Managing Currency Exchange Rates

Currency exchange rates can vary depending on the type of transaction being conducted, such as posting settlement in a foreign currency or calculating agent commission or member points for foreign currency rates and charges. 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time and date sensitive; they are set up to become effective on a certain date/time and remain in-effect until they are superseded by an exchange rate with a newer effective date.

Adding Currency Exchange Rates

From the Application menu, select Financials, select Cashiering, and then select Currency Calculator.
Click the I Want To . . . and select Manage Exchange Rates.
Click New and enter the following details:
1. Exchange Types: Select one or more check boxes indicating the exchange types covered by the new exchange rate.
  1. Cash – for cash currency exchanges.
  2. Check – for 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 for commission calculation on foreign currency commission bank accounts.
  6. Certificate –Certificate – used for printing an e-certificate voucher (Available when the Loyalty eCertificates OPERA Control is active).
  7. Membership – used for member point calculation on foreign currency rates/charges..
2. Property: Enter or select the property.
3. Currency: Select the currency from the list.
4. Begin Date : Enter or select the start date for the exchange rate.
5. Begin Time : Enter the start time for the exchange rate.
6. Buy Rate / From Buy Rate: Enter either the Buy Rate or the From Buy Rate. OPERA Cloud will calculate the complementary exchange rate and display both exchange transactions in the Exchange Info area.
  - Buy Rate: When buying foreign currency, one unit of the local currency equals this many units of the foreign currency.
  - From Buy Rate: When buying foreign currency, one unit of the foreign currency equals this many units of the local currency.
  For example, assume US Dollars is the local currency and you are setting rates for buying Euros. When buying Euros you want 1 USD to equal 0.770471 EUR; therefore, you enter 0.770471 in the Buy Rate field. OPERA Cloud will calculate the From Buy Rate and automatically enter 1.297907... in the From Buy Rate field. The Exchange Info area will summarize the buy exchange rate as follows:
  
  1 USD = 0.770471 EUR
  
  1 EUR = 1.297907 USD
7. Buy Commission: Enter a Forex commission percentage to charge.
8. Net Buy Rate: View Only. The calculated nett buy rate , including commission.
9. 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.
  For example, assume US Dollars is the local currency and you are setting rates for selling Euros. When selling Euros you want 1 USD to equal 0.770471 EUR; therefore, you enter 0.770471 in the Sell Rate field. OPERA Cloud will calculate the From Sell Rate and automatically enter 1.297907... in the From Sell Rate field. The Exchange Info area will summarize the buy exchange rate as follows:
  
  1 USD = 0.770471 EUR
  
  1 EUR = 1.297907 USD
10. Sell Commission: Enter a Forex commission percentage to charge.
11. Net Sell Rate: View Only. The calculated nett sell rate , including commission.
12. Comments: Enter any comments.
Click Save.

Editing a Current Exchange Rate

From the Application menu, select Financials, select Cashiering, and then select Currency Calculator.
Enter search criteria and click Search.
Select a currency code in the search result.
Expand result to view exchange rate per exchange type.
Select an exchange rate and click Edit.
Update details.
Click Save.

Managing Future/History Exchange Rates for a Currency

Viewing All Exchange Rates

From the Application menu, select Financials, select Cashiering, and then select Currency Calculator.
Enter search criteria and click Search.
Select a currency code in the search result.
Click the I Want To . . . and select Manage Exchange Rates.

Deleting an Exchange Rate

From the Application menu, select Financials, select Cashiering, and then select Currency Calculator.
Enter search criteria and click Search.
Select a currency code in the search result.
Click the I Want To . . . and select Manage Exchange Rates.
Click vertical ellipsis and select History Future Exchange Rates.
Select an exchange rate, click vertical ellipsis and select Delete.
Click Delete to confirm.

Note:

OPERA Cloud stores exchange rates for critical financial transactions so deleting a past exchange rate will not impact these areas. However, deleting a past exchange rate may affect certain operations. For example, assume you are examining a past reservation and you view Rate Info to view rate summary details. If you decide you want to see the rate summary details in a currency other than that in which the reservation's rate amount is stored, OPERA Cloud will use the current exchange rate for that currency as the past exchange rate for the date in question was deleted.