Creating Currency Exchange Rates

Currency exchange rates can vary depending on the type of transaction being conducted, such as settlement, or posting restaurant charges, or cashing traveler's checks. In addition, exchange rates for buying foreign currency (the usual foreign currency exchange transaction) can also differ from exchange rates for selling foreign currency. Exchange rates are time and date sensitive; they are set up to become effective on a certain date/time and remain in-effect until they are superseded by a rate with a newer effective date. Finally, exchange rates can include a percentage of commission that the property charges for handling the exchange.

Follow these steps to create a currency exchange rate:

1. From the Application menu, select Financials, select Cashiering, and then select Currency Calculator.
2. Click the I Want To . . . menu and select Manage Exchange Rates.
3. Click New.
   Click the vertical ellipsis next to the New button to view past exchange rates or future exchange rates.
4. Select one or more check boxes indicating the exchange covered by the new exchange rate. Exchange type options are:
   1. Cash – for performing cash currency exchanges.
   2. Check – for performing foreign currency traveler's check exchange.
   3. Settlement – for posting a settlement (payment) in foreign currency.
   4. Posting – for posting charges in a foreign currency. You can use this for accommodation and package item charges from rate code and package elements configured in another currency.
   5. Commission – used when performing commission payments.
   6. Certificate – for printing an e-certificate voucher (OCIS e-certificates).
   7. Membership – used to calculate membership points in a different currency other than the property’s local currency.
5. Enter or confirm the Property.
6. Select the Currency. The exchange rate will apply to the currency you select.
7. Enter the Begin Date of the exchange rate (the effective date and time for the current exchange rate).
8. Enter a Begin Time of the exchange rate.
9. Enter the Buy Rate / From Buy Rate.
   1. Buy Rate: When buying foreign currency, one unit of the local currency equals this many units of the foreign currency.
   2. From Buy Rate: When buying foreign currency, one unit of the foreign currency equals this many units of the local currency.
10. Enter the Buy Commission. This is the commission percentage the property charges for accepting foreign currency.
11. Enter the Net Buy Rate. This view-only field shows the effective exchange rate (Net Buy Rate = Buy Rate + [Buy Rate x Buy Commission] / 100).
12. The following section applies when the Sell Currency parameter is active:
    1. Enter the Sell Rate / From Sell Rate. Enter either the Sell Rate or the From Sell Rate. OPERA Cloud will calculate the complementary exchange rate and display both exchange transactions in the Exchange Info area.

       • Sell Rate. When selling foreign currency, one unit of the local currency equals this many units of the foreign currency.

       • From Sell Rate. When selling foreign currency, one unit of the foreign currency equals this many units of the local currency.

    2. Enter the Sell Commission. If a commission is charged for this kind of currency exchange, enter the percentage of the Sell Rate charged as a commission.
    3. Enter the Sell Commission. If a commission is charged for this kind of currency exchange, enter the percentage of the Sell Rate charged as a commission.
    4. Enter the Net Sell Rate. This view-only field shows the effective exchange rate (Net Sell Rate = Sell Rate - [Sell Rate x Sell Commission] / 100).
13. Click Save.
    See related help topic: Calculating Currency Exchanges