Payment for goods and services provided by the University should be denominated in US dollars. However, some pre-existing contracts may require the University to accept payments in a foreign-denominated currency.
Making a Foreign Currency Check Deposit: Departments
- Enter a separate document for each foreign currency deposit (e.g., checks denominated in Euro's and checks in British Pounds Sterling each require a separate deposit).
- Enter the deposit in the financial system on the UM Prepare Deposit page and print out two copies of the Deposit Detail Report.
- Enter all fields as though the deposit is in US dollars. For example, if depositing a check for 450.00 Euro's, enter 450.00 in the Check field. Also enter "-450.00" in the Line Amount field in the Original Deposit Amount section of the UM Prepare Deposit page.
- Once the check clears the University bank, the Office of Investments and Banking will make an adjustment for the currency exchange rate to the UM Prepare Deposit page and approve the transaction.
- Monitor departmental budget reports. Depending on the foreign currency, deposits may take from four days to eight weeks to become finalized in the financial system.