diff --git a/erpnext/accounts/doctype/sales_invoice/sales_invoice.py b/erpnext/accounts/doctype/sales_invoice/sales_invoice.py
index 10ae574..4c617b4 100644
--- a/erpnext/accounts/doctype/sales_invoice/sales_invoice.py
+++ b/erpnext/accounts/doctype/sales_invoice/sales_invoice.py
@@ -147,8 +147,9 @@
 
 		self.update_time_sheet(self.name)
 
-		update_company_current_month_sales(self.company)
-		self.update_project()
+		if frappe.db.get_single_value('Selling Settings', 'sales_update_frequency') == "Each Transaction":
+			update_company_current_month_sales(self.company)
+			self.update_project()
 		update_linked_invoice(self.doctype, self.name, self.inter_company_invoice_reference)
 
 	def validate_pos_paid_amount(self):
@@ -187,8 +188,9 @@
 		self.make_gl_entries_on_cancel()
 		frappe.db.set(self, 'status', 'Cancelled')
 
-		update_company_current_month_sales(self.company)
-		self.update_project()
+		if frappe.db.get_single_value('Selling Settings', 'sales_update_frequency') == "Each Transaction":
+			update_company_current_month_sales(self.company)
+			self.update_project()
 
 		unlink_inter_company_invoice(self.doctype, self.name, self.inter_company_invoice_reference)
 
diff --git a/erpnext/hooks.py b/erpnext/hooks.py
index 5b88af3..b461e16 100644
--- a/erpnext/hooks.py
+++ b/erpnext/hooks.py
@@ -235,7 +235,8 @@
 		"erpnext.manufacturing.doctype.bom_update_tool.bom_update_tool.update_latest_price_in_all_boms",
 		"erpnext.assets.doctype.asset.asset.update_maintenance_status",
 		"erpnext.assets.doctype.asset.asset.make_post_gl_entry",
-		"erpnext.crm.doctype.contract.contract.update_status_for_contracts"
+		"erpnext.crm.doctype.contract.contract.update_status_for_contracts",
+		"erpnext.projects.doctype.project.project.update_project_sales_billing"
   ],
 	"monthly": [
 		"erpnext.accounts.doctype.sales_invoice.sales_invoice.booked_deferred_revenue",
diff --git a/erpnext/projects/doctype/project/project.py b/erpnext/projects/doctype/project/project.py
index 14817ae..c074d7a 100644
--- a/erpnext/projects/doctype/project/project.py
+++ b/erpnext/projects/doctype/project/project.py
@@ -412,6 +412,35 @@
 			)
 	return data
 
+def update_project_sales_billing():
+	sales_update_frequency = frappe.db.get_single_value("Selling Settings", "sales_update_frequency")
+	if sales_update_frequency == "Each Transaction":
+		return
+	elif (sales_update_frequency == "Monthly" and frappe.utils.now_datetime().day != 1):
+		return
+
+	#Else simply fallback to Daily
+	exists_query = '(SELECT 1 from `tab{doctype}` where docstatus = 1 and project = `tabProject`.name)'
+	project_map = {}
+	for project_details in frappe.db.sql('''
+			SELECT name, 1 as order_exists, null as invoice_exists from `tabProject` where
+			exists {order_exists}
+			union
+			SELECT name, null as order_exists, 1 as invoice_exists from `tabProject` where
+			exists {invoice_exists}
+		'''.format(
+			order_exists=exists_query.format(doctype="Sales Order"),
+			invoice_exists=exists_query.format(doctype="Sales Invoice"),
+		), as_dict=True):
+		project = project_map.setdefault(project_details.name, frappe.get_doc('Project', project_details.name))
+		if project_details.order_exists:
+			project.update_sales_amount()
+		if project_details.invoice_exists:
+			project.update_billed_amount()
+
+	for project in project_map.values():
+		project.save()
+
 @frappe.whitelist()
 def create_kanban_board_if_not_exists(project):
 	from frappe.desk.doctype.kanban_board.kanban_board import quick_kanban_board
@@ -419,4 +448,4 @@
 	if not frappe.db.exists('Kanban Board', project):
 		quick_kanban_board('Task', project, 'status')
 
