This page contains answers to common questions related to foreign currency payments. Visit the Foreign Currency Payment Processing page for additional information.
You can view the foreign currency amount at any time by hovering over the double arrows next to the price field. Once the PO has been generated, you can also select Print Fax Version from the drop-down menu next to the PO number to view the PO as the supplier sees it. Line items will be listed in foreign currency here as well.
Departments should not convert supplier invoices to different currencies. If the supplier sent the invoice to the department directly, a corrected invoice should be requested and submitted to invoice@iu.edu.
Yes, but the invoice document will not be generated in BUY.IU since the review and rejection process will happen before the invoice is created in BUY.IU.
Accounts Payable staff do not contact suppliers for corrected invoices.
Accounts Payable staff will log a comment on the PO if an invoice is received in the wrong currency. Departments will be notified if a second non-compliant invoice is received or if the invoice was sent via mail.
If the invoice was sent via mail, AP does not have a supplier contact. In this case, the department would be asked to follow up with the supplier and instruct them that a corrected invoice is needed.
PO amounts and encumbrances will remain static. USD equivalents will be calculated using the exchange rate available in BUY.IU (which is supplied by the Federal Reserve) the day the order is created. Invoices will be converted to their USD equivalents by Treasury Operations using that day’s conversion rate. No action is needed by the department, though Treasury may contact you via the Comments if they have questions.
Yes. If no additional invoices are expected and the PO is no longer needed, navigate to the PO in BUY.IU, click the three dot menu to the right of the print and help icons, then select Close PO.