11 Aug 2022 | Windward Software
Counting of Foreign Currency in the POS Transaction Report
This Windward Webinar discussed counting foreign currency in the Point of Sale Transaction Report on Windward System Five. Explore the system requirements, setup procedure, and provided a live demonstration on how to use this feature.
- Jennifer introduced the webinar on Windward Software's feature of counting foreign currency in the POS Transaction Report, clarified that audience questions would be addressed at the end, and introduced Eugene as the presenter.
- Eugene explained the webinar's agenda, which included discussing system requirements, the interface, and providing a live demonstration on how to use the foreign currency counting feature.
- The system requirements for this feature include having system five version 6.2.4 series and a foreign currency set up.
- Eugene clarified the difference between foreign currency (limited to one additional currency) and multi-currency (more than one foreign currency).
- A live demonstration was carried out, showing how to set up a foreign currency, how to tender a foreign currency in a transaction, and how to count the foreign currency in the POS Transaction Report.
- Eugene emphasized the importance of regularly updating the exchange rate in the Setup Wizard for accuracy in transactions involving foreign currency.
- The webinar ended with a Q&A session, addressing questions about handling changing exchange rates and the possibility of automating the currency exchange.
- Jennifer concluded the webinar, pointing attendees to their Help Center, Customer Care Portal, and Winward Learning Academy for additional resources. She also mentioned upcoming webinars and provided contact information for support and emergencies.
0:59
Hello everybody. Good afternoon. Thank you for joining us for our Windward webinar today.
1:05
My name is Jennifer and I'll be your moderator for today's presentation.
1:09
At the end of the presentation we will have some time for questions so you can write them into the question box and we'll answer them at the end.
1:16
Anything that we're not able to address or is maybe slightly off topic we'll address afterwards or you can email any questions to support at windwardsoftware.com.
1:27
Our presenter today is Eugene, and we'll be discussing counting of foreign currency in the POS Transaction Report.
1:35
So without further ado, Eugene, let's get started.
1:39
All right, thank you so much, Jennifer.
1:40
And yes, hi everybody, good afternoon.
1:43
So yep, for today's topic, again, it's going to be counting of foreign currency in the Point of Sale Transaction Report.
1:51
So yep, in this webinar, we will be discussing on how this feature looks like in the tender details and cash count tab and also how to finalize the point of sale transaction report with the addition of this feature.
2:09
So I will be doing a live demonstration later on so that you can kind of see how to go around with it.
2:17
So yep, so first is, yep, we have two main things to discuss.
2:21
First is the system requirements and then the second is the interface or basically, you know, the look of the feature.
2:32
So for the system requirements, you need to have system five version 6.2.4 series.
2:41
So if you have the 6.2.2, so you will have to upgrade your system five version.
2:46
And for upgrades, you can book that as an appointment so that we can have our technical support team to help you.
2:55
And then, yep, the next requirement is that you need to have a foreign currency set up.
3:02
So if you don't have this set up yet, I can quickly show you how it's being done in the Setup Wizard.
3:10
But if you need further assistance, yeah, you can send in a ticket so that we can, you know, do it for you.
3:16
And then, yeah, just to set your expectation, And foreign currency is different from multi-currency.
3:24
So foreign currency is wherein you have the option to tender another currency that is not local.
3:35
So basically you have your local currency and then the other currency, which is a foreign currency, and then it's only limited to one.
3:43
And then if you have other currencies, foreign currency, so that will be multi-currency and it's going to be a different topic.
3:51
All right.
3:52
And then for the interface, so yeah, basically this is just a sample snippet or a screenshot of the Portisil transaction report.
4:00
So you can see here we have the cash count tab and then yeah, you can see sub tabs that says local and USD cash.
4:10
So in this setup you have the local Canadian dollar and then the US dollar tender options.
4:21
And then, yep, here you can see the cash account wherein it segregates the local currency that you've tendered, and then there's another tab separate for the foreign currency.
4:36
So for the demonstration, I'm just gonna pull up my demo here.
4:41
So yep, I created a sample test earlier.
