FAQ - How do I manage exchange rates?

Libraries > FAQs Library > FAQ - How do I manage exchange rates?

Use the Manage Exchange Rate screen to create new or edit existing rates of exchange. Buy Rate, Sell Rate, and Commission fields are used to calculate exchanges of foreign currency to local currency. Unique rates can be established for each exchange type (cash, checks, postings, settlements, commissions, and membership).

Manage Exchange Rate Screen

Access the Manage Exchange Rate screen from the Cashiering Workspace screen by selecting the Currency Calculator jump. Mandatory fields on the Manage Exchange Rate screen are marked by an asterisk.

FAQ -

Select one or more of the exchange types (cash, check, etc.) to be affected by the exchange rate
Identify the property
Select the currency
Set the date and time the exchange rate is to take effect. The default setting is the current date and time, which can be changed to a future date/time.
Add comments as needed.

Buy Rates, Sell Rates, and Commissions

The Buy Rate, Sell Rate, and Commission fields generate the exchange rate calculations. The Buy Rate field is mandatory. Sell rates and commissions are optional fields.

Buy Rate

The Buy Rate is the number of foreign currency units the property exchanges for one unit of the local currency.

Example: If the local currency is U.S. dollars (USD) and the Euro (EUR) Buy Rate is 3.0, then: 1 USD = 3 EUR

After entering a Buy Rate, the screen automatically displays the exchange rate and ratios (see below).

Buy Rate fields explained

Additional Fields	Description
From Buy Rate	The exchange rate generated automatically by the value placed in the Buy Rate field. It reflects the ratio of foreign currency units to local currency units.
Buy Commission	The commission charged by the property for accepting foreign currency. Enter a percentage; for example, 10 for 10 percent, 8 for eight percent, etc.
Net Buy Rate	The net exchange rate created automatically by the Buy Rate and the Buy Commission. It reflects the impact of the commission.

Sell Rate

The Sell Rate is an optional field. It is the rate the property charges when selling foreign currency; for example, when a guest wishes to exchange local currency for foreign currency, the property "sells" the foreign currency. The Sell Rate field and Sell Commission field work like the Buy Rate in determining values in the From Sell Rate and Net Sell Rate fields.