Welcome to our FAQ section for Supporting Multiple Currencies in FLYR Hospitality! This guide is designed to help you navigate and maximize the benefits of our currency management features. Whether you're exploring Daily Dynamic Exchange Rates or setting up Fixed Exchange Rates, the information below will assist you in managing your global transactions effectively. If you have any further questions after reviewing this section, please don't hesitate to reach out to our support team. Let’s dive in!

1. What currency management options are available in FLYR Hospitality?

We support a diverse range of currencies, enabling seamless global market operations. You can manage your reporting using two main options: Daily Dynamic Exchange Rates and Fixed Exchange Rates.

2. How do Daily Dynamic Exchange Rates work?

Our Daily Dynamic Exchange Rates are refreshed daily using data from a third party which includes the European Central Bank. This daily update ensures that our platform reflects the most current market exchange rates. When a booking is made or modified, the revenue associated with that booking is calculated using the exchange rate from that specific update date. This means if a booking is adjusted on a later date, the revenue will be recalculated based on the new day’s rate. This approach keeps your reports and analyses consistently aligned with the latest global economic conditions, ensuring that each booking reflects the most accurate data at the time of transaction or modification.

3. How often are the Daily Dynamic Exchange Rates updated?

These rates are refreshed every day around 05:00 UTC+1, with the update process taking about one additional hour to reflect across the platform.

4. What are Fixed Exchange Rates and how do they differ from Daily Dynamic Exchange Rates?

Unlike Daily Dynamic Rates, which fluctuate daily, Fixed Exchange Rates allow you to lock in specific rates for use over a set period. This option gives you control to manually establish rates within the platform’s Configuration settings, reducing variability in your reporting. These rates are especially useful for long-term planning as they are applied based on the stay dates of bookings, ensuring consistency across reporting periods.

5. Can you explain the terms used in Fixed Exchange Rates feature such as base currency, target currencies, Default Rates, and Custom Period Rates?

6. What is the difference between the group default currency, default fixed exchange rates, and the base currency?

The group default currency is a display setting selected during onboarding, allowing you to choose one of your local currencies as the primary display currency for your group. This selection is purely for display purposes and does not influence exchange rate calculations. On the other hand, the base currency is used as the reference point for all exchange rate calculations within your portfolio, and it directly impacts transactions and reports. Default fixed exchange rates are the standard rates applied to transactions unless overridden by custom period rates. These rates ensure consistent reporting across your portfolio.

7. How can I set up Fixed Exchange Rates for my property?

Head over to the Configuration area on our platform and look for the Fixed Exchange Rates section. There, you can easily input the exchange rates for the currencies you work with. For more information, including a video walk through, click here.

8. Can I configure Fixed Exchange Rates for a single property or a group of properties?

Fixed Exchange Rates are set at the portfolio level across FLYR Hospitality to ensure a streamlined and consistent approach to currency management for all your properties. This unified method simplifies reporting and minimizes the need for separate configurations, making it easier to maintain a clear overview and manage adjustments effectively. When you update these rates, they are seamlessly applied across your entire portfolio, enhancing uniformity and efficiency in your operations.

9. Who can manage the Fixed Exchange Rates settings?

Managing the Fixed Exchange Rates settings is a task reserved for admin users. This responsibility is given exclusively to admins because any adjustments affect the entire portfolio, impacting all properties and influencing revenue and reporting across the platform.

10. Can Fixed Exchange Rates be automatically imported into the system?

Due to the critical role that Fixed Exchange Rates play in the accuracy of revenue data throughout our platform, we currently require these rates to be entered, reviewed, and submitted manually by an administrator. This approach ensures the utmost precision and control. We have streamlined this process to be clear and efficient, enabling quick and easy management of Fixed Exchange Rates.

11. What happens when I toggle Fixed Exchange Rates on or off?

When you switch Fixed Exchange Rates on or off, it impacts all the reporting across the platform. To keep things clear and consistent for everyone involved, it’s best to avoid frequently changing these settings. If you think a change is necessary, it might be a good idea to coordinate with other stakeholders first.

12. What should I consider if I want to change the base currency for Fixed Exchange Rates?

Changing the base currency is straightforward—just head to the more menu in the Fixed Exchange Rates section. Keep in mind, though, that you'll need to input all your custom periods and rates again. The good news? If you decide to switch back to a previous base currency later, your earlier settings will be right there waiting for you.

13. What happens to historical data if I switch from Daily Dynamic to Fixed Exchange Rates?

When you switch from Daily Dynamic to Fixed Exchange Rates, all your historical bookings get recalculated to reflect the new rates. This means all your reports and dashboards that use this data will also update. Because this can significantly affect how past data looks, it's important to think through these changes and talk them over with your team and other stakeholders before making the switch.

14. Can exchange rate data be exported for external analysis or reporting?

Currently, the exchange rate data isn't available for export from our platform. We keep all the rate information secure and integrated within our system to ensure consistency and reliability in your reporting.

15. What currencies can I manage with Daily Dynamic Rates and as additional target currencies for Fixed Exchange Rates?

Here are the 25+ currencies currently available:

We hope this FAQ clarifies your questions about managing multiple currencies with FLYR Hospitality.

For more details or specific queries, please reach out to our Advisory team—we're here to help!