CARS+ provides the ability for operators to handle multiple currencies if necessary. Currencies that are accepted are designated and then the user is responsible for entering and maintaining exchange rates. Multiple currencies can be accepted for payment on RAs. In addition, Rental Rates and Option Rates can be set up in foreign currencies.
Foreign currency codes are used in CARS+ in the following places:
Local Currency - This is the local legal currency for the location. For example, in Mexico, it would be Pesos. In the US, it is US Dollars, in England it is British Pounds.
Multi-Currency Mode - A system must be set up to run in
Multi-Currency Mode when all rental locations do not have the same Local Currency. For example a rental operation which has locations on both
side of the US/Canada border must be run in Multi-Currency Mode. See the chapter on Edit Main Control Record for how to make this configuration set up.
Foreign Currency - Any currency other than your local currency. For operations in Mexico, the US dollar is a foreign currency. For operations in the US, the Euro and Canadian dollars are foreign currencies.
Exchange Rate – The rate used to convert one currency to another.
Note: For most examples throughout this chapter, it is assumed that the Mexican Peso is the local currency and that US Dollars are accepted as a foreign currency.
A. EDIT CURRENCY CODES (Accounting Control Files Menu)
This program is used to:
B. EDIT EXCHANGE RATES (Accounting Control Files Menu)
This program is used to maintain exchange rates between foreign currencies and your local currency.
As exchange rates can vary dynamically, this program allows you to maintain exchange rates as often as desired. Each record has a date and time when it becomes effective.
The example shown below is one where the exchange record will be used to convert US Dollars to Mexican Pesos.
OPTION: __ EDIT EXCHANGE RATES
1 From Curr Code USD
2 To Curr Code MXN
3 Posting Company
4 Net Vchr Code
5 Effective Date 24-07-15
6 Effective Time 1300
7 Divide by Rate .058858
8 Multiply by Rate 16.990043
1SAVE 2NEXT 3ERASE 4 5BACKUP 6 7HELP 8
C. EDIT LOCATIONS (Location Control Files Menu)
It is necessary to define the local currency for each location.
Page 3:
Field 3: Local Currency (Note: This field is required if the system is configured to run in Multi-Currency mode).
Enter the appropriate 3-letter currency code for your currency.
Field 33: Currency Symbol
This field is available for rental operations having locations in more than one country and where the countries have different symbols that represent their currency. By entering the currency symbol in this field, the correct symbol can be made to print on customer documents for each country. (This does not affect any CARS+ Reports.)
Enter up to 6 characters representing the currency symbol for this location if it is other that “$”. (If this field is left blank, “$” will be used.)
Field 34: Symbol Place
Indicate if the symbol should be printed before or after the amount.
D. EDIT RENTAL RULES/RATES (Rate Control Files Menu)
Page 1, Field 41: Currency
Entering a Currency Code in this field designates the rate as being entered in that currency (Note: This field is required if the system is configured to run in Multi-Curremcy mode).
When a RA is opened using a rate that is quoted in a foreign currency, the rate will be converted to the local currency using the exchange rate in effect at that time. On the other hand, the rates in the reservation record will remain in the foreign currency. This means that reports that attempt to project future revenue based on reservations become meaningless if foreign currency rates are used. This weakness is scheduled to be corrected in a future release.
E. EDIT OPTIONAL RATES (Rate Control Files Menu)
The column headed "Cu" on page 1 is used to designate those option rates that are entered in a foreign currency. If T&M rates are offered in foreign currencies, all options that can be reserved must also have rate records in the same currency. In the Reservation program only those options with rates that match the rental rate currency will be available to be reserved.
For example, if the Mexican Peso is the local currency, some options or coverage rates can be quoted in US Dollars as well as in Pesos. The currency code USD (for US Dollars) in the “*Cu” column indicates that the rate being quoted on row 2 is in US Dollars. The rate quoted on row 1 is in Pesos ("Cu" field is blank.)
An example is shown below:
OPTION: __ Edit Option Rates Page 1/7
# *Loc *Option Primary Weekly Monthly Xday
# *Code *Code *Prv *Prc *Cu *Eff Date Rate Rate Rate Rate
01 LDW1 04-10-05 300.00
02 LDW1 USD 04-06-05 20.00
03
In a similar manner to the rental rate, the foreign currency rate for options will be converted to the domestic currency using the exchange rate in effect at that time.
NOTE: Coverage responsibility amounts on page 2 are NOT converted using the exchange rate. Therefore, all responsibility amounts should be entered in local currency.
F. EDIT SPECIAL DOCUMENTS (Sales Control Files Menu)
PAGE 1, FIELD 35: Currency
Promos offered in the foreign currency must have the currency code entered in this field on the promo record in order for them to convert properly at the time of opening the RA.
A. RESERVATIONS
Unlike RA Open, rates quoted in a foreign currency are not converted at the time of reservation. They are saved with the foreign currency rate. This is because the exchange rate may change between the time the reservation is made and the start of the rental. Therefore, the exchange rate in effect at the time the RA opens is used, which guarantees the customer the rate quoted in their foreign currency.
Deposits can be entered in a foreign currency in the Deposits Subwindow of the Reservations program. See the illustrated example of how to enter deposits in the following section on RA Open.
