Are you working with an international supplier, or a supplier who has requested payment in a non-US currency? This page contains answers to common questions about these scenarios.
Only one preferred currency may be selected. That currency will be used on all orders involving the supplier.
No. IU is only able to issue payments in currencies supported by IU’s bank. These options are presented to the supplier during registration.
If a supplier requests an unsupported foreign currency, they will select US Dollars (USD) during registration. Orders will be placed in USD, and the suppliers should invoice IU in USD. Funds will be converted to the supplier’s preferred currency by their local financial institution.
If you find yourself in this situation, log a comment on the BUY.IU invoice stating that the amount should be converted by the supplier’s local bank. When completing the wire transfer, Treasury will share these instructions with the receiving bank.
A list of current, supported currencies is available on any supplier record in BUY.IU. Visit the Locating a Supplier’s Preferred Currency page for instructions.
Currency abbreviations are universal, so you could google the abbreviation. Alternatively, you could review the supplier’s profile by following the instructions on the Locating a Supplier’s Preferred Currency page.
This is an unusual, rare situation. Submit a Support Form to contact the Supplier Data Management (SDM) team and make them aware of the situation. On the support form, select "Suppliers" then the "Process Clarification" option. It’s possible to send foreign currency to a foreign bank. It is not possible to send foreign currency to a domestic bank.
Visit the Locating a Supplier’s Preferred Currency page for instructions.
Nope! This error message can be ignored. It has to do with user setup in BUY.IU itself and what information we’re able to see. You will see it on all supplier records. No action is needed from the supplier.