In this article we'll explain how to buy one or more foreign currencies from a customer equivalent. You will be able to buy the specified amount of foreign currency or it's equivalent in the local currency (CHF). Let's see how.
Open a new invoice
- Click Buy to enter Buy Mode or keyboard shortcut Ctrl+Shift+a
- Below next to 'Currency' label there's a dropbox where you can select currency you are buying from the Customer. Find and select that currency (shortcut Ctrl+n)
- To fast pick one of the most popular currencies, select it's country Flag next to the Rate List
- Move onto the next box with Tab button
- Next to the 'Amount' enter how much of that currency the client has given you.
- If the clients want's to buy a specific equivalent of local currency (ex. 1000CHF), leave the Amount blank and under 'CHF Amount' enter 1000CHF or other requested amount and press enter.
- The rate and total amount are automatically calculated using Standard Rate. All rates in CurrencyXchangerEE are being centrally managed.
- If you wish, you also have the option to give your customer a better rate by manually editing the 'Rate'. You may do this in a few different ways.
*Note you'll only be able to change rate within 10% threshold of the Centrally Managed Standard Rate. The threshold rule is configurable, however Tellers may only be able to change the rate within the threshold set by Admin (even if set to more or less than 10%) and type in the reason for changing the rate. You’ll only be able to change the manually entered or otherwise selected rate deviates within a certain centrally defined threshold.
1. Next to 'Rate' manually type in the rate you wish to grant for this transaction.
2. By moving onto the right and selecting 'Customer' type. The rate and the fee structure will change automatically for each customer type: Walk-In, FVP (Favored Person), GA (if a customer is holding General Yearly Ticket)
*Note: The selection of rates and fees based on customer type is configurable in the commission rules.
3. Click on one of the rates from the Rate List
- If your client already has an account, fill in your customer's name in the 'Customer' box. As soon as you start typing dropbox will roll down and you will be able to select the customer from there. Otherwise leave it blank if it is a walk-in customer without an account, or choose New Customer to type in their name.
- Once you have entered the information above, you can click 'Validate Line' (Ctrl + '+') and review the calculated amount
- If a walk-in customer is exchanging an amount of foreign currency that's very close to amount threshold for next rate, an automated message will be displayed next to the rate, so you could easily up-sell by offering them to round up to higher amount and get a Preferred rate.
- Click Ctrl + '+' to add the row to the invoice. You may create another row into the same invoice by repeating the previous steps.
- Once you have added all rows, you will see the amount you owe or the amount you are owed appear on the bottom right hand of the window next to Grand Total
- Select Print Preview if you'd like to see what the actual printed invoice will look like
- If you have entered everything correctly simply close the preview and click on 'Validate' (Ctrl+b) at the bottom of the invoice to validate the entire order and move onto the Payment.
- You will be automatically forwarded to 'Payment' processing and you'll notice that there are four payment methods for the selected transaction: Cash (Ctrl+1), EFT POS Sell (Ctrl+2), EFT POS Credit Note (Ctrl+3) and EFT POS Cash Advance (Ctrl+4).
- Cash obviously stands for Cash transactions, EFT POS Sell for taking Credit Card payments (Maestro, Master Card, Visa), EFT POS Cash Advance for Debit Cards, and EFT POS Credit Note for issuing refunds to clients credit card.
- For Buy transactions we are issuing local currency for the accepted foreign currency, so we can only choose Cash, or load Customer's credit card using EFT Pos Credit Note.
- Make sure that at this point you have received all the currency you are buying and issued any change you may owe to the customer.
- Click print (Ctrl+p) at the bottom of the Payment. This will not only initiate receipt printing but also close the order and take you back to the New Invoice.
Special Note: While creating a new invoice you may encounter certain popup Warnings. In CurrencyXchanger we have built in AML (anti money laundering) rules, that apply to all BUY and SELL transactions if a grand total or a single position (validated row) matches defined criteria of any centrally managed AML rule. These matches will prompt Warnings during the transaction and we will cover both rules and Compliance Warnings you may be prompted to check while making a transaction in a designated chapter called AML Rules.