Convert and record foreign currency on a reservation using Currency Exchange or Apply to Account.

Overview

Foreign Currency Exchange is available on the Encashment tab of a reservation when Foreign Exchange Rates have been configured.

Foreign Exchange Rates are static conversion rates that convert a foreign currency into your local currency. These rates must be entered manually and are not automatically updated. Once configured, Foreign Exchange Rates can be used for:

• An Alternate Currency display on reservations.
• Currency exchange (exchanging physical cash at the front desk).
• Currency conversion in Quick Quote.

Definitions

To avoid confusion between similar terms used in this article:

Guide

Follow these steps to complete a Foreign Currency Exchange on a reservation.

Open the Reservation in RMS.

1. Navigate to the Encashment tab.
2. Select Create Certificate.
   
    
3. Select the Foreign Currency Type (this is the transaction type, such as "Buy" or "Sell", not the currency itself).
4. Enter the Foreign Currency Amount (the amount of foreign currency the guest is exchanging).
5. Select the Foreign Currency (the actual currency being exchanged, such as USD, EUR, or GBP).
6. Choose how the foreign currency will be processed:
   1. Currency Exchange - to exchange physical foreign currency for local currency and issue a receipt or certificate.
   2. Apply to Account - to apply the foreign currency value to the Reservation Account as a payment.
7. Select Process.
   

Path 1: Currency Exchange

If you selected Currency Exchange in Step 6:

1. Choose the required output:
   • Print Transaction Receipt, or
   • Encashment Certificate Only.
2. Select the Print icon.
3. When prompted, confirm and the selected document will open on the screen for printing.

Path 2: Apply to Account

If you selected Apply to Account in Step 6:

1. Select the Process icon.
2. When prompted, select Yes to confirm applying the Foreign Currency to the Reservation Account.

A Forex Cash Receipt will be created on the Reservation Account for the exchanged value.