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Processing Foreign Currency/Wire Transfers In the FRS On-line System
Note: Occasionally, vendors may request payment in foreign currency rather than US Dollars.
Whenever foreign currency payments are required, follow the instructions listed below.
Departments:
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Prior to any on-line data entry, contact the Manager of University Purchasing if the wire is for purchases of goods/services over
$5,000 and not a sponsored program sub-agreement. If the order requires University Purchasing handling, enter the order on the 730 Requisition
Screen using the vendor #S2447000000 and DG/DS for the PO Type.
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If the order is within delegated authority, create a FRS On-line PO using the vendor #S2447000000 (VCU0170221320).
Enter DP for the PO Type. Enter the applicable department charge code.
- Enter the name and address of the foreign vendor to be paid in the Special Instruction section on Screen 721.
- Enter text lines that give banking information or say "see attached".
Include: Currency/Amount; Beneficiary's Bank name, city, country & account number (International Bank Account Number (IBAN) if European country);
Receiving Bank; Sort Code; Invoice or reference number for beneficiary.
- Enter a line item for the Wire Transfer Fee with unit cost of $30.
- Approve and Receive the PO
- Screen Print 739, attach the vendor invoice & other documentation and forward to Disbursement Operations at P. O. Box 842515.
Disbursement Operations:
- Process the wire transfer charging the 017022-1320 account.
- Adjust for any conversion variance on the 739 Screen Print.
- Sign off (written signature) when the wire transaction is complete on 739 Screen Print and forward the package to Accounts Payable.
Accounts Payable:
- Enter the invoice (to include the wire transfer fee) on Screen 240.
- Expedite payment, no 30 day due date applies.
NOTE: Domestic wire transfer instructions are forthcoming. The requirement for 1099 reporting data on US vendors requires a separate process.
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