4. General Procedures

See also:

4.9 Foreign currency payments

(a) General principles

As a general principle, the University will make all payments, both to individuals and suppliers, in Pounds Sterling (GBP). Where the payee is not resident or has no permanent establishment within the UK, however, and has no UK bank account, payment in foreign currency will be permitted.

(b) Reimbursement of expenses in Pounds Sterling

Where expenses are initially paid out by the claimant in foreign currency and reimbursement sought in Pounds Sterling, an exchange rate calculation must be completed as part of the expense claim, using a verifiable and reliable source and the rates in force at the time of the expenditure. Acceptable sources include XE.com, the Financial Times, bank statement, or equivalent. A copy of the source and calculation should be attached to the claim. Claimants should ensure that any additional funding requirements in respect of expenditure charged against research grants are also adhered to.

(c) Reimbursements or payments in foreign currency

For both expense claims and other payments to be made in foreign currency the exchange rate in force at the time of input to Oracle Accounts Payable will be used unless it is necessary (for example, to comply with funding rules on research grants) to use a different rate. Where a different rate is required then a calculation should be provided from Pounds Sterling to the currency concerned in the same manner as that outlined in section (b) above. Chargeable exchange rate variations will be posted against the default departmental cost centre and this may mean that the actual amount payable will vary.