Introducing invoicing in select foreign currencies such as GBP (British Pound), EUR (Euros), INR (Indian Rupee), and CAD (Canadian Dollars).
Last month, we rolled out built-in FX in Liquid — and now we are allowing Vendors in select countries to invoice in their local currencies instead of in the default USD.
Here’s how it works.
Clients must activate local currency payments
Provided this feature is turned on for the specific currency, first, the Client must log in to their account and navigate to the Vendors section. Then, the Client must find the specific Vendor card for the Vendor they would like to be able to have to invoice in foreign currencies. Press the Vendor card, navigate down to the Finance Details and you will see Invoice Currency as a field. Provided this feature is turned on for the specific currency, you’ll switch the currency from USD to the local currency if you want to invoice to be available for that specific Vendor.
You’ll have to repeat this for all Vendors you’d like this feature turned on for.
Note that changing this setting will affect future Invoices and Work Orders, but will not affect existing Invoices or Work Orders.
Vendors must have a verified bank account
In addition, the Vendor must have a verified bank account set in their Getting Paid settings. Under the International Payments section of the Getting Paid page, the Vendor can add their bank account. Provided the Client has selected the local currency on the Vendor Card, then the Vendor will receive payments in the local currency — regardless of the Vendor’s currency preference in Getting Paid.
If the Vendor needs to change their bank account, they will press the three dots in the upper right corner and select Replace Account. Next, they will enter their bank account details and submit bank account information. Note that international bank account verification takes 1 to 2 business days; you may be asked to complete our identity verification process before your bank account is verified.
Note that this step can be completed by the Vendor at any time — this does not have to happen after the Client has activated local currency payments.
Invoicing in local currency by Clients
Once clients have activated local currency payments and the vendor has added an international bank account, invoicing in local currency is available. Clients may only upload invoices, not make time tracker entries or write detailed invoices based on an agreed Work Order.
Start by logging in to Liquid.
Once you are logged in, go to Invoices on the left side.
Press the + Invoice button.
You will be prompted to select a Vendor. If you don’t see your Vendor on the list, you may choose to invite them.
Then you will be prompted to select a Work Order. If you don’t have an active Work Order with that Vendor, you will be prompted to Create Work Order. You will also be able to upload an invoice without a Work Order by clicking Create the invoice without it.
Once you have selected an active Work Order or selected creating the invoice without a Work Order, then this will open a new page with the Vendor, Work Order name (if applicable), and payment terms pre-populated and not editable on the Upload Invoice page.
Upload the file (acceptable file types are PDF, DOC, DOCX, or image files with a maximum size of 32MB).
Then, enter the invoice details — Invoice number and Invoice total (total amount invoiced in the local currency). An invoice number will be pre-populated, but you should adjust this manually to match the actual invoice number from the Vendor’s invoice.
You can also add an Invoice Period of Performance Start date, and an Invoice Period of Performance End Date. These fields are optional.
Press Submit Invoice to complete the Invoice upload.
Once the Invoice has been uploaded, then you can pay the Invoice. At this time, you cannot schedule a foreign currency Invoice for future payment. In addition, once an Invoice is created in a currency, it can’t be changed to another.
Prior to the client paying the invoice, an estimated USD amount will be shown, along with the FX rate. At the time the payment is made, the USD amount will be locked given the invoice amount in local currency and the FX rate at that time.
Invoicing in local currency by Vendors
Once clients have activated local currency payments and the vendor has added an international bank account, invoicing in local currency is available.
Creating Invoices in local currency by Vendors
Creating Invoices in local currency is fairly similar to creating Invoices in USD.
Start by logging in to Liquid.
Once you are logged in, go to Projects on the left side.
Select your active Project.
At the top of the Project, click on Here are actions you can take for this project.
If you have an hourly deliverable, you must enter hours into the time tracker. If your deliverable(s) are not hourly, then entering hours in the time tracker is optional.
When you have completed time tracking, press the + Invoice button.
A draft invoice will be generated based on the agreed-to terms of the Project and the hours you have tracked — all amounts will be in the local currency. If you have hit your maximum hours cap for the deliverable, your additional hours tracked will not be added to the Invoice.
If your deliverable(s) are based on a daily, weekly, monthly, or quarterly rate, you will be required to enter in the number of days/weeks/months/quarters you worked for this Invoice. All amounts will be in the local currency.
If needed, you can add additional line items to account for additional pre-agreed expenses, or you can delete the auto-generated line items and create your own. Again, all amounts will be in the local currency.
