Cal Poly always pays in US Dollars regardless of currency used on invoice.
As of February 1, 2023, Cal Poly’s Procurement team will always include the method and timing associated with converting any foreign currency to US Dollars on any international PO’s. Cal Poly uses Oanada Currency Converter to determine the exchange rate.
International contracts of one year or less, or one-time purchases - the exchange rate shall be stated on the PO and used to calculate payments in US Dollars.
Multi-year International contracts - the exchange rate shall be determined using the invoice date, regardless of date paid or date payment received by vendor.
Cal Poly Departments procedure to submit international invoice for payment:
- Review PO for conversion method
- Calculate US Dollars based on method to determine approved amount
- If exchange rate is stated on the PO, use that rate to calculate approved invoice amount
- If rate is not stated on PO, use Oanada Currency Converter based on invoice date to calculate the approved invoice amount
- Submit international currency invoice to Payment Services and include:
- Signed invoice approving exact amount in USD (based on conversion method)
- Copy of PO (clearly states exchange rate method) and any change orders (if applicable)
- Copy of currency exchange calculation to determine approved amount, either:
- Oanda conversion (if invoice date) or
- Stated exchange rate X invoice amount (if stated on PO) & Oanda conversion attached to PO