Hotel Accounting guide

Foreign Currency Invoices and Month-End Revaluation

Invoice overseas agents in foreign currency, keep the rupee value, and revalue open balances at month end with exchange gain or loss posted.

You see the real rupee result of every dollar deal. Your books and card settlements stay in rupees. Foreign currency reaches a hotel through the city ledger: an overseas travel agent, or an OTA paying in dollars. You book the invoice at one rate, cash arrives at another, and your books must record that exchange gain or loss.

Rates and foreign amounts

Exchange rates stored by date for each currency, as spot, monthly or manual, with where each came from
For any date, the most recent rate up to that day applies
Invoices and vendor bills keep their rupee total and also show a foreign-currency figure: that total over the rate you quoted

The invoice itself is never edited.

Month-end revaluation

Every unsettled foreign-currency debtor and creditor is re-priced at the closing rate and set against its booked rupee value. Only the movement since the last revaluation is posted, which values the balance sheet at the current rate while the P&L takes only the change. Re-running at the same rate changes nothing. On settlement, the last revaluation becomes the realised gain or loss. You can report on your currency exposure and on every revaluation run.

Not built yet

Splitting the gain or loss inside a receipt
Bank accounts held in foreign currency
Guest folios in foreign currency, since guests are billed in rupees and card settlement is in rupees too
Group reporting in a second currency

Each will come when a customer needs it.

Other Hotel Accounting guides

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