FLYR Hospitality offers robust support for multiple currencies through the use of Daily Dynamic Exchange Rates. This feature ensures that your reporting is aligned with the most current exchange rates available, providing real-time accuracy and reflecting current market conditions.
Source of Exchange Rates
Our platform utilizes a reliable third party provider to source exchange rates. This provider aggregates data from reputable financial institutions and banks, including the European Central Bank. This ensures that the exchange rates used in our platform are accurate and up-to-date.
Frequency of Updates
Exchange rates are updated once a day through a cloud function. The rates are extracted and stored once a day at approximately 05:00 UTC+1. The process takes about one additional hour to reflect the new exchange rates across all relevant components of the platform.
Application of Exchange Rates
Daily Dynamic Exchange Rates are applied based on the update date, ensuring that revenue calculations reflect the most current financial data available. Here’s how it works:
Initial Booking: When a reservation is made, FLYR Hospitality applies the exchange rates from that specific day. For instance, if a reservation is made on January 1, 2024, the exchange rates from that day are used to calculate and store the revenue values in multiple currencies.
Reservation Update: If any details of the reservation are modified at a later date, such as changing the channel name on January 14, 2024, this triggers an update to the revenue figures. The new revenue calculations use the exchange rates from the modification date, January 14, 2024, in this example.
This method ensures that revenue reporting is always aligned with the most current financial data available, reflecting the latest exchange rates applicable at the time of the most recent reservation update.
Benefits of Daily Dynamic Exchange Rates
Real-Time Accuracy: By using the most recent exchange rates, your reporting remains accurate and reflective of current market conditions.
Automatic Updates: The automated daily update process minimizes the need for manual intervention, ensuring that your data is always current.
Flexibility: This option is ideal for users who need up-to-date reporting, particularly in markets where currency fluctuations significantly impact financial outcomes.
Ideal For:
Hotels and properties that prefer real-time accuracy in their revenue reporting.
Users who need reporting that reflects the most current market conditions.
Situations where frequent currency fluctuations have a significant impact on financial data.
By leveraging Daily Dynamic Exchange Rates, FLYR Hospitality ensures that your reporting is precise and reflective of the latest financial data, providing a solid foundation for strategic decision-making and analysis.
For more information on other exchange rate options, refer to our article on Supporting Multiple Currencies in FLYR Hospitality.