User tip: Refer to Section C below on "Vouchers".
B. RA OPEN
When a foreign currency rental rate is used on a RA, the foreign currency rate is converted immediately to local currency using the exchange rate in effect at the time of Open. A field in the Rates subwindow indicates that an exchange rate is in effect. This is shown in bold in the illustration below:
| OPTION: ______________ TIME & MILEAGE RATES Option EffDt Dy-Rate/ml Wk-Rate/ml Mt-Rate/ml Xd-Rate/ml Hrs-Rate/ml 1 US1 06-10 397.25/* */* */* 133.00/* 2 MILE */* */* */* */* */* 3 * */* */* */* */* */* 4 * */* */* */* */* */* 5 * */* */* */* */* */* 6 * */* */* */* */* */* 7 * */* */* */* */* */* 8 Free miles/Yield */* Exchange Rate .058858 F2 NEXT 7 F4 PREV 7 |
Taking Deposits in Foreign Currency.
Certain fields in the Deposit subwindow are used to take deposits in foreign currency.
A blank Deposit subwindow is shown below.
| OPTION: ______________ DEPOSITS Cur/Req Amt */* Amount/FOP/#/Exp/Settled Auth#/Amt Curr Code/Frgn Amt/Exch rate/DCC? PmtDate/Time/Drw 1 */*/*/*/* 2 */* 3 */*/*/* 4 */*/* 5 */*/*/*/* 6 */* 7 */*/*/* 8 */*/* 9 */*/*/*/* 10 */* 11 */*/*/* 12 */*/* |
Up to 3 deposits can be entered, and 4 fields are devoted to each deposit. It is the 3rd field that is used for foreign currency. Enter data as follows:
| 3a. CURR CODE3b. FRGN AMT |
Fields 3a and 3b (and/or Fields 6a, 6b, 9a, 9b) are used when foreign currency is accepted. These fields are closely related and may be used in two ways: 1. To record the receipt of foreign currency:
2.To determine the amount of foreign currency needed in order to meet a particular deposit amount stated in local currency. To determine this:
|
A typical Deposit window accepting foreign currency of $100 US will look like this. The equivalent in local currency (Mexican Peso's) is $1699.00.
| OPTION: ______________ DEPOSITS Cur/Req Amt */* Amount/FOP/#/Exp/Settled Auth#/Amt Curr Code/Frgn Amt/Exch rate/DCC? PmtDate/Time/Drw 1 1699.00/CA/CASH/*/* 2 */* 3 US/100.00/.058858* 4 */*/* 5 */*/*/*/* 6 */* 7 */*/*/* 8 */*/* 9 */*/*/*/* 10 */* 11 */*/*/* 12 */*/* |
RA Estimate
The Estimate from the RA Open screen includes the currency symbol from the opening Location's record. If there is no currency symbol in the Location record, the currency code from the Location record is used. And example of the currency code 'MXN' for Mexico is shown below:DAYS : 3 @ 194.80=MXN 584.40
DISC : MXN 292.20-
AIRPORT FE: MXN 269.27
V.L.F MXN 85.03
CDW MXN 1125.00
FUEL MXN 472.73
If neither a currency code nor a currency symbol are in the Location record, the "$" is used.
User tip: Refer to Section C below on "Vouchers".C. VOUCHERS
The exchange rate on a voucher is the rate in effect on the day the voucher was created in CARS+. Typically, this is the day the reservation was created.
The exchange rate on the retail charges (and what shows in the A subwindow of RA Open) is the exchange rate in effect on the day the RA opened.
When there is a voucher on a reservation, the exchange rate shown in the A subwindow or Open is the exchange rate for the out of voucher charges. Note that this is regardless of whether an alternate exchange rate (Hertz locations) is used for vouchers (refer to the chapter Edit Exchange Rates.)
D. RA CLOSE
Because the rate was converted to the local currency when the RA was opened, closing a RA that was opened using a foreign currency rate is no different from closing any other RA.
Payments can be taken in foreign currency and are entered in the Payments subwindow in a manner similar to the Deposits subwindow on the RA Open program.
E. DRAWER BALANCE REPORT
Foreign Currency is separated from local currency on the Drawer Balance Report. For example, if local currency (cash) received on the same day that foreign currency was received, the "CASH" form of payment would be listed twice: once for local currency and then again for the foreign currency . An example of the report is shown below. In this example, local currency is Mexican Pesos and the foreign currency is US Dollars (Currency Code US). This shows that $100 USD were accepted and applied to a RA and represents 1,699 MXN.
Page 0001 D R A W E R B A L A N C E R E P O R T
SELECTIONS----------
Drawer: 123
Date/Time Range: 03-31-05 at 0000 to 03-31-05 at 2359
--------------------------------------------------------------------------------
Date Time Voucher Amount Cur FrgnAmt Cust Name
--------------------------------------------------------------------------------
CA CASH
03-31 1302 CASH 126.50 BENNETT
126.50 .00
CA US CASH
03-31 0813 CASH 1699.00 US 100.00 RIGHTER
1699.00 100.00
F. THE DBR AND POSTING
All figures on the DBR are shown in local currency. When transactions are posted to accounting via the Accounting DBR, all amounts post in local currency.