{"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 &#8211; Progress Billing with Foreign Currency"},"content":{"rendered":"<p><b>Contents<\/b><\/p>\n<table class=\"table table-striped\" width=\"612\">\n<tbody>\n<tr>\n<td><a href=\"#intro\">Progress Billing Foreign Currency<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b id= \"intro\">PROGRESS BILLING FOREIGN CURRENCY<\/b><\/p>\n<p>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<p>Create a new Project &#8594; select the \u201cCustomer No.\u201d &#8594; enter \u201cContract Date\u201d.<\/p>\n<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-08-progress-billing-with-foreign-curren1.png\" alt=\"null\" \/><\/p>\n<p>On \u201cForeign Trade\u201d fast tab, select the currency code on field \u201cInvoice Currency Code\u201d.<\/p>\n<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-08-progress-billing-with-foreign-curren2.png\" alt=\"null\" \/><\/p>\n<p><b><u>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<p>Once details on the Project is created, open Progress Billings to initiate the billing process.<\/p>\n<p>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<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-08-progress-billing-with-foreign-curren3.png\" alt=\"null\" \/><\/p>\n<p>Enter \u201cQuantity\u201d and \u201cWork Retention %\u201d and create the sales invoice.<\/p>\n<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-08-progress-billing-with-foreign-curren4.png\" alt=\"null\" \/><\/p>\n<p>The \u201cCurrency Code\u201d will appear on the sales invoice under the Invoice Details fast tab.<\/p>\n<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-08-progress-billing-with-foreign-curren5.png\" alt=\"null\" \/><\/p>\n<p>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<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-08-progress-billing-with-foreign-curren6.png\" alt=\"null\" \/><\/p>\n<p>Total invoice value as per the foreign exchange rate can be seen under the Lines fast tab, as below.<\/p>\n<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-08-progress-billing-with-foreign-curren7.png\" alt=\"null\" \/><\/p>\n<p>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<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-08-progress-billing-with-foreign-curren8.png\" alt=\"null\" \/><\/p>\n<p>On the Statistics page of a sales invoice, we can see the sales value and retention in Local Currency.<\/p>\n<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-08-progress-billing-with-foreign-curren9.png\" alt=\"null\" \/><\/p>\n<p><b><u>Note:<\/u><\/b> On AIA report the value will be shown only in LCY.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &#8594; select the \u201cCustomer No.\u201d &#8594; enter \u201cContract Date\u201d. On \u201cForeign Trade\u201d fast tab, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.projectpro365.com\/user-guide\/standard\/progress-billing\/progress-billing-with-foreign-currency\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Ch 08 &#8211; Progress Billing with Foreign Currency&#8221;<\/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":[7,36,39],"tags":[],"class_list":["post-975","post","type-post","status-publish","format-standard","hentry","category-progress-billing","category-progress-billing-2","category-progress-billing-3","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ch 08 - Progress Billing with Foreign Currency - User Guide<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.projectpro365.com\/user-guide\/standard\/progress-billing\/progress-billing-with-foreign-currency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ch 08 - Progress Billing with Foreign Currency - User Guide\" \/>\n<meta property=\"og:description\" content=\"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 &#8594; select the \u201cCustomer No.\u201d &#8594; enter \u201cContract Date\u201d. 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