General
When entering transactions in FMS, the currency will default to GBP. Further information on how to change the currency when entering different transactions is included in the relevant training manual.
Regardless of the currency entered, FMS will convert the transaction to GBP using the current FMS exchange rate. FMS exchange rates are updated at the start of each month based on the rates used by the Cambridge payments system (used by the University for making payments in foreign currencies).
All reports on FMS are set to show the GBP value.
Exchange rate gain/loss
Any gain/loss resulting from a difference between the exchange rate at the time a transaction is entered versus the exchange rate at the time a payment is made/income received is recognised against the sub-project the expenditure has been incurred against/income has been allocated to.
Requisitions
Currency is linked to the supplier settings. If you select a non-GBP supplier, the currency code will appear once you enter the product code and select the tab. Avoid changing the currency as this is linked to the supplier.
Sales Orders
Currency not GBP. When a user chooses a currency other than GBP, a task will automatically workflow back to the user to identify that they need to verify the currency.