4:44
So, this is a cash type invoice we're in, just to show you, I just added one item in there for this demonstration.
4:55
And then the price is 10 plus tax, it's 11.25.
5:00
And if you go to the tender, so you will have two options, two columns, basically.
5:05
So, the first column is the local currency, and then the second column, wherein you can the USD is basically for the foreign currency.
5:15
So in here, the 11.25 is actually in Canadian dollars and then converted to USD is 7.50. So this is not the actual exchange rate.
5:25
So this is just a demonstration.
5:27
So if, yeah, if your customer paid using the US dollar, so you will have to tender that in this column here, not on this one.
5:39
So it's this one.
5:41
So USD, it's 7.50.
5:45
And then when you're done with the sale, you can just exit without print.
5:48
And then if you go to the point of the transaction report, so I actually have it open here, but I will try to open it again.
5:58
But by the way, before that one, because I mentioned that I will quickly show you how it's being set up in a Setup Wizard.
6:03
I almost forgot, sorry.
6:04
So yeah, this is the Setup Wizard.
6:06
So you have foreign currency and then in here, you can then specify your other currency.
6:14
So again, it's only limited to one extra or other currency.
6:18
And if it's going to be more than one, so that's gonna be multi-currency, and which is again a different topic.
6:26
So yep, going back to the point of sale transaction report.
6:29
So since we're done with our test sale and we tendered the payment, So, normally, when you end, basically, when you do your end of day, so you will go to point of sale transaction report, all right, so right now, I'm in my point of sale transaction number three.
6:50
And then here, you can see the one that I tendered earlier, which is the 750, and that's in US dollar, so it's not reflected as a Canadian, so actually, you can see the type or the kind of currency used, but in the cash count tab, so this is where you can manually count or input your count for the payments.
7:21
So, yep, this is, so since we received 7.50, so to manually input that one in to the system, so I'll put one for my $5 and then two for the ones that makes it two.
7:36
And for the quarters, I'll put two in there.
7:40
So a total of 7.50 USD tender payment.
7:47
All right, and then if you proceed to the next tab, you will then see that, yep, it's being populated under the foreign tab and not in your local tab.
8:01
So yep, that's it.
8:02
And then you can see here that total for deposit is 11.25.
8:07
Computer total is also the same amount because the system has already converted that 7.50 in US dollars to Canadian.
8:17
So, yep, once you're done with it, you can print the report and then you can then finalize for the day.
8:26
And then you are now then ready for the next day's transaction.
8:30
And then just to kind of show you how it looks in the backend, so I will try to run the, Actually, I have it open here.
8:38
So this is the list transactions by GL report.
8:42
So I'm focusing only on cash clearing ledger and for this book month and for my first department.
8:48
So when I click view, so you can see that there's the transaction that we just recently finalized in the point of sale transaction report.
8:56
So it's not 7.50 just like what we counted because we were counting in US dollars.
9:03
So in your point of sale transaction report, what we'll show is the already converted amount, which is in Canadian dollars.
9:12
So, yep, your deposit for your general entry will be in your local currency, Canadian dollars.
9:18
And then, yeah, it's just that you have the ability to be able to count the foreign currency that you just received from your customers.
9:30
And yeah, I think that's just pretty much it.
9:32
I don't think there's anything else we need to discuss about this one. So it's just based really like a quick discussion.
9:40
So yeah, that would be it. And then, yeah, so we have resources available.
9:49
So if you're interested, so we have our Help Center, Customer Care Portal, When We're Learning Academy.
9:56
So those are tools for you to take advantage of so that you can learn more about the system.
10:03
So if you have any how-to questions or, you know, any basic inquiries.
10:11
So yeah, you can make use of these resources online.
10:14
So we have the website there.
10:15
So, yep, we have winwardsoftware.com slash help for the Help Center, support.winwardsoftware.com for the Customer Care Portal, and then academy.winwardoncloud.com for the Winward Learning Academy.
10:28
And then we also have Winward Professional Services.
