Policy and Procedure

Subject Area:	Disbursements
Policy Title:	Foreign Currency Requests
Policy / Procedure No:	A/P011
Responsible Office:	Accounts Payable
Purpose:	To pay invoices in currency other than U.S. dollars.
Documents Needed:	Original invoice and a completed IAF.
Special Instructions:	Fill out IAF as if the remittance is in U.S. dollars. A/P staff converts the amount to foreign currency. Payment for this invoice will display under the name "AMEX" on departmental budget reports.
Contact Person:	Assistant Director, A/P, x2652.

PURPOSE: To pay invoices in currency other than U.S. dollars.

SCOPE: All University employees responsible for invoice processing.

POLICY:
The University has the ability to pay invoices in foreign currency, if necessary.

PROCEDURE:
1. Individual responsible for invoice processing fills out an IAF and attaches it to the original invoice.

2. Department's approval authority approves paperwork and forwards it to the proper budget area.

3. Budget area staff approves funding and forwards paperwork to A/P.

4. A/P staff contacts a designated banking establishment and requests draft in foreign currency.

5. Bank personnel send draft to A/P.

6. A/P staff mails draft to vendor.