FLYR Hospitality offers comprehensive support for multiple currencies through the use of Fixed Exchange Rates. This feature is designed to provide stability and consistency in reporting, particularly beneficial for multinational hotel chains and organizations.
Source of Exchange Rates
Unlike dynamic rates sourced from external providers, Fixed Exchange Rates are manually entered by admin users within the platform’s Configuration page. This allows users to set specific exchange rates that align with their internal financial practices and strategic needs.
Application of Exchange Rates
Fixed Exchange Rates are applied based on the stay dates of reservations, ensuring that revenue figures remain consistent unless the user updates the exchange rates for those specific stay dates. Here’s how it works:
Initial Booking and Updates: When a reservation is made, the fixed exchange rates applicable for the stay dates are used. These rates remain constant for the duration of the stay period, providing a stable basis for revenue calculations.
Consistency in Reporting: If the exchange rates are modified for any stay dates, the revenue figures will update accordingly. However, if no changes are made, the revenue remains consistent, unaffected by daily fluctuations.
This approach ensures that reporting remains stable and reliable, offering a consistent view of revenue across different periods and currencies.
Benefits of Fixed Exchange Rates
Stability in Reporting: Fixed exchange rates mitigate the impact of daily currency fluctuations, ensuring stable and reliable data.
Customization: Admin users can define exchange rates for specific periods (monthly, quarterly, yearly, etc.,) to align with financial timelines and strategic planning needs.
Standardization: Facilitates consistent reporting across multiple properties in different geographic locations, supporting multinational operations.
Ideal For:
Multinational Hotel Chains: Organizations that need standardized reports across various countries.
Revenue Managers and Analysts: Professionals requiring consistent metrics for strategic decision-making.
Corporate Teams: Users who rely on predefined exchange rates to align with internal financial practices.
Setting Up Fixed Exchange Rates
Access Fixed Exchange Rates: Navigate to the Configuration section of Settings within the platform’s side navigation. Locate the section for Fixed Exchange Rates.
Define Base Currency: Select a base currency that will serve as the reference point for calculating exchange rates for target currencies. This is typically the primary currency used by your organization.
Enter Default Exchange Rates: Enter the exchange rates for all “local” currencies within your portfolio. These Default Rates apply to all stay dates unless overridden by Custom Period Rates.
Add Additional Target Currencies: Optionally, you may add additional target currencies supported by the platform beyond your “local” currencies.
Set Custom Period Rates: Navigate to Add Custom Period to define exchange rates for specific periods (e.g., monthly, quarterly). Ensure there are no overlapping periods for the same currency. Reminder: Custom Period Rates override Default Rate configurations.
Save and Apply Rates: After entering all necessary rates, activate your Fixed Exchange Rates. The fixed exchange rates will then be applied to all bookings based on their stay dates and update across the platform in approximately two hours.
Review and Update Rates Regularly: Periodically review the Fixed Exchange Rates to ensure they align with your financial planning and update them as needed to reflect any changes in your internal financial strategies.
To see a detailed visual guide on setting up Fixed Exchange Rates, please watch our video walkthrough embedded below:
For more information on other exchange rate options, refer to our article on Supporting Multiple Currencies in FLYR Hospitality.