Configure Alternate Currency in RMS, including the Foreign Exchange Rate record, property settings, and how to use it in daily operations.

This article walks through how to set up an alternate currency in RMS. It covers creating the Foreign Exchange Rate record, enabling Alternate Currency on the property, selecting the appropriate Exchange Rate behaviour and Transaction Option, and choosing the Adjustment GL account for currency differences. It then outlines how to test your configuration safely and how to use Alternate Currency in daily operations for rates, accounts, receipts, and sundry charges.

For background on how Alternate Currency works and when to use it, see Alternate / Secondary Currency (Information).

Before You Begin

Before enabling Alternate Currency, decide which Alternate Currency the property will use, how exchange rates should behave, and which GL account will record Currency Adjustments, ideally in consultation with your finance team.

Step 1: Create the Foreign Exchange Rate record

Define the Alternate Currency and its conversion rate.

1. Open Setup > Accounting > Foreign Exchange Rates, 

2. Select Add.
   
    

3. Select the Property that will use this Alternate Currency.

4. Enter the Currency Code (for example: USD, EUR, HKD, or CNY).

5. Enter a descriptive Currency Name (for example: "US Dollar").

6. Enter the Currency Symbol (for example: $, €, £).

7. Enter the Exchange Rate value used for conversions between Local and Alternate Currency.

   • Follow your organisation's convention (for example, how many units of Local Currency equal 1 unit of Alternate Currency).

8. Select Save/Exit to create the Foreign Exchange Rate record.
   
    

Step 2: Enable Alternate Currency on the property

Turn on Alternate Currency and choose how it behaves.

1. Open Setup > Property Options > Property Information, and select the Edit icon for the required property.
   
    

2. On the Options tab, select Use Secondary Currency.
   
    

3. When prompted, enter the Daily Password.
   
    

   • This protects sensitive, property-wide changes.

   • If you do not have the Daily Password, contact the RMS Customer Care Team or your internal system administrator before you start.

4. Under Exchange Rate behaviour, choose one:

   • Use Dynamic Exchange Rate - RMS reads the current Exchange Rate value from the Foreign Exchange Rate record whenever:

     • New transactions are created.

     • Currency View is recalculated.

   • Use Exchange Rate from First Transaction - RMS copies and locks the Exchange Rate value for each account at the time of its first transaction.

5. Select the Alternate Currency you created in Step 1.

6. Select the Adjustment General Ledger Account Code:

   • Used for rounding differences and Currency Adjustments.

   • Common choices include "Foreign Exchange Gain/Loss" or "Currency Rounding Differences".

   • Confirm the correct code with your finance or accounting team.

7. Select the Transaction Option (from the table in the previous section):

   • Always Use Rate Currency

   • Always Use Local Currency

   • Switch Between Currencies

8. Select Save/Exit to apply the configuration.
   
    

Step 3: Test before going live

Run a quick test to confirm behaviour:

• Use a test property or dummy accounts.

• Create a booking, post a few charges and receipts in each currency.

• Switch Currency View to see how balances and documents change.

• Review:

  • Are amounts converting as expected?

  • Are Currency Adjustments posting to the correct GL account?

  • Do Receipts, Statements, and Tax Invoices show the correct currency?

Only roll out to live accounts once you're satisfied with the results.

How to Use

Once Alternate Currency is enabled:

• When you create or edit Rate Tables, you can choose whether to set rates in the Local Currency or the Alternate Currency. The currency you choose becomes the Rate Currency for that Rate Table.
  
   

• All accounts display a Currency View, so (depending on your selected Transaction Option) you can view balances and print documents in either Local or Alternate Currency while transactions are still stored in the Account Currency.

• Receipts and Sundry Charges offer a currency selection before you create each transaction. RMS converts the entered amount using the configured Exchange Rate behaviour and stores it in the Account Currency when the transaction is processed.
  
  
   

Example

The guest pays in a different currency

Scenario
The property's Local Currency is EUR, and the Alternate Currency is USD. A booking uses a Rate Table priced in USD, so the account is stored in USD. At checkout, the guest wants to pay in EUR.

Result

• On the Receipt screen, the operator selects EUR as the entry currency and enters the payment amount.

• When processed, RMS converts the EUR amount to USD using the configured Exchange Rate behaviour and stores the transaction in USD (the Account Currency).

• The account balance and any Statements or Tax Invoices continue to show in USD, matching the Rate Currency and contract.

Information on how it works and when to use it-

See Alternate / Secondary Currency (Information)