When you are collaborating with multi-national Legal Service Providers, you want to have budget tracking in your own currency while accommodating foreign currencies as well.
In this article:
Set the currencies your organization works with
In order to upload invoices in various currencies, it is necessary to configure your organization's invoice currencies beforehand.
1. As an Administrator, go to Settings / Legal Service Providers / Invoice currencies
If the Invoice currencies card is disabled but greyed out, it indicates that your organization doesn't yet have Spend Management. To get it enabled, please reach out to your Customer Success Manager (CSM).
You will notice the default currency that has been set for your organization - in the example below, USD. (If you wish to modify this currency, kindly reach out to Support using the chat bubble.)
2. Choose from the provided options in the dropdown menu to indicate the currencies that your organization acknowledges. (We recommend talking to your finance team to find out which invoice currencies will be accepted and the conversion rate for each currency.)
The currencies are represented by their respective three-digit codes and symbols in accordance with ISO standards.
3. Select the conversion rate (exchange rate) for each of the selected currencies that you want your organization to use for invoicing purposes.
Conversation rates will be used to convert invoices received in foreign currencies into your organization's default local currency.
When at a later moment in time, you need to readjust the exchange rate, come back to this window to make the necessary adjustments. You have the flexibility to include additional currencies or remove the ones you previously added.
All changes will be tracked in the Account activity log that you can review at any time from Settings / Account Activity
Upload invoices in different currencies
If you are an In-house Legal or an Organization Administrator, then you can choose the currency for each invoice. If you are uploading a LEDES invoice, the 'Invoice currency' field will autofill.
If an invoice is posted in a currency different from the default one, it will be converted to the default currency using the earlier specified conversion rate.
Notice the converted amount appears underneath the Fees, Disbursements, and Total tax fields as well, so you know exactly what they amount to in your default currency.
You can change the currency of invoices that are still in Draft directly from the Invoices grid. Once an invoice is posted, the currency and conversion rate cannot be changed.
Track your budget
From the Invoices tab of the matters, you can view the budget in your default currency (USD in this case), which includes converted invoices from other currencies as well.
The Invoices grid helps you to easily track your budget for all invoices. It displays the original invoice currency as well as the converted amount.