Manage exchange rates for multiple currencies
If you have properties in your subscription that are in different countries, or if you receive leads from planners in other currencies, a subscription administrator needs to enter exchange rates in MeetingBroker. These exchange rates are used to automatically convert the RFP's revenue figures into the receiving location’s default currency.
For example, a meeting planner in the United States sends an RFP with a requested room rate of $100 USD to a property in Canada. When the property in Canada opens the RFP, the rate will be displayed in Canadian dollars, based on the exchange rate entered in MeetingBroker.
Before entering exchange rates, make sure the default currencies for the subscription and each location are entered correctly by following the steps below.
If your subscription or location is brand new and no RFPs have been processed yet, you can modify the default currency. However, if any channels are active, you must contact Amadeus Hospitality Support for assistance. Do not modify the existing default currency.
Confirm your subscription's default currency
To confirm your subscription's default currency
- From the Subscription Administration page, click the Toolkit Sites tab.
- Click Default Channel.
- On the General tab, confirm that your corporate reporting currency is displayed in the Default Currency drop-down list.
- Do one of the following:
- If the default currency is correct, close the window.
- If the default currency is incorrect and you have no active channels for any location in your subscription, select the correct currency, and click Save and Close.
- If the default currency is incorrect and you do have active channels, contact Amadeus Hospitality Support for assistance with changing the default currency. Do not save any changes and close the window.
Confirm a location's default currency
To confirm a location's default currency
- From the Subscription Administration page, click the Locations tab.
- Select a location.
- On the General tab, confirm that the correct currency for that location is displayed in the Default Currency drop-down list.
- Do one of the following:
- If the default currency is correct, close the window.
- If the default currency is incorrect and this location has no active channels, select the correct currency, and click Save and Close.
- If the default currency is incorrect and this location does have active channels, contact Amadeus Hospitality Support for assistance with changing the default currency. Do not save any changes and close the window.
5. Repeat for each existing location in your subscription.
Each time a new location is added to your subscription, confirm that the correct currency was provided before any channels are activated.
When the default currencies are confirmed, you are ready to enter exchange rates.
Check with your organization's finance team for the policy regarding the frequency of updates and the source of exchange rates.
To add or modify currency exchange rates
- From the Subscription Administration Home page, click the Subscription tab and then click Currency.
To see a list of all existing exchange rates, select All Date Ranges or All Future Dates in the Viewing list.
- Do one of the following:
- Click Add to enter a new exchange rate.
- Click an existing exchange rate to view or modify it. (You can only edit rates with future effective dates.)
The Currency Conversions General page opens.
- Select to enter exchange rates By Date Range or By Currency Code.
Set one effective date and enter exchange rates for multiple currencies. For example, you can enter the exchange rates for GBP, JPY, and AUD that are effective January 1.
- Select the Effective Date/Time and time zone for the exchange rate (must be today or later).
- Select the Currency from the drop-down list.
- Enter the Exchange Rate from the subscription base currency to the currency you selected.
- Click Add.
- Repeat these steps for each currency with the same effective date. You can make up to five entries at a time.
Set exchange rates for a single currency over multiple date ranges. For example, you can enter the exchange rates for GBP that are effective January 1, April 1, and October 1.
- Select the Currency from the drop-down list.
- Select the first Effective Date/Time and time zone.
- Enter the Exchange Rate from the subscription base currency to the currency you selected.
- Click Add.
- Repeat these steps for each new effective date. You can make up to five entries at a time.
- Each entry is displayed at the bottom of the window. To remove it before saving, select its check box and click Delete. Once an exchange rate has been saved, it cannot be deleted.
- Click Save.