X5 costing and pricing system

X5 Euro and Dollar exchange rates – used to calculate income only - budget rates

X5 holds the approved University budget rates of exchange for the Euro and the Dollar and these are used when creating application costings and converting a sterling budget to funders who award in Euros and Dollars. The rates are provided by the Treasury department in Finance division and reviewed monthly. Using these approved rates means that the exchange rates will be guaranteed by the University for the duration of the award with the University bearing any adverse movements on the actual rate. 

They must not be used to calculate the costs of non-staff items being purchased from abroad in these currencies or the costs of external collaborators or subcontractors who are being paid in these currencies. For these specific costs you must contact the Treasury department in Finance Division. Please see Foreign Currency Management for further information.

The current rates can be found here

X5 Other exchange rates

X5 holds the currency code and a default holding rate for the currencies listed below: 

If you need to convert a sterling budget into one of these currencies, you must contact Treasury department to obtain a budget rate.

If you need to purchase a non-staff item or calculate the costs of external collaborators in these currencies you must contact Treasury department to obtain a purchasing rate.

If you need a new currency code added to X5 please contact the X5 helpdesk.
 

The apprenticeship levy was introduced on 1 April 2017 and is a levy on UK employers to fund new apprenticeships. It is calculated based on 0.5% of basic salary. X5 calculates the levy by calculating a higher NI amount (through an NI rates file). Please select the file applicable to your costing:

• The NI rates file dated 04/11/2024 should be used for all funders that have confirmed they will not pay the levy (see list below)
• The NI rates file dated 05/11/2024 should be used for all other funders.

Funders who will not pay the levy
Action Medical Research, Alzheimer’s Research UK, Alzheimer's Society, Blood Cancer UK, Brain Research UK, Breast Cancer Now, British Academy, BHF, CRUK, Diabetes UK, Dunhill Medical Trust, Fight for Sight, Healthcare Infection Society,  Heart Research UK, Leukaemia UK, Leverhulme Trust, Multiple Sclerosis Society, Nuffield Foundation, Parkinson’s UK,  Prostate Cancer UK, Royal Academy of Engineering, Royal College of Surgeons of England, Stroke Association, The Brain Tumour Charity, Wellbeing of Women.

01/01/2024– The USS employer’s contribution rate has decreased to14.5% (was 21.6%).  The X5 pension scheme USS-Jan24 will pick up the new rate from this date.

There have been many USS rates used in X5 so please contact the helpdesk if you need to know the rates used for a particular costing.

09/02/2024– The OSPS employer's contribution rate has decreased to 16.5% (was 19%). The X5 pension scheme OSPS- 16.5% will pick up the new rate from this date.