Note that using the auto-generated line items will allow the system to mark your Invoice as matching your Project / Work Order. If you have added additional items or deleted the auto-generated items and recreated them, your Invoice may be marked with a warning that the Invoice does not match or cannot be matched. This warning will not prevent you from sending your Invoice, nor will it prevent your Clients from paying your Invoice.
The Invoice total will automatically be calculated and will be shown in the local currency.
If you’d like, you can also enter Invoice Notes and/or an Invoice Footer. In addition, You can also add an Invoice Period of Performance Start date, and an Invoice Period of Performance End Date. These fields are optional when sending an invoice to an existing Client using Liquid, but are required when sending an invoice via email (typically to a Client who is not a Liquid user).
Press Send in the bottom right corner to send the Invoice to your Client.
The invoice will then be sent to your Client, who can then pay the invoice. Note that once an Invoice is created in a currency, it can’t be changed to another.
Prior to the client making the payment, an estimated USD amount will be shown, along with the FX rate. At the time the payment is made, the USD amount will be locked given the invoice amount in local currency and the FX rate at that time.
Uploading Invoices in local currency by Vendors
Uploading Invoices in local currency is fairly similar to uploading Invoices in USD.
Start by logging in to Liquid.
Once you are logged in, go to Invoices on the left side.
Press the + Invoice button.
You will be prompted to select a Client.
Then you will be prompted to select a Project. Clicking Create the invoice without it to get a blank invoice creation form with your name and your Client’s name pre-filled. In addition, the payment terms will be pre-filled. Contact your Client if you’d like to modify payment terms, as the Client will need to make that change.
Press the Upload button at the bottom left of the draft invoice. The draft invoice will then be discarded (you will have to confirm discarding the invoice), and then you will be navigated to a window to help you upload your Invoice.
Upload the file (acceptable file types are PDF, DOC, DOCX, or image files with a maximum size of 32MB).
Then, enter the invoice details — Invoice number and Invoice total (total amount invoiced in the local currency). An invoice number will be pre-populated, but you should adjust this manually to match the actual invoice number from the invoice.
You can also add an Invoice Period of Performance Start date, and an Invoice Period of Performance End Date. These fields are optional when sending an invoice to an existing Client using Liquid, but are required when sending an invoice via email (typically to a Client who is not a Liquid user).
Press Submit Invoice to complete the Invoice upload.
The invoice will then be sent to your Client, who can then pay the invoice.
Prior to the client making the payment, an estimated USD amount will be shown, along with the FX rate. At the time the payment is made, the payment will be made to ensure the invoice amount in local currency is sent — and the FX rate will be locked and the USD amount will be locked.
Create Invoices in local currency without Project via Invoices Page
While we highly recommend creating Invoices from Projects, you can invoice your clients without Projects. We recommend you ask your Client for approval to send invoices this way before doing so.
Start by logging into Liquid.
Once you are logged in, go to Invoices on the left side.
Press the + Invoice button.
You will be prompted to select a Client.
Then you will be prompted to select a Project. Click Create the invoice without it to get a blank invoice creation form with your name and your Client’s name pre-filled.
The payment terms will be pre-filled. Contact your Client if you’d like to modify payment terms, as the Client will need to make that change. If you want to Upload an Invoice without a Project, press the Upload button at the bottom left.
Make sure to add a Description, Quantity, Units, and the Unit Price. Each total line item will be calculated automatically and will be presented in the local currency.
Add additional line items as appropriate. The total invoice amount will be calculated automatically and will be displayed in the local currency.
If desired, add Invoice Notes and/or an Invoice Footer. When sending invoices without Projects, it’s good practice to add detailed information about the Invoice in the Notes section.
You can also add an Invoice Period of Performance Start date, and an Invoice Period of Performance End Date. These fields are optional when sending an invoice to an existing Client using Liquid, but are required when sending an invoice via email (typically to a Client who is not a Liquid user).
Note that by creating your Invoice without a Project, the Invoice will be marked with a warning that the Invoice cannot be matched. This warning will not prevent you from sending your Invoice, nor will it prevent your Clients from paying your Invoice.
Press Send to send the Invoice to your Client.
The invoice will then be sent to your Client, who can then pay the invoice. Note that once an Invoice is created in a currency, it can’t be changed to another.
An estimated USD amount will be shown, along with the FX rate. At the time the payment is made, the USD amount will be locked given the invoice amount in local currency and the FX rate at that time.
Need help with invoicing in local currency in Liquid? Use the chat to reach out to us anytime!
Automated, Scalable Global Payments with Liquid
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