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Project - How to set different currencies on Project Currency & Billing Currency


Hello All,

We are a trading material company. We buy materials from different countries and sell them in our based country. On the Construction/ Project function, we type Cost Budget as the sourcing country's currency (usually in USD & EUR) but the Invoice must be issued in based currency (VND).

When trying to set Project Currency = USD, Billing Currency = VND, the error message from the system shows “Another billing currency is not supported because the project currency USD differs from the base currency VND.”

Therefore, we can't use the different currencies on Project Currency & Billing Currency.

Really appreciated it if you have any ideas for this case.

Thanks all,

Yên Chi

 

 

 

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Best answer by aaghaei 29 May 2023, 19:02

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3 replies

Userlevel 7
Badge +9

 @chidao  Honestly what you trying to work out has no ground in accounting either. This way if even possible, your project budget would be in one currency and project cost in another (or even multiple currencies) as a result when you run project budget reports for margin and other comparisons you are comparing 🍏 to 🍊.

You will need to setup you project Revenue & Cost in you case currency and when you receive AP bills process in their own currency with right exchange rate.

Userlevel 7
Badge +10

Hi @chidao 

As per project form reference, the system selects the project currency as the billing currency.
Refer below screenshot.

I believe you need to do customization.
 

Regards,

Sweta

Userlevel 4
Badge +1

It is possible to invoice customers in different currency from base currency. The following steps are needed:

  1. Release all proforma and AR invoices associated with the proforma invoices. 
  2. Uncheck the “Create Pro forma Invoice on Billing” on the Summary Tab on the Project form. 
  3. Create AR invoice to the customer to the proper project and desired currency, EUR, GBP, etc. 
  4. Release AR Invoice
  5. The project budget converts to the project currency based on the spot rate optimized on the invoice. 
  6. Since the project cost and revenue are in project currency, there are no issues with the accounting. 
  7. If no additional invoices need to be created in in other currency, then pro forma checkbox on the summary tab can be turned on again. 

Hope that helps.

 

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