Currencies

Tourplan is a full multi-currency system. This means that in operating tours, the Tour Operator is able to purchase services from suppliers in different currencies and then sell those services to agents in a different currency.

Before the system can be used, at least one currency must be set up, and that is the Base Currency. The base currency is generally the currency of the country in which the tour operator is based, and in which final accounting figures are going to be produced.

Currencies must be predefined. Exchange rates between currencies must also be defined. Different exchange rates for the same currencies can be set up if required, separated by a "sub-code" which can be defaulted to apply at Booking and Agent level. This can assist with quoting tours in forward months, even years, ahead.

Each defined currency exchange rate has an input and an output currency, for example; an accommodation service in Auckland has an input currency of NZD (New Zealand Dollars). A quote or booking may then be made in any nominated currency (output currency) provided it has already been entered in the Exchange Rates application and paired with the required input currency.

The following sequence illustrates the definition of Input and Output currencies in a situation where a PCM is constructed and copied into a booking which then has an Agent Invoice issued:

Every combination of input & output currency must be set up in the currency exchange rate application.

This means that a rate must be set up between the same currency "pairs" - e.g., the system needs to know that when the input currency is (e.g.) NZD and the output currency is (e.g.) NZD, the exchange rate is 1.00000000. There must be a rate of 1.000000 set between each 'same' currecny pair - e.g., AUD - AUD, USD - USD etc.
  1. The currency of the service in the product database becomes the Input Currency of the service in a PCM or Booking.
  2. The Output Currency of the Booking becomes the Input Currency of the Invoice.
If an attempt is made to use a service in a quote or booking for which the currency exchange rate is invalid - i.e., expired or non-existant, a warning message will display advising the date, rate and currency affected and processing (or even opening) the booking can not proceed until the rate is corrected or added.

There are three steps required when setting up the currency tables:

  1. Define currency sub-codes (if being used)
  2. Define the currency codes
  3. Define currency exchange rate

If foreign currencies are not being used, then only the base currency detail needs to be set up.  Currency sub-codes are not used with base currencies. (Base currency code is set in System > INI Settings > System . This setting would have been applied at the time of system setup and sets the currency that the final accounting will be done in).