Acquisitions Department >>Payment Unit>>Procedures Index
Payments Unit
Currency and Unicorn
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Currency Conversion Table
The Unicorn Currency Conversion Table is updated on the day before the month end close with the conversion rates from http://www.xe.net/ict/. This policy change will not go into effect until Unicorn has had a successful halt and run. Therefore, beginning on the day of the month end close, payments staff should not process any invoices in a foreign currency until confirmation of a successful halt and run.
Vendor Table
Each Unicorn vendor record is associated with 1 specific currency. [i.e. currency field] Invoices processed for this vendor must have an itemized breakdown of charges in the currency associated with the vendor record.
These are your options for processing invoices in a currency not associated with the vendor record. Whenever possible, the vendor should be contacted for information which may help in selecting the best solution.
Replace the vendor code in the order(s) with one that is associated with the currency of the invoice
- Search the Unicorn Vendor File to determine if a vendor record with the matching associated currency already exists.
- When necessary, create a new vendor record associated with the correct currency following standard procedures.
- Edit the vendor field on each order with the vendor code that is associated with the currency of the invoice.
- Pay the invoice following standard procedures.
Request the vendor re-issue the invoice in a currency supported in the Unicorn currency conversion table
Remember to communicate these preferences to the vendor:
- We would like vendors to consistently bill us in one currency that is supported by the Unicorn currency conversion table.
- Regardless of the currency on the invoice, we pay in US dollars.
- We will pay a reasonable bank fee if it is itemized on the invoice.
Convert each line item charge into the currency associated with the vendor record
- Anotate the invoice with the "chickens to dollars" conversion rate in this format: @<rate>
- Annotate each line item with the price converted to US dollars.
- Process the invoice following standard procedures using the converted currency amounts.
This is also how you can process an invoice that is not in a currency supported by the Unicorn currency conversion table. Make a printout of the current conversion rate you are using from a web site and attach it to the invoice.
Last modified:
June 8, 2006 |
