{"id":975,"date":"2023-11-02T07:49:04","date_gmt":"2023-11-02T07:49:04","guid":{"rendered":"https:\/\/www.projectpro365.com\/user-guide\/?p=975"},"modified":"2025-04-14T07:42:34","modified_gmt":"2025-04-14T07:42:34","slug":"progress-billing-with-foreign-currency","status":"publish","type":"post","link":"https:\/\/www.projectpro365.com\/user-guide\/standard\/progress-billing\/progress-billing-with-foreign-currency\/","title":{"rendered":"Ch 08 – Progress Billing with Foreign Currency"},"content":{"rendered":"

Contents<\/b><\/p>\n\n\n\n
Progress Billing Foreign Currency<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

PROGRESS BILLING FOREIGN CURRENCY<\/b><\/p>\n

The Progress Billing process also lets you create a sales invoice with foreign currency. To bill the customer in a foreign currency following steps needs to be followed:<\/p>\n

Create a new Project → select the \u201cCustomer No.\u201d → enter \u201cContract Date\u201d.<\/p>\n

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On \u201cForeign Trade\u201d fast tab, select the currency code on field \u201cInvoice Currency Code\u201d.<\/p>\n

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Note:<\/u><\/b> In case there exists Sub- Levels for Project, then the currency code needs to be entered on \u201cInvoice Currency Code\u201d field on all the sub-level project cards.<\/p>\n

Once details on the Project is created, open Progress Billings to initiate the billing process.<\/p>\n

When you update the lines from the project on a progress billing requisition, the field \u201cInvoiced Currency Code\u201d will get auto populated with the currency code entered on the Project card, see below.<\/p>\n

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Enter \u201cQuantity\u201d and \u201cWork Retention %\u201d and create the sales invoice.<\/p>\n

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The \u201cCurrency Code\u201d will appear on the sales invoice under the Invoice Details fast tab.<\/p>\n

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Exchange Rate can also be viewed by clicking on the three dots of Currency Code field. A window will open as below, and Exchange rate can be seen under field \u201cRelational Exch. Rate Amount\u201d.<\/p>\n

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Total invoice value as per the foreign exchange rate can be seen under the Lines fast tab, as below.<\/p>\n

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On the Retention fast tab, the field \u201cRetention Amount ($)\u201d will show the value in local currency (LCY) whereas, \u201cRetention Amount\u201d field will show the value in foreign currency (FCY).<\/p>\n

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On the Statistics page of a sales invoice, we can see the sales value and retention in Local Currency.<\/p>\n

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Note:<\/u><\/b> On AIA report the value will be shown only in LCY.<\/p>\n","protected":false},"excerpt":{"rendered":"

Contents Progress Billing Foreign Currency PROGRESS BILLING FOREIGN CURRENCY The Progress Billing process also lets you create a sales invoice with foreign currency. To bill the customer in a foreign currency following steps needs to be followed: Create a new Project → select the \u201cCustomer No.\u201d → enter \u201cContract Date\u201d. On \u201cForeign Trade\u201d fast tab, … <\/p>\n

Continue reading “Ch 08 – Progress Billing with Foreign Currency”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36,39,7],"tags":[],"class_list":["post-975","post","type-post","status-publish","format-standard","hentry","category-progress-billing-2","category-progress-billing-3","category-progress-billing","entry"],"_links":{"self":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts\/975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/comments?post=975"}],"version-history":[{"count":8,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts\/975\/revisions"}],"predecessor-version":[{"id":1466,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts\/975\/revisions\/1466"}],"wp:attachment":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/media?parent=975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/categories?post=975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/tags?post=975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}