-	return True
\ No newline at end of file
+	return True
diff --git a/erpnext/selling/doctype/sales_order/sales_order.py b/erpnext/selling/doctype/sales_order/sales_order.py
index c03bda6..6fbe587 100755
--- a/erpnext/selling/doctype/sales_order/sales_order.py
+++ b/erpnext/selling/doctype/sales_order/sales_order.py
@@ -193,13 +193,14 @@
 		self.update_blanket_order()
 
 	def update_project(self):
-		project_list = []
+		if frappe.db.get_single_value('Selling Settings', 'sales_update_frequency') != "Each Transaction":
+			return
+
 		if self.project:
 			project = frappe.get_doc("Project", self.project)
 			project.flags.dont_sync_tasks = True
 			project.update_sales_amount()
 			project.save()
-			project_list.append(self.project)
 
 	def check_credit_limit(self):
 		# if bypass credit limit check is set to true (1) at sales order level,
diff --git a/erpnext/selling/doctype/selling_settings/selling_settings.json b/erpnext/selling/doctype/selling_settings/selling_settings.json
index b56b2ac..dc2c4ce 100644
--- a/erpnext/selling/doctype/selling_settings/selling_settings.json
+++ b/erpnext/selling/doctype/selling_settings/selling_settings.json
@@ -15,6 +15,7 @@
  "fields": [
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -47,6 +48,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -78,6 +80,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -110,6 +113,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -142,6 +146,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -173,6 +178,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -206,6 +212,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -237,6 +244,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -266,6 +274,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -297,6 +306,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -328,6 +338,42 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "columns": 0, 
+   "default": "Each Transaction", 
+   "description": "How often should project and company be updated based on Sales Transactions.", 
+   "fieldname": "sales_update_frequency", 
+   "fieldtype": "Select", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_global_search": 0, 
+   "in_list_view": 0, 
+   "in_standard_filter": 0, 
+   "label": "Sales Update Frequency", 
+   "length": 0, 
+   "no_copy": 0, 
+   "options": "Each Transaction\nDaily\nMonthly", 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "remember_last_selected_value": 0, 
+   "report_hide": 0, 
+   "reqd": 1, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "translatable": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -358,6 +404,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -388,6 +435,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -419,6 +467,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -450,6 +499,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -481,6 +531,7 @@
   }, 
   {
    "allow_bulk_edit": 0, 
+   "allow_in_quick_entry": 0, 
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
@@ -522,7 +573,7 @@
  "issingle": 1, 
  "istable": 0, 
  "max_attachments": 0, 
- "modified": "2018-02-23 16:23:27.768602", 
+ "modified": "2018-06-25 12:56:16.332039", 
  "modified_by": "Administrator", 
  "module": "Selling", 
  "name": "Selling Settings", 
@@ -530,7 +581,6 @@
  "permissions": [
   {
    "amend": 0, 
-   "apply_user_permissions": 0, 
    "cancel": 0, 
    "create": 1, 
    "delete": 0, 
@@ -556,5 +606,6 @@
  "sort_field": "modified", 
  "sort_order": "DESC", 
  "track_changes": 0, 
- "track_seen": 0
-}
\ No newline at end of file
+ "track_seen": 0, 
+ "track_views": 0
+}
diff --git a/erpnext/setup/setup_wizard/operations/defaults_setup.py b/erpnext/setup/setup_wizard/operations/defaults_setup.py
index 086b60e..3f69252 100644
--- a/erpnext/setup/setup_wizard/operations/defaults_setup.py
+++ b/erpnext/setup/setup_wizard/operations/defaults_setup.py
@@ -44,6 +44,7 @@
 	selling_settings.so_required = "No"
 	selling_settings.dn_required = "No"
 	selling_settings.allow_multiple_items = 1
+	selling_settings.sales_update_frequency = "Each Transaction"
 	selling_settings.save()
 
 	buying_settings = frappe.get_doc("Buying Settings")