Setting the currency in the system allows defining the basic currency in which the prices and financial data of the facility will be displayed and calculated.
In addition to the basic currency, it is possible to set additional currencies that are used for the calculation of additional services, display and issuance of invoices, as well as communication with the Channel Manager.
The following explains the steps for setting up base and additional currencies, including defining the appropriate exchange rates.
How to set the desired currency in the system?
Property currency
The property currency in which room prices will be displayed and entered is set in the following path: All settings - General settings - Property settings
Currency for additional services (extra services) and descriptive currency for display on the invoice
To set the currency for additional services, go to All settings - General settings - currency settings
The Extras and Invoice currency field represents the currency in which additional services, as well as tourist tax and insurance, will be charged. You should always select the local currency here. If a different currency is selected for making reservations, then the exchange rate between those two currencies must also be entered here.
Invoice additional currency represents an additional, descriptive currency that will stand as additional information on the account.
Channel manager currency
The other fields are related to the currency used by the Channel manager, that is, the currency you send to the channel manager, where you can use automatic or manual conversion
Important: It is important to select the currency settings at the very beginning. Any later changes will affect all reservations in the system, which means manually correcting the prices on them
Note: If a subsequent currency change is required, it is important to note the following and it is best to consult technical support before making changes:
The prices that were in the old currency, after the currency change, will be with the same number, but in the new currency (for example: instead of 50 eur, a price of 50 rsd will be sent), so, before the exchange of currency itself, it is necessary to close the sale, and after closing the sale, change the currency
After changing the currency, it is necessary to change the standard prices in the Room Type settings as well as in the price lists
When you are sure that you have changed the prices, you can open the sale
Regarding reservations already in the system, it is necessary to enter the change and change the price of each existing active reservation for the current stay and the future. Pay attention to whether the old currency exchange rate was fixed on any reservation.