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    Currency

    Setup an alternate currency in RMS.

    Decision Tree

    Alternate Currency provides the ability to advertise rates or charge guests in a currency other than the property's local currency.

    • Information
    • Setup
    • Add Button

    Information

    Alternate Currency provides the ability to advertise rates or charge guests in a currency other than the property's local currency.

    RMS will use the default currency for the property's location unless an Alternate Currency is setup.

    At least one Foreign Exchange Rate must be setup before enabling Alternate Currency in RMS.

    The Foreign Exchange Rates setup in RMS will be used for currency conversion and Foreign Currency Exchange.

    Foreign Exchange Rates must be entered as a static conversion rate to convert the foreign currency into the local currency.

    Exchange rates remain at the static value entered and are not automatically adjusted.

    The Dynamic Exchange Rate option available on Alternate Currency will prompt RMS to check the Foreign Exchange Rate setup each time a transaction is created and use the amount in the setup for conversion whilst the First Transaction option will lock in the exchange rate on the account when the first transaction is created.

    The Transaction Option will determine the currency used for displaying transactions on the account.

    Properties can setup and advertise Rates in alternate currencies with the Transaction Option used to determine if the account is displayed in Local Currency, Rate Currency or if Users are given the option to switch the currency used at any time.

    The following Transaction Options are available for Alternate Currency.

    Transaction Option Description
    Always Use Rate Currency Transactions will be created on the Reservation Account in the currency of the selected Rate Type.
    Always Use Local Currency Transactions will be created on the Reservation Account in the local currency only.
    Switch Between Currencies Transactions will be created on the Reservation Account in the currency selected on the account.



    Rate and Reservation are default System Labels that can be customised.



    System Administrators will require Security Profile access to use this feature.



    • Setup
    • Add Button

    Setup

    Have your System Administrator complete the following.

    1. Go to Setup > Accounting > Foreign Exchange Rates in RMS.
    2. Select the 'Add' icon.
    3. Select a Property.
    4. Enter the Currency Code.
    5. Enter the Currency Name.
    6. Enter the Currency Symbol.
    7. Enter the static Exchange Rate.
    8. Save/Exit.
    9. Go to Setup > Property Options > Property Information in RMS.
    10. Select the 'Edit' icon on an existing Property.
    11. Navigate to the 'Options' tab.
    12. Select the checkbox 'Use Secondary Currency'.
    13. Enter the Daily Password.
    14. Select the Exchange Rate option.
    15. Select the Alternate Currency.
    16. Select the Adjustment General Ledger Account Code.
    17. Select the Transaction Option.
    18. Save/Exit.



    Foreign Exchange Rates must be entered as a static conversion rate to convert the foreign currency into the local currency.

    The Dynamic Exchange Rate option available on Alternate Currency will prompt RMS to check the Foreign Exchange Rate setup each time a transaction is created and use the amount in the setup for conversion whilst the First Transaction option will lock in the exchange rate on the account when the first transaction is created.

    The Transaction Option will determine the currency used for displaying transactions on the account.

    Properties can setup and advertise Rates in alternate currencies with the Transaction Option used to determine if the account is displayed in Local Currency, Rate Currency or if Users are given the option to switch the currency used at any time.



    • Guide
    • Add Button

    Guide

    Go to Setup > Accounting > Foreign Exchange Rates in RMS.

    Select the  'Add' icon.

    Select a Property.

    Enter the Currency Code.

    Enter the Currency Name.

    Enter the Currency Symbol.

    Enter the static Exchange Rate to convert the foreign currency into the local currency.

    Select  'Save/Exit' to store the changes made and leave the setup.

    Go to Setup > Property Options > Property Information in RMS.

    Select the  'Edit' icon on an existing Property.

    Navigate to the 'Options' tab.

    Select the checkbox 'Use Secondary Currency'.

    Enter the Daily Password.

    Select the Exchange Rate option.

    Select the Alternate Currency.

    Select the Adjustment General Ledger Account Code.

    Select the Transaction Option.

    Select  'Save/Exit' to store the changes made and leave the setup.

    Rates will have the option to be setup in the selected alternate currency and the selected Currency View will be used to determine the currency transactions are displayed in on accounts.

    Setup

    Have your System Administrator complete the following.

    1. Go to Setup > Accounting > Foreign Exchange Rates in RMS.
    2. Select the 'Add' icon.
    3. Select a Property.
    4. Enter the Currency Code.
    5. Enter the Currency Name.
    6. Enter the Currency Symbol.
    7. Enter the static Exchange Rate.
    8. Save/Exit.
    9. Go to Setup > Property Options > Property Information in RMS.
    10. Select the 'Edit' icon on an existing Property.
    11. Navigate to the 'Options' tab.
    12. Select the checkbox 'Use Secondary Currency'.
    13. Enter the Daily Password.
    14. Select the Exchange Rate option.
    15. Select the Alternate Currency.
    16. Select the Adjustment General Ledger Account Code.
    17. Select the Transaction Option.
    18. Save/Exit.



    Foreign Exchange Rates must be entered as a static conversion rate to convert the foreign currency into the local currency.

    The Dynamic Exchange Rate option available on Alternate Currency will prompt RMS to check the Foreign Exchange Rate setup each time a transaction is created and use the amount in the setup for conversion whilst the First Transaction option will lock in the exchange rate on the account when the first transaction is created.

    The Transaction Option will determine the currency used for displaying transactions on the account.

    Properties can setup and advertise Rates in alternate currencies with the Transaction Option used to determine if the account is displayed in Local Currency, Rate Currency or if Users are given the option to switch the currency used at any time.



    • Guide
    • Add Button

    Guide

    Go to Setup > Accounting > Foreign Exchange Rates in RMS.

    Select the  'Add' icon.

    Select a Property.

    Enter the Currency Code.

    Enter the Currency Name.

    Enter the Currency Symbol.

    Enter the static Exchange Rate to convert the foreign currency into the local currency.

    Select  'Save/Exit' to store the changes made and leave the setup.

    Go to Setup > Property Options > Property Information in RMS.

    Select the  'Edit' icon on an existing Property.

    Navigate to the 'Options' tab.

    Select the checkbox 'Use Secondary Currency'.

    Enter the Daily Password.

    Select the Exchange Rate option.

    Select the Alternate Currency.

    Select the Adjustment General Ledger Account Code.

    Select the Transaction Option.

    Select  'Save/Exit' to store the changes made and leave the setup.

    Rates will have the option to be setup in the selected alternate currency and the selected Currency View will be used to determine the currency transactions are displayed in on accounts.




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