Entering Foreign Currency Job Aid

This job aid is for entering expense lines that are in a currency other than US Dollars.

Enter Foreign Currency on an Employee Expense Report  

Getting Started  

• It is recommended that only one currency be used on an Expense Report. 
• If your receipts are in more than one currency, enter everything as U.S. Dollars and supply conversion documentation. 
• For more detail on Foreign Currency and travel, please view the Northwestern University Travel Policies & Procedures 

Currency Conversion Documentation  

• Include rates used in converting foreign currency to U.S. funds. 
• The rates should be those used at the time of transaction, not the rates in effect at the time the Expense Report is submitted. 
• For a transaction in a foreign currency, include: 

• • Original itemized receipts.  
• • Documentation of the exchange rate for: 
• • • A credit card statement (conversion automatically calculated). 
    • A cash transaction: a calculated U.S. dollar equivalent on the date of the transaction.  

• A currency converter is available at Oanda Currency Converter 

Step 1: Complete Currency Conversion 

Navigate to Oanda.com > Currency Conversion > Converter 

1. Currency I Have: Select foreign currency type (e.g.: Euro). 
2. Currency I want: Select US Dollar. 
3. Amount: Enter 1 to calculate the exchange rate or if your receipts are in more than one currency, enter the amount from the receipts individually. 
4. Amount: This is the exchange rate to enter under Amount Spent on the expense report for the date selected. 
5. Date: Select original transaction date from the receipt.

   Note: Interbank Rate: Not used

6. Click print and submit a printout of the conversion web page with the Expense Report
   • Print to file, to PDF, or on paper to scan and attach to the Expense Report.

 Step 2: Create an Expense Report in NUFinancials 

1. Login to NUFinancials. 
2. On the Employee Self Service Homepage, click on the Expenses tile.  
3. Click on the Create Expense Report tile.  
4. Enter General Information:
   • Business Purpose, Description, Expenses Supervisor
   • Default Location and Reference are not used. 
5. Attach the conversion document.
6. Complete the Accounting Default tab with the appropriate Chart String.
7. Click +Add Expense.
   
   
   
    
8. Enter the Date
9. Enter Expense Type.
   Expense Type Search
   • will default to Frequently Used. For Foreign Currency, click All Types.
   • Click on the Expense Type for this particular foreign expense.
   
   
10. Enter Description for the charge.
    
    
11. Enter Payment (Cash or Personal Credit Card)
    
12. Enter Amount: using one of 3 scenarios:
     
    • In U.S. dollars from the credit card statement.
    • If your cash receipts are in more than one currency, enter the Amount from the foreign currency conversion. 
    • For cash transactions, enter the original amount from the receipt, then,
      • Click the Currency magnifying glass and select the foreign currency.
      • Enter the Exchange Rate from the currency conversion.

    Note: A pop up box will display the message "The exchange rate is “0”. Click OK to the message. 

     

    
    
    
    
13. Repeat these steps for each foreign expense: Air/Hotel, Mileage, Food, etc.
14. Click Save (optional), Review and Submit.
15. Click the Foreign Travel Dates link.
    
    
16. Complete the Foreign Travel Dates window until Balance is 0.00.
     
    • Enter the Country and City where the foreign expense was incurred.
    • Enter the dates (consecutive) that you were in the foreign country and city by clicking the Date From and Date To calendar icons and selecting the dates. The dates (consecutive) you select should include the full length of stay in the city, not just the dates when you incurred an expense.
    • Complete the Foreign Travel Dates window until Balance is 0.00.
    • Enter the Country and City where the foreign expense was incurred.
    • Enter the dates (consecutive) that you were in the foreign country and city by clicking the Date From and Date To calendar icons and selecting the dates. The dates (consecutive) you select should include the full length of stay in the city, not just the dates when you incurred an expense.
    • Enter the total amount in U.S. dollars of expenses you incurred in the foreign city. Note: If you incurred more than one expense for a given foreign city in consecutive dates, add the expenses up and enter the total expense. The total USD amount you allocate in Foreign Travel Dates should only reflect the total USD expenses that are “foreign” expense types. This total may not include all the expenses actually spent in that foreign location; e.g., “books” expense should not be allocated to a foreign location even if purchased in a foreign location.
    • To add more foreign travel country, city, dates, and amounts, click and repeat steps I - III.
    • Click Done.
      
      
    Note: if you were in the same city twice over two different consecutive dates and incurred expenses, enter each set of consecutive dates/expenses separately. For example, if you flew in to Frankfurt August 1 and stayed overnight, then went on to Prague and stayed over 2 nights, and then returned to Frankfurt and stayed overnight, and then flew out the next day you returned, you would enter 3 sets of dates:
    • • Frankfurt August 1-2
      • Prague August 2-4
      • Frankfurt August 4-5
    
    
17. Submit to send the Expense Report for approval.