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April 23, 2021

Work Orders / Projects in Foreign Currencies on Liquid

Introducing invoicing in select foreign currencies such as GBP (British Pound), EUR (Euros), INR (Indian Rupee), and CAD (Canadian Dollars).

Introducing Work Orders in select foreign currencies such as GBP (British Pound), EUR (Euros), INR (Indian Rupee), and CAD (Canadian Dollars).

Liquid News Finance and Accounting Freelancer Tips International Payments Freelancer Management

Last week we rolled out invoicing in foreign currencies — and now Vendors in select countries can also agree to Work Orders in their local currencies instead of in the default USD.

Once Work Orders / Projects are created in local currency, then invoices based on them will automatically be in local currency as well. Note that once a Work Order / Project or Invoice is created, the currency cannot be changed.

Here’s how it works. If you and your Vendor have already set things up to invoice in foreign currencies, you can skip ahead. 

Clients must activate local currency payments

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Provided this feature is turned on for the specific currency, first, the Client must login to their account and navigate to the Vendors section — just like invoicing in foreign currencies. If you had already turned this on to allow invoicing in foreign currencies, skip this step.

Then, the Client must find the specific Vendor card for the Vendor they would like to be able to have Work Orders / Projects and invoicing available 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 Work Orders / Projects and invoicing 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 Work Orders / Projects and Invoices, but will not affect existing Invoices or Work Orders / Projects.

Introducing invoicing in select foreign currencies such as GBP (British Pound), EUR (Euros), INR (Indian Ruppee), and CAD (Canadian Dollars).

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.

Vendors can get paid in their local currencies in Liquid

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.  

Work Orders in foreign currency by Clients

Once all the above steps have been completed, defining and agreeing to Projects in local currency is available.

Start by logging in to Liquid. 

  1. Once you are logged in, go to Work Orders on the left side.
  2. Click the + Work Order button on the upper-right side.
  3. You’ll first need to select which Vendor the Work Order is for.
  4. Next, you’ll need to name the Work Order. The name should be short and descriptive, like “Content Writing and Editing.”
  5. Then, you’ll Define Services and Deliverables, just as you do in creating normal USD Work Orders.
  6. All rates will be listed in the appropriate foreign currency.
Introducing work order rates in select foreign currencies such as GBP (British Pound), EUR (Euros), INR (Indian Rupee), and CAD (Canadian Dollars).

After setting the details of the Work Order, you’ll want to send your Work Order to your Vendor. If one of the deliverable start dates have already passed, you’ll receive a warning message. You can go back and change it, or press Confirm to acknowledge the warning. Press Send to deliver your Work Order. From there, your Vendor can choose to accept certain deliverables individually.

Note that once a Work Order or Invoice is created in a currency, it can’t be changed to another currency. You can also Clone an existing Work Order to create a new Work Order in a foreign currency, provided the above steps have been completed to turn on Work Orders in foreign currencies for that Client-Vendor relationship.

Need help with setting up your Work Order in a foreign currency in Liquid? Use the chat to reach out to us anytime!

Sending Project Proposals in local currency by Vendors

Once all the above steps have been completed, Work Orders in local currency is available.

Start by logging in to Liquid. 

  1. Once you are logged in, go to Projects on the left side.
  2. Click the + Project button on the upper-right side.
  3. You’ll first need to select which Client the Project is for.
  4. Next, you’ll need to name the Project. The name should be short and descriptive, like “Graphic Design.”
  5. Then, you’ll Define Services and Deliverables, just as you do in creating normal USD Projects.
  6. All rates will be listed in the appropriate foreign currency.
Introducing project rates in select foreign currencies such as GBP (British Pound), EUR (Euros), INR (Indian Rupee), and CAD (Canadian Dollars).

After setting the details of the Work Order, you’ll want to send your Project to your Client. If one of the deliverable start dates have already passed, you’ll receive a warning message. You can go back and change it, or press Confirm to acknowledge the warning. Press Send to deliver your Project Proposal. From there, your Client can choose to accept certain deliverables individually. 

Note that once a Project or Invoice is created in a currency, it can’t be changed to another currency. You can also Clone an existing Project to create a new Project in a foreign currency, provided the above steps have been completed to turn on Project in foreign currencies for that Client-Vendor relationship.

Need help with setting up your Project in local currency in Liquid? Use the chat to reach out to us anytime!

Cloning Work Orders / Project Proposals

If you already have an existing Work Order or Project in USD, you can Clone the Work Order or Project to make a copy of the existing Work Order / Project with a change to the currency (even if they are in draft status).

To Clone a Work Order or Project, press the kebab (the three dots) on the upper right of the existing Work Order or Project card. Then, press Clone to open up the Create Work Order module or Create Project Proposal module with the details of the existing Work Order or Project pre-populated into this new draft Work Order / Project. You can also edit any of the fields if any additional changes are necessary.

Once you have Cloned the past Work Order or Project, you may want to mark the past Work Order or Project as Complete. To mark a Work Order or Project as Complete, press the kebab (the three dots) on the upper right of the existing Work Order or Project card and press Complete to complete the Work Order.

Engaging global talent is now even easier

Now you can execute Work Orders and make secure payments in your vendor’s local currency or USD. Our robust payment options enable you to choose the alternative that works best for your business. From contracts to compliance, invoices, payment, taxes, and more, Liquid makes working with global talent easy and seamless.   

Sign-up to try Liquid today!

Category: Liquid News Finance and Accounting Freelancer Tips International Payments Freelancer Management

Updated: May 4, 2021

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