ACQNET: EU vendors not converting correctly?

From: lgerman <lgerman_at_ux1.cso.uiuc.edu> Date: Sat, 26 Oct 2002 09:05:37 -0500 To: acqnet-l_at_listproc.appstate.edu

Date: Thu, 17 Oct 2002 13:08:06 -0400 
From: Gail Defendorf (Univ. of Penn) <gldefend_at_pobox.upenn.edu>
Subject: EU vendors not converting correctly?

With the US dollar currently slightly below the Euro, we've just noticed
that several EU vendors (so far Italy and France) are not converting
Euro into dollar amounts on their invoices correctly.  IN fact, they are
converting backwards, as if the US dollar was higher than the Euro (.97
vs 1.02).  Per book the difference is tiny, but on a long invoice we're
talking real money.

Has anyone else noticed this?  Any explanation, other than a lousy
acounting system?

Gail Defendorf
Head, Acquisitions
Univ of Penn
Philadelphia PA
gldefend_at_pobox.upenn.edu