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Self-Assessment 01, continued

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Self-Assessment 01, continued Powered By Docstoc
					FH09 EXCHANGE FOREIGN CASH AND
TRAVELLERS CHEQUES


MODEL ANSWERS




Self-Assessment 01


Model            Below find the model answers:
Answers



Question 1
Procedure            When approached by a guest who wishes to exchange
                     traveller’s cheques, authorise these as follows:

            Step                                 Action
            1.       Greet and deal with guests in a polite and friendly manner.
                     Confirm the amount of traveller’s cheques handed over by the
                     guest by counting out the cheques in front of the guest.
            2.       Any guest wishing to exchange foreign travellers cheques
                     must produce their passport in order to do so.
            3.       Ask how much the guest wishes to exchange, and check that
                     there is sufficient cash in the float.
            4.       Ask the guest to date and countersign the travellers cheques.
                     Check that the signatures are the same.



Question 2
The receipt system for foreign exchange and travellers cheques is
important for the following reasons:




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   To avoid disputes - should a guest later query the transaction, the
    cashier must be able to produce the signed copy indicating the guest's
    acceptance of the rate, commission and money received.
   Signatures may be checked and verified
   Each cheque may be accounted for and numbers of cheques need to
    correspond with those issued
   To prevent fraud and tampering of cheques which may result in profit
    losses and time wastage


Question 3
Exchange points must always be secured from unauthorised access to
avoid losses or discrepancies which may occur. The consequences of not
doing so have negative implications on both the employee and the company
in the following ways:

   Inaccurate transactions: The presence of unauthorised persons in
    one’s work area increases the risk of inaccurate transactions. Not
    only will the company suffer from account imbalances and profit
    losses, but the customer may be upset at having incorrect charges etc.
    This impacts on guest satisfaction, which in turn affects repeat
    business.
   Personal accountability: Staff who handle and process payments are
    personally responsible and accountable for computer transactions
    while on duty.
   Profit losses: if payment points are not secured properly, even small
    amounts of cash/cheques etc that are misplaced/stolen can lead to
    account imbalances and eventually have a huge impact on company
    profits. This invariably affects the employee who may be paid less to
    overcome losses.




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Self-Assessment 02


Model           Below find the model answers:
Answers



Question 1
In the event of incorrect exchange/commission rates, proceed as follows:

   Double check calculations.
   If they are still incorrect, contact the guest, apologise and politely
    inform him/her that the exchange rate/commission rate was
    incorrect. Give a reason why, e.g. misprint
   Provide him/her with the correct exchange rate and calculations
   If the amount paid out was too high, politely ask the guest to pay in
    the difference. If this is miniscule, rather not let the guest pay than
    to lose a valuable guest.
   If the amount paid out was too low, offer to pay the guest the correct
    amount in cash. If this is miniscule, pay the guest the difference
    anyway, as he/she may discover the error later and query it or simply
    mistrust the organisation and never return.




Question 2
In the event of a computer failure, proceed as follows:

   Inform the Supervisor immediately
   Perform foreign exchange transactions manually until the computer is
    back on line.
   When the computer is back on line, manual transactions should be
    posted to the guest




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Question 3
Procedure          Below are procedures for handling suspected fraudulent
                   traveller’s cheques:

            Step                                 Action
             1.    If one suspects counterfeit foreign exchange or traveller’s
                   cheques or stolen cheques, call the Duty Manager immediately.
            2.     Do not make it obvious to the guest that there is a suspicion.
                   Simply pick up the telephone and ask the Duty Manager to come
                   to the payment point immediately.
            3.     Be discrete when requesting the assistance of the Manager
                   because the guest must not be alerted to any possible suspicions.
                   If the guest realises this, one of two things could happen:

                     If the guest is “guilty”, he / she may try to make an escape
                     If the guest is innocent, he /she will be offended by such
                      suspicions, which will result in lost business.
            4.     Verify signatures, amounts and cheque numbers as one would do
                   normally and allow the Manager to handle the situation
            5.     Carry out any instructions given by the Manager




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Description: Self-Assessment 01, continued