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    Support Home Property Management System Setup Accounting Currency

    Currency

    Setup an alternate currency in RMS.

    Decision Tree

    Alternate currency provides the ability to advertise rates or charge guests in a currency other than the property's local currency.

    • Information
    • Setup
    • Add Button

    Information

    Alternate currency provides the ability to advertise rates or charge guests in a currency other than the property's local currency.

    RMS will use the default currency for the Property location unless an Alternate Currency is setup.

    At least one Foreign Exchange Rate must be setup before enabling Alternate Currency in RMS.

    The Foreign Exchange Rates setup in RMS will be used for currency conversion and currency exchange.


    The option 'Second Currency Affects Rate Quotes Only' enables properties to setup and advertise Rates in an Alternate Currency whilst using the local currency on the Accounts in RMS.

    When using Alternate Currency for Rate Quotes Only the Foreign Exchange Rate setup will display on the account and be used for the conversion rate when creating the Rate Amount on the Account.

    A currency conversion will only occur for Rates that are setup to use the Alternate Currency.

    Users will require Security Profile access to use this feature.


    • Setup
    • Add Button

    Setup

    Have your System Administrator complete the following.

    1. Go to Setup > Accounting > Foreign Exchange Rates in RMS.
    2. Select the 'Add' icon.
    3. Enter the Currency Code.
    4. Enter the Currency Name.
    5. Enter the Currency Symbol.
    6. Enter the static Exchange Rate.
    7. Save and Exit.
    8. Go to Setup > Property Options > Property Information in RMS.
    9. Select the 'Edit' icon on an existing Property.
    10. Navigate to the 'Options' tab.
    11. Select the checkbox 'Use Secondary Currency'.
    12. Enter the Daily Password.
    13. Select the Alternate Currency.
    14. Optional: Select the checkbox 'Second Currency Affects Rate Quotes Only'.
    15. Select the General Ledger Account Code.
    16. Save and Exit.

    Enterprise customers can select a specific Property to setup a FOREX entry for at Step 3.

    The option 'Second Currency Affects Rate Quotes Only' enables properties to setup and advertise Rates in an Alternate Currency whilst using the local currency on the Accounts in RMS.

    When using Alternate Currency for Rate Quotes Only the Foreign Exchange Rate setup will display on the account and be used for the conversion rate when creating the Rate Amount on the Account.

    A currency conversion will only occur for Rates that are setup to use the Alternate Currency.


    • Guide
    • Add Button

    Guide

    Go to Setup > Accounting > Foreign Exchange Rates in RMS.

    Select the  'Add' icon.

    Enter the Currency Code.

    Enter the Currency Name.

    Enter the Currency Symbol.

    Enter the static Exchange Rate.

    Select 'Save' to store the changes made and 'Exit' the FOREX setup.

    Go to Setup > Property Options > Property Information in RMS.

    Select the 'Edit' icon on an existing Property.

    Navigate to the 'Options' tab.

    Select the checkbox 'Use Secondary Currency'.

    Enter the Daily Password and select 'Ok'.

    Select the Alternate Currency.

    Select the General Ledger Account Code.

    Optional: Select the checkbox 'Second Currency Affects Rate Quotes Only'.


    Select 'Save/Exit to store the changes made and leave the setup.

    The selected currency will now be available for selection on accounts or to advertise Rates in.

    Setup

    Have your System Administrator complete the following.

    1. Go to Setup > Accounting > Foreign Exchange Rates in RMS.
    2. Select the 'Add' icon.
    3. Enter the Currency Code.
    4. Enter the Currency Name.
    5. Enter the Currency Symbol.
    6. Enter the static Exchange Rate.
    7. Save and Exit.
    8. Go to Setup > Property Options > Property Information in RMS.
    9. Select the 'Edit' icon on an existing Property.
    10. Navigate to the 'Options' tab.
    11. Select the checkbox 'Use Secondary Currency'.
    12. Enter the Daily Password.
    13. Select the Alternate Currency.
    14. Optional: Select the checkbox 'Second Currency Affects Rate Quotes Only'.
    15. Select the General Ledger Account Code.
    16. Save and Exit.

    Enterprise customers can select a specific Property to setup a FOREX entry for at Step 3.

    The option 'Second Currency Affects Rate Quotes Only' enables properties to setup and advertise Rates in an Alternate Currency whilst using the local currency on the Accounts in RMS.

    When using Alternate Currency for Rate Quotes Only the Foreign Exchange Rate setup will display on the account and be used for the conversion rate when creating the Rate Amount on the Account.

    A currency conversion will only occur for Rates that are setup to use the Alternate Currency.


    • Guide
    • Add Button

    Guide

    Go to Setup > Accounting > Foreign Exchange Rates in RMS.

    Select the  'Add' icon.

    Enter the Currency Code.

    Enter the Currency Name.

    Enter the Currency Symbol.

    Enter the static Exchange Rate.

    Select 'Save' to store the changes made and 'Exit' the FOREX setup.

    Go to Setup > Property Options > Property Information in RMS.

    Select the 'Edit' icon on an existing Property.

    Navigate to the 'Options' tab.

    Select the checkbox 'Use Secondary Currency'.

    Enter the Daily Password and select 'Ok'.

    Select the Alternate Currency.

    Select the General Ledger Account Code.

    Optional: Select the checkbox 'Second Currency Affects Rate Quotes Only'.


    Select 'Save/Exit to store the changes made and leave the setup.

    The selected currency will now be available for selection on accounts or to advertise Rates in.



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