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Foreign Currency

Foreign Currency Setup allows you to setup different currency values on a daily basis and have the system calculate, display and print converted values. If you process a transaction which has been flagged as Foreign Currency by selecting Prompt Foreign Currency on the Other Options tab when configuring Account Codes, the foreign currency window will appear.

To show a foreign currency conversion on the Total Stay window and the Add Transaction windows, select** Setup > Configuration > Guest Ledger** and then check the box Show Foreign Currency button on Transaction screen.

There are two ways of updating currencies:

  • Manually via Back Office > Foreign Currency Setup
  • Automatically via iQ-Currency

Setting up Currency Entries

Select the Back Office > Foreign Currency Setup. Press Insert to add a new entry. The system will allow an unlimited number of foreign currency entries. You must enter at least two entries including the base currency. If you have a base currency of U.S. Dollars, enter "US" (or any code) and a description. For Exchange Rate, enter 1. You must have at least one entry with an exchange rate of 1 to indicate the base currency.

Exchange Picture describes the number of decimal places that the currency displays. The system will automatically round to the right most decimal place. The exchange picture must be @nx.y where x is the total places and y is the total decimal places.

PictureDebitCredit
@n-11.21909.01-11901-01
@n-11111909-111909
@n-9.31234.123-1234.123
@n-13.1123212323.1-123212323.1
@n(-11.2)111909.12(11109.12)
@n$-11.2$111909.12-$111909.12
@n11.2-111909.12111909.12-
@n18.711111111.111@1111111.111

Click here for common foreign currency pictures. It is recommended to use the currency picture applicable to the currency being exchanged to.

Currency Types​

There are three options for the currency type: Local, Foreign, and Alternate.

Local - Select this for the most common or base currency. This should have an exchange rate of 1. There can only be one currency designated as Local.

Foreign - Select this option for the second most common currency. This is usually the currency that is most commonly exchanged. Again there can only be one currency designated as Foreign.

Alternate - Select this option for any other currency that is not local or foreign.

Currency Options​

Commission % - Any value here will automatically adjust the entered Exchange Rate by this percentage. This is usually if the hotel is taking a commission from the actual Exchange Rate. Any adjustment because of the Commission % will show in the final Exchange Rate shown to the customer. For example, if the hotel takes 1.25% commission for this exchange, enter 1.25 in the commission percent. With that example, if the exchange rate were .7209, and taking into consideration the 1.25% commission, the actual effective rate that will be used (and shown to the customer) will be .7119 instead of .7209 which is from the following calculation: 1.25% * .7209 = .7119 Using a Commission % is easier than having the person entering the rate having to adjust it for a hotel commission or internal expense. It allows the person entering the rate to enter exactly from the external source without having to do an additional calculation.

Round converted value to the nearest whole unit amount - Rounds the converted values to the nearest whole unit.

Convert and show this total on Folio - Displays the converted amount on the folio using the Exchange Picture selected.

Convert and show this total on POS Receipts - Displays the converted amount on POS Receipts using the Exchange Picture selected.

Display Exchange rate on Folio and POS Receipts - Displays the exchange rate on the Folio or POS receipt only if the converted amount is displayed.

The displays will only show on a printed folio. It will not display on a folio that is just reviewed in the system.

Interface​

The Interface tab is used if you are using the iQ-Currency Link product to automatically download/insert Exchange Rates for you.

Lowest Rate Warning - Highlight any Exchange Rate that is lower than this rate to alert the user there may be an error/issue.

Highest Rate Warning - Highlight any Exchange Rate that is higher than this rate to alert the user there may be an error/issue.

Exclude from Interface Updates - Do not include this rate when linking to the Web Service for currency exchanges.

Calculating Foreign Currencies

Selecting Front Office > Foreign Currency displays the currency converter allowing you to easily exchange one currency for another. This option can appear when adding a transaction as well as when Show Foreign Currency button on Transaction screen is checked.

Local Currency - This is the currency most commonly used at the property, the currency used to post charges on guest folios.

Foreign Currency - This is the currency the guest is using to pay their bill.

Tendered Amount - This is the total amount of foreign currency the guest has given to pay their bill.

Use the following steps to complete a checkout using the currency converter:

  1. Open the guest folio and press CheckOut.
  2. Press the Foreign Currency button on the transaction screen or press Front Office > Foreign Currency.
  3. Select the proper foreign currency of the guest using the drop down box.
  4. In Local Currency, enter the Balance Due from the guest. The converted currency amount will appear in the Foreign Currency field.
  5. Enter the total amount received from the guest in Tendered Amount. The Change Due amounts for both Local and Foreign Currency appear. This is the amount to return to the guest. If you have the proper change in their currency use it. If not, use the local currency.
  6. Select or enter the cash account code and enter the Balance Due in Amount.
  7. Press OK to complete the posting.

Use the following steps to post a partial payment using the currency converter:

  1. Open the guest folio and press Insert to add a transaction.
  2. Press the Foreign Currency button on the transaction screen or press Front Office > Foreign Currency.
  3. Select the proper foreign currency of the guest using the drop down box.
  4. In Tendered Amount, enter the amount of foreign currency the guest has given you. The converted amount will appear as Change Due in the Local Currency section.
  5. Select or enter the cash account code and enter the local currency amount.
  6. Press OK to complete the posting.

Any time an amount is changed in the currency converter, use the Recalc button to recalculate the amounts entered.