Multi-Currency FAQ

Multi-Currency feature allows you to accept cash transactions in other currencies. In this article you can find the most frequently asked questions about this feature.

If auto-update is ON, where is the exchange rate taken from?

The currencies are updated using openexchangerates.org

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

If the auto-update is OFF, the exchange rate will not be changed unless manually.

What happens if I change the exchange rate settings?
  • Existing transactions remains the same - the system will not recalculate posted transactions
  • Future transactions, the system will apply the new exchange rate

Example:

The following transactions were posted on the same reservation, but the second one was posted after changing the exchange rate - Note that the first transaction was not recalculated after the modification.

Born to be Wild Hostel - DEMO - Reservations - Google Chrome
Does Multi-Currency work on the booking engine and connected channels?

No. Multi-Currency does not affect the booking engine rates or connected channels - The custom currency exchange rates will only impact cash transactions posted on Cloudbeds PMS by property users.

  • The prices displayed on the booking engine will be converted to other currencies using the standard exchange rate fed by openexchangerates.org.

Please check the following article to learn How to Set Custom Conversion Rates for OTAs.

What happens with transactions if I deactivate a foreign currency that was previously applied?

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 - For further details, check the following article: How Edit or Deactivate Foreign Currencies

How does refund work with Multi-Currency?

At the moment it's not possible to make refunds in foreign currencies - the system only allows you to process refunds in the system default currency.

Example:

Let's suppose that you have Brazilian Reais as your Default Currency and the following transaction (R$ 20,00) was added in Dollars ($3,63):

When you click to Refund Payment, you will be able to add the amount using the system default currency only:

Born to be Wild Hostel - DEMO - Reservations - Google Chrome
Born to be Wild Hostel - DEMO - Reservations - Google Chrome

Once you refund the payment, you will see the following information on the guest's folio:

Born to be Wild Hostel - DEMO - Reservations - Google Chrome
Will the reports show the transactions in different currencies?

You can see the transactions in all currencies by accessing the Cashier Report.

At the moment, other reports (Daily Revenue Report, Transactions Report, Daily Financial Report, etc) will always show the transactions in your property's default currency, the same when using the option Email or Export To (PDF or Excel) in the report.

Is it possible to re-open a cash drawer to adjust the balance in foreign currency?

Yes. Please check the following example:

The Morning Shift cash drawer was closed with a remaining balance due of $5,87

Avon clear-thinking - Create / Modify Cash Drawers - Google Chrome

When a user opens the above cash drawer, the system will display the foreign currency as shown below. You may adjust the balance in each currency as necessary.

Avon clear-thinking - Create / Modify Cash Drawers - Google Chrome

On the other hand, if a cash drawer was previously closed with 0.00 balance, the system will not display the foreign currency when opening the drawer. Example below, only the default currency is displayed.

The same rule applies to a brand new cash drawer.

Avon clear-thinking - Create / Modify Cash Drawers - Google Chrome

All the Multi-Currency content can be found here.

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