diff --git a/erpnext/projects/doctype/timesheet/test_timesheet.py b/erpnext/projects/doctype/timesheet/test_timesheet.py
index 1e2688daf4d..e17fa3d622c 100644
--- a/erpnext/projects/doctype/timesheet/test_timesheet.py
+++ b/erpnext/projects/doctype/timesheet/test_timesheet.py
@@ -17,6 +17,15 @@ class TestTimesheet(unittest.TestCase):
 	def setUp(self):
 		frappe.db.delete("Timesheet")
 
+	def test_timesheet_base_amount(self):
+		emp = make_employee("test_employee_6@salary.com")
+		timesheet = make_timesheet(emp, simulate=True, is_billable=1)
+
+		self.assertEqual(timesheet.time_logs[0].base_billing_rate, 50)
+		self.assertEqual(timesheet.time_logs[0].base_costing_rate, 20)
+		self.assertEqual(timesheet.time_logs[0].base_billing_amount, 100)
+		self.assertEqual(timesheet.time_logs[0].base_costing_amount, 40)
+
 	def test_timesheet_billing_amount(self):
 		emp = make_employee("test_employee_6@salary.com")
 		timesheet = make_timesheet(emp, simulate=True, is_billable=1)
@@ -236,4 +245,5 @@ def make_timesheet(
 def update_activity_type(activity_type):
 	activity_type = frappe.get_doc("Activity Type", activity_type)
 	activity_type.billing_rate = 50.0
+	activity_type.costing_rate = 20.0
 	activity_type.save(ignore_permissions=True)
diff --git a/erpnext/projects/doctype/timesheet/timesheet.py b/erpnext/projects/doctype/timesheet/timesheet.py
index 0b4b99ba35b..ec58c55f020 100644
--- a/erpnext/projects/doctype/timesheet/timesheet.py
+++ b/erpnext/projects/doctype/timesheet/timesheet.py
@@ -296,6 +296,20 @@ class Timesheet(Document):
 					data.billing_amount = data.billing_rate * hours
 					data.costing_amount = data.costing_rate * costing_hours
 
+					exchange_rate = flt(self.get("exchange_rate")) or 1.0
+					data.base_billing_rate = flt(
+						data.billing_rate * exchange_rate, data.precision("base_billing_rate")
+					)
+					data.base_costing_rate = flt(
+						data.costing_rate * exchange_rate, data.precision("base_costing_rate")
+					)
+					data.base_billing_amount = flt(
+						data.billing_amount * exchange_rate, data.precision("base_billing_amount")
+					)
+					data.base_costing_amount = flt(
+						data.costing_amount * exchange_rate, data.precision("base_costing_amount")
+					)
+
 	def update_time_rates(self, ts_detail):
 		if not ts_detail.is_billable:
 			ts_detail.billing_rate = 0.0