Overview
The Exchange Rates screen allows users to setup different foreign exchanges for their business for different time periods. This is a manual screen which requires users to manage internally either daily or monthly.
This screen is available under the "setup" menu option in Accounting.
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Defining the fields
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Overall, there are three different currency types that wil be setup and used in Softrip: Quote, Cost, and Pay currency.
Quote currency - sets up the booking for the amount the passengers or agencies are going to pay. This is either setup in a monthly or annually fashion.
This currency is only used at time of booking (whenever the booking is created through reservations)
Applies to the payments that the company will receive from their passengers.
Once the booking is created, the exchange rate is locked in on that booking for the initial payment and any payment that occurs on that booking in the future.
Cost currency - cost currency relates to the services added into the application. This is the expected exchange rate to be in the future at the time of departure. This exchange rate would generally be applied when the suppliers are being paid.
This currency is setup in the product setup
Pay currency - The exchange rate that would be applied when the suppliers are being paid. This is an actual exchange rate.
This currency relates any time a user uses the payables screen in accounting
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The following provides an overview of the fields that are available to setup in the exchange rates screen.
Base Currency
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This is the currency that users will have the company setup in. The currency that is associated to the company in the "companies" screne is the base currency that is entered here.
Type
Users will need to setup the exchange rates for the three different currencies available by selecting the currency from the drop down menu.
Code
Enter the three letter currency code into this field.
Example:
If a user wants to setup an exchange rate from their base currency of USD
to sell in EUR
in reservations, they will enter USD
into the base currency BaseCurrency
, Q
in the "type" Type
field, and EUR
in the "code" Code
field.
Exchange Rate
The exchange rate field is the actual numeric value used to calculate the rate.
Example:
Exchange Rate code C is ( Local cost * Exch Rate = Base Cost). Exchange Rate code Q is (Base Price * Exch Rate = Quote Price). Exchange Rate code P is (Apply Local * Exch Rate = Pay Cost).
Begin Date
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The beginning booking date of the period in which this Exchange Rate is applicable. Can not come later than the Ending date.
Note: This is a manual process. Users can make updates to these dates internallly as needed based on the current exchange rate values.
End Date
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The ending booking date of the period in which this Exchange Rate is applicable. Can not come before the beginning date.
Note: This is a manual process. Users can make updates to these dates internallly as needed based on the current exchange rate values.