travel and any deposits would be a liability while any Prepayments to vendors would be an asset.

If anyone can point me to something that would be great or if you have experience with this and can give me some feedback that would be great.

Thanks,

Laurie