Project Invoicing in a currency different than the currency of the Sales Price - Hour setup

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Posted on by Sandeep Chaudhury

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Hello Folks, I ran into the below situation and I am wondering if anyone could share thoughts. The Hourly Sales Price is setup with Currency EUR. The Company currency is GBP. The Customer has asked to be invoiced in GBP. In this case, if we choose to set the Project Contract Currency = GBP to be able to invoice in GBP, the system will not recognize the hourly sales price, as it is setup in EUR and Currency is one of the important criteria for the price search. If we choose to set both the Project contract and sales price currency = EUR, I am not sure how the invoice can be generated in GBP ? Can anyone throw some light on this ? Am I overseeing anything basic in this scenario ? Regards, Sandeep

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André Arnaud de Cal... 301,170 Super User 2025 Season 2 on at

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Hi,

When you setup the Project contract in EUR, all transactions will be defaulted to be invoiced in EUR. Did you also setup a sales price in GBP? Or does this give some other problems?

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Sandeep Chaudhury 3,303 on at

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Hi Andre,

I agree, the transactions will be invoiced in the currency which we specify on the project contract. If we setup the Sales price in GBP, while the Project contract is in another currency(EUR), the sales price will not be found at all when transactions are posted, as the currency is not matched.

Basically the issue is, when we contract with the Customer, we agree on a sales rate on a specific currency (Say for example EUR), but later customer says, they need invoices in another currency (GBP).

Still looking for a way to accomplish this. Any help from the community will be greatly appreciated.

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David Massey on at

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The project invoices will be generated based on the sales currency used by the transaction. If the customer needs the invoices to be in GBP, that must be the currency used by the contract and "Lock Currency" needs to be checked. This will force the transaction sales currency to always be GBP. This doesn't solve the problem of quoted rate in a different currency. In this case, who is responsible for currency rate variance during the life of the contract?. You may be able to convert and define the price as GBP and use a Fixed exchange rate contract

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Sandeep Chaudhury 3,303 on at

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Hi David,

Thank you for your suggestions. I am in agreement with all your points.

Assume the company is responsible for the exchange rate variances and not the customer. In this case, if I manually convert the agreed upon sales price, say EUR 100 to GBP on the day of contract setup, and set that up in my Sales price table, then system will be able to find the price in transactions and hence we will be able to invoice in GBP.

But, is there a way in the system which will automatically handle the exchange rate variances here ? When you said to use Fixed exchange rate contracts, did you mean the Fixed rate agreements functionality ? If yes, I am not very sure if this is going to help, because, my accounting currency of the company is still GBP and I am invoicing in GBP only. C

Could you please shade some more light on this topic. I appreciate your time. Thank you again.

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David Massey on at

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It was not clear that the accounting currency and contract currency are the same in your example.

This area is being looked into in a future release.

If you want to have the GBP rate change base on variance of the exchange rate to maintain the EURO 100, you will need to continually update the sales price to match the change rate variance. This is not built in functionality. Hedging of prices based on exchange rates can happen for either the customer. contract holder or both.

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Community Member on at

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Hi Sandeep,

Did you figure out a way of doing this ?

Regards,

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Balasubramanian R 58 on at

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Hi Sundeep,

Did you get any update on this issue? We are also facing the issue for our customer. We are using AX 2012 R3 CU9 version. Is this fixed in AX 2012 itself?

Thanks,

Bala

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Balasubramanian R 58 on at

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Hi David,

Has this issue been fixed in any of the latest release?

Thanks,

Bala

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Gurunath 30 on at

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Hi Sandeep,

Have you found out the solution for this. Please let me know if so..

Our requirement is as below.

A contract is funded by 2 customers.

Customer1-USD

Customer2-EUR

When an Hour journal is posted it is getting posted in USD as it is contract currency.

Would this be possible to created a project Invoice proposal as per customer currency by overriding the currency on IP?

Thanks

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lally 8 on at

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Hi David ,

We are implementing AX 7 in 4 regions and client had the same requirement that wants to book the project invoice in based on funding sources region currency ( as we have multiple funding sources for one project )not the contract currency .

[quote user="David Massey"]This area is being looked into in a future release. [/quote]

Does this funtionality available in AX 7 ?

[quote user="David Massey"]If the customer needs the invoices to be in GBP, that must be the currency used by the contract and "Lock Currency" needs to be checked[/quote]

If it is not available in AX 7 , can you explain the above sentence in detail as you mentioned lock curreny needs to checked .what is that and how to check/configure ?

What is the meaning Fixed exchange rate contract and how this functionality will solve my problem ?

Thanks in advance.

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