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Supporting Multiple Currencies in FLYR for Hospitality
Supporting Multiple Currencies in FLYR for Hospitality

This article reviews how FLYR for Hospitality supports multiple currencies and two methods of currency exchange on the platform

Ashley Dehertogh avatar
Written by Ashley Dehertogh
Updated over a week ago

At FLYR for Hospitality, we recognize the diverse needs of our customers when it comes to reporting across multiple currencies. That’s why we have added support for multiple currency handling within our platform. All reporting in FLYR, therefore, enables analyses at the portfolio level across various currencies through two distinct options: Daily Dynamic Exchange Rates and Fixed Exchange Rates. Each option offers unique benefits, providing flexibility to meet different organisational reporting needs.

Daily Dynamic Exchange Rates

Our platform utilizes a third party provider to source exchange rates from reputable financial data providers and banks, including the European Central Bank. The rates are extracted and stored once a day at approximately 05:00 UTC+1, with the update process taking about one additional hour to reflect them across the platform.

How Rates Are Applied:

  • Initial Booking: When a reservation is made, FLYR for Hospitality applies the exchange rates from that specific update day. For example, if a reservation is made on January 1, 2024, the exchange rates from that day are used.

  • Reservation Update: If the reservation details are modified later, such as on January 14, 2024, the revenue figures are updated using the exchange rates from that update date.

This method means that the revenue calculations can change throughout a booking's history based on the latest exchange rates.

Ideal For:

  • Users who need up-to-date reporting that reflects current market conditions.

  • Situations where currency fluctuations significantly impact financial outcomes.

  • Hotels and properties that prefer real-time accuracy in their revenue reporting.

Fixed Exchange Rates

Fixed Exchange Rates are designed to provide consistency and transparency in reporting, particularly for multinational hotel chains and organizations. Unlike the dynamic exchange rates, fixed exchange rates are manually entered by users within the platform’s configuration page.

How Rates Are Applied:

  • Initial Booking and Updates: The fixed exchange rates are applied based on the stay dates of the reservations. Once set, these rates remain constant for the specified stay dates unless manually changed by the user.

This approach ensures that revenue figures remain consistent throughout the history of a booking, only changing if the user updates the fixed exchange rates for the stay dates. It provides stable and reliable data, safeguarding against the impact of daily currency fluctuations.

Ideal For:

  • Multinational hotel chains and organizations needing standardized reports.

  • Revenue managers and analysts requiring consistent metrics for strategic decision-making.

  • Corporate teams that rely on predefined exchange rates to align with internal financial practices.

Comparison and Contrast

Aspect

Daily Dynamic Exchange Rates

Fixed Exchange Rates

Source of Rates

Provided by FLYR, sourced from financial data providers and banks.

Provided by Admin user within the platform.

Application of Rates

Applied based on the update date (can change throughout a booking's history).

Applied based on stay dates (consistent unless manually changed).

Suitability

Best for real-time accuracy reflecting current market conditions.

Best for consistent and standardized reporting over time.

Both Daily Dynamic Exchange Rates and Fixed Exchange Rates offer unique advantages, catering to different needs within the hospitality industry. By providing these two options, FLYR for Hospitality ensures that our users can choose the most suitable method for their specificreporting requirements.

For a deeper dive into each option, check out our articles on Daily Dynamic Exchange Rates and Fixed Exchange Rates. And if you have more questions, our FAQ document is here to help with all the answers you need!

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