Multi-Currency - How to Setup, Edit or Deactivate Foreign Currencies

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The Multi-Currency feature allows you to accept cash transactions in other currencies.

On this article you will learn how to setup, edit and deactivate multi-currencies.

This feature requires Cloudbeds Plus plan or higher.

We are currently on a Beta phase. If you are interested in being part of the beta group, reach out to our support team.

Background

  • Once you setup the acceptable foreign currencies for your property, you will be able to add transactions using different currencies;
  • At the moment, the multi-currency only works for cash transactions;
  • In order to set custom conversion rates for your connected channels - please visit the following article: How to Set Custom Conversion Rates for OTAs

Foreign Currency Activation

Once you login to your myfrontdesk account:

  1. Click on 'Manage'
  2. Access 'Currencies' tab
  3. Click on 'Add Currency'

The default currency will be used as a base currency for conversions.

If your default currency does not match to the expected currency, check the following article for further details - How to change the main application currency in myfrontdesk?

You will be presented with a new side panel with a list of available foreign currencies (170+) to choose from.

  1. To make activating currencies easier, you can use the search bar on top of the currency panel so that you can easily search for currency names or currency codes. 
  2. Click to enable the desired currencies
  3. Choose if you want to let the system auto-update the currency conversion or if you want to set it manually

Check further details about each option below:

Born to be Wild Hostel - DEMO - Manage - Currencies - Google Chrome
Auto Update

Myfrontdesk is integrated with a third-party system (OpenExchangeRates) to retrieve exchange-rates for all available currencies and calculates the cross conversions by keeping USD as a base currency. 

To enable this option, turn ON the toggle as shown below

Born to be Wild Hostel - DEMO - Manage - Currencies - Google Chrome

The auto-update will sync the exchange rates twice a day (day 01:00 PM GMT/ night 01:00 AM GMT).

Manual Rate

You have the option to switch 'Auto-Update' OFF to use manual rates where you can set the rates for each individual currency separately. Updating an exchange rate manually can give you more control over the exchange rate.

These rates will be used to convert foreign currency into local currency.

Born to be Wild Hostel - DEMO - Manage - Currencies - Google Chrome
  1. Click on 'Save'
How Edit or Deactivate Foreign Currencies

Once you select the acceptable currencies, they will be listed on the main page.

You can only make changes or delete the currencies if you:

  1. Click on the edit icon to edit the selected currency
  2. Click on the 'x' icon to deactivate the currency

Deactivating a foreign currency will not impact your existing transactions, it will only prevent your users from being able to post new payments using that currency moving forward.

When you click to deactivate, the following warning will be displayed:

Slack | multicurrency_pilot | Cloudbeds | 44 new items
Displaying Currencies in Invoice

Please read our dedicated article to learn more and understand how displaying currencies in invoices work: "Multi-Currency - How to configure foreign currencies to display in invoices".

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