Using Multiple Currencies with the IRM
Added 9/23/2003
Article ID#: KI0040

Many RDP customers using the Internet Reservation Module would like to show different currencies.  For example, the RDP system may be denominated on the local currency, but the IRM can be set up to show US Dollars. From a marketing perspective, if the local currency exchange rate is low, the USD rates are more marketable. 

1. Create an IRM Only Rate Plan in US dollars in the RDP system. Sequence the IRM rate plan high as not to be used by the property.
2. Display the IRM only Rate plan on the IRM. 
3. Edit the appropriate IRM pages to reflect that rate plans are in approximate US dollars, fluctuating, and will be converted to local currency rate plans upon receipt of the reservation.
4. Run the 701, Internet Reservations Entered report daily.
5. Change the rate plans on the Internet Reservations from the 701 to the corresponding local currency rate plan. 
6. Run the 166, Reservations by Rate Plan Report to double check that all IRM, USD rate plans have been changed to the correct local currency Rate Plans. 

Creating an IRM only Rate Plan in USD's

1. In RDP, menu 98, system manager menu, 186, option 5, copy room rate set and add discount. Copy the existing rate set and add the discount that corresponds to the desired exchange rate. Use 1.00 minus the exchange rate for approximate discount amount. Example: Exchange rate 1.00 BBS (Barbados Dollars) =.502 USD. 1.00 - .502= .498. Using option 5, discount 49.8% if rounding up, 49.7% if rounding down. If you choose not to calculate, add a 0% discount when copying room rate sets and manually put in the USD Rate for each season. Take into account whether tax is inclusive or calculated by the tax code.
2. Create the Rate Plan in 98, 186, option 1 using the rate sets you just created. Use a description that makes sense to the IRM customer. Use a high sequence number to appear low on the yield management screen. Enter "Y" in field 13 to Display on the IRM.