10:30
So this is going to be a more in-depth one-on-one kind of training or assistance wherein we will get somebody from our professional services team to help you out.
10:43
So if you're interested, you have the website there.
10:46
So winwardsoftware.com slash professional-services or you may also coordinate with your account manager for the code or call the regular support line 1-800-663-5750.
10:59
And then for emergencies, yep, we do have emergency support, so just go to winworthsoftware.com slash emergency.
11:09
And emergency is when your system is down, entire system is down, you're unable to take payments, you cannot log into system five, and you're recovering from a power outage.
11:21
So other issues, I mean other issues apart from those things will be regular support tickets.
11:30
So you can either call or email support or log into the portal.
11:35
So yep, webinar archive.
11:37
So yes, we do keep copies of the webinars, past webinars.
11:42
So just go to winworthsoftware.com slash webinars and then you can see all the past webinars that we did.
11:49
And then also this webinar will be stored in there for, if in case you want to watch it again.
11:56
And then, yep, I think that's it.
11:59
And now we're ready for questions and answers.
12:01
Jennifer?
12:03
Great, Eugene, thank you so much.
12:04
So we have a question from Michael.
12:06
His question is, for credit card sales and purchases in the US funds, how do you account for the fact that you don't know the exchange rate until you receive the statements?
12:17
All right, so as I have showed earlier in the Setup Wizard, so yeah, it's really important for you to know the, you know, if you're dealing with foreign customers, it's really important for you to update, keep updating your currency table, or yeah, the exchange rate, which can be found in your Setup Wizard.
12:37
So here, just go to Setup Wizard, and then go to foreign currency, and then there, you specify the exchange rate.
12:46
So yeah and then you can update your inventory so that you know it will all be synchronized.
12:51
So yeah it's going to be like a daily thing that you need to update your exchange rate so that your numbers will be accurate.
12:59
So yeah I believe that answers the question. Mike, anything else? Any other questions?
13:12
While we're waiting for any more questions to come I'll let you know we've got some special webinars happening next week.
13:18
We have a webinar with Lights America on Wednesday, August 17th.
13:23
And then on August 18th, Exologic will be working with us with a demo and a Q&A session as well.
13:31
So you can go to winwordsoftware.com slash webinars and you can check that out if it applies to your business.
13:37
I know it'll be a lot of information.
13:40
We have a question from Christine.
13:42
on the same day, I'm sorry, on the same day a credit card can have a different rate, how do you account for this? Different exchange rates.
13:53
So maybe something like a purchase was made and they're coming back to finish the transaction. Sorry, I kind of lost there. What do you mean exactly?
14:05
Like you're tending on a different date? The rates will change throughout the day?
14:11
Oh, Throughout the day.
14:12
Okay.
14:13
That's a very good question.
14:14
I think it would be best if we can have that as a support ticket, because I'm not really sure about that one, given that, you know, there are chances that it changes all throughout the day.
14:25
But that's a very good question.
14:29
Okay, Christine, we'll connect with you after and get that answered for you.
14:33
Murray would like to know if we can automate the currency exchange.
14:39
As for now, with this feature, as far as I know, you have to really manually update it.
14:46
But for automation, I think that's where the multi-currency will take place.
14:52
But I will have to double-check on that one because, yeah, I think it's the multi-currency we're in.
15:00
It's going to be automated.
15:01
But I will have to double-check.
15:02
We can then, again, send that as a support inquiry or ticket to really be sure.
15:09
Okay.
15:09
Okay, perfect.
15:10
Murray, we'll connect with you afterwards as well.
15:12
If there are no more questions here, we'll end up for the day.
15:16
Eugene, thank you so much for your presentation.
15:20
Like I said, we've got the two special webinars next week, and then Thursday, August 25th, regular time webinar for B-type invoices will be happening.
15:30
So, you won't want to miss that one, windwardsoftware.com slash webinars to sign up.
15:38
And with that, we'll end for today.
15:40
Thank you guys for joining us.
15:42
Any other questions you have, just email to support at windwardsoftware.com.
15:46
You guys have a great week and we'll see you next time.
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