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Queen's University
 

Foreign Currency Transactions

This communication is to inform you of a change in University practice for foreign currency transactions.  This change is being made to improve the accuracy of the amounts being charged or credited to departments.

In summary, past practice was to charge the department using the rate of the day the invoice is entered.  The updated practice is to charge the department using the rate of the day the invoice is paid.  If there is a difference in the exchange rate between when the invoice is entered and when the invoice is paid, a foreign exchange gain or loss will appear on departmental statement of operations. 
 
A detailed example to provide additional information on this change can be found on the Financial Services “Common Questions” section of the website at this link: http://www.queensu.ca/financialservices/support/questions.html#19 at “What are the amounts appearing in the line GAIN LOSS FX in my statements of operations?”

Kindest Regards,

Queen’s Financial Services

Kingston, Ontario, Canada. K7L 3N6. 613.533.2000