01 - EXCHANGE RATE TO BE USED DURING THE 1ST PROGRESS REPORT

For expenditures incurred in another currency than euro, which exchange rate should be used for the 1^st Progress Report and how to insert it within the SIU System?

The exchange rate to be used is the one of the month in which the expenditure is submitted for verification to the FLC (as also stated in the FACTSHEET N. 3 – Project Development).

As stated in the PROGRESS REPORT USER MANUAL – PART 1, Version 1.0 of 17 July 2018 referred to in par. 4.4.2.4. page 69, the system will automatically perform the exchange from a currency other than euro, if needed. To do so, when inserting data of the invoice, the user shall insert manually in the box “exchange rate” the exchange rate currency/euro. The user shall use the official exchange rate of the month in which he is going to submit the expenses to FLC published by the European Commission on:

http://ec.europa.eu/budget/contracts_grants/info_contracts/
inforeuro/index_en.cfm

FOR EXAMPLE:

EXAMPLE 1: If a Partner (it’s mostly the case of Croatian Partners) submits to the FLC his Project Partner Report in August, the monthly exchange rate referred to August has to be used (that is 0,13513);

EXAMPLE 2: If a Partner (it’s mostly the case of Italian Partners) submits to his FLC his Project Partner Report in September, the monthly exchange rate referred to September (available at the beginning of the month) has to be used.

IMPORTANT: for those PPs that have already filled in data is SIU using the exchange rate referred to the month of July and did not finished in time to send their PP Report to their FLCs in July, they can contact the JS for support.​​​​​​​