Multi Currency Configuration

Multi Currency Configuration

LEX Multi-Currency functionality provides a simple and effective method of billing work done and recording payments in different currencies. Key Features Include:

• Case fee values are easily entered in the selected currency and converted to GBP by the system
• Both GBP and currency values are clearly displayed on the fees screen
• Fee documentation is produced in the selected case currency
• When payments are processed, LEX automatically calculates and applies any GBP adjustments (required where exchange rates have changed)
• Aged Debt exports in both GBP and case currency values
• Easy creation of a custom list of currencies to select
• Ability to set individual currency date-ranged exchange rates
• Define currency specific bank account details to appear on fee documentation, at an individual currency or barrister Level

To enable LEX Multi-Currency functionality, please contact our Support Team. They will provide details of the configuration process, and will put you in touch with our training department, if required.

Setting up ‘Currency Types’

A list of active ‘Currency Types’ is available to users with administrator access to LEX – Configuration – UDF & Group Edit. