How to solve currency issues in Horizon 2020?
“My EC grant is in euros. My costs are in a different currency. I have to report in euros. Help!” How many times we have heard that…
Horizon 2020 beneficiaries in the euro zone are lucky. They receive their grant in euros, most of their costs are in euros and they report to the EC in euros too.
In countries with other currencies it is not so simple. We prepared for you couple of points that will make the whole topic more clear.
You cover losses
To start, remember that currency exchange losses are not eligible costs. The beneficiary covers any losses from own resources.
Mitigate currency exchange losses by opening an euro account to receive the grant and exchange as needed. If you receive your grant to a non-euro account, your bank will likely convert it to your currency at a very unfavorable rate. Negotiate better conditions to exchange bigger amounts with your bank.
Your currency first
Follow your internal rules for expense accounting. Remember that unless you have a multi-currency system, expenses should be first accounted in your national currency and then converted into euros, as explained in the following point.
EC financial reports are prepared in euros. Conversions are set by the average of the daily exchange rates published in the C series of the Official Journal of the European Union, calculated over the corresponding reporting period.
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