Foreign Currency Payment is simply another way to pay and requires an approved payment request.
Departments first create an Oracle payment request and select "Wire Payment" as the method of transmittal in lieu of "check". This will cause the requisition to flow through the Foreign Currency Payment approval path.
Information regarding creating foreign drafts can be found here, see Entering Wire Payment Information.
Please Note: The department must include a US dollar value when inputting the Payment Request into Oracle. This is only an estimate. The final value will be assigned by Treasury upon purchase of the foreign currency.
The request will be reviewed and if approved it will be forwarded to the UAB Treasury Office for creation of the Foreign Currency Payment.
When the Foreign Currency Payment is processed the system will create the appropriate GL entry.
Any fees/currency exchange differences related to the cancellation of a payment in foreign currency will be passed on to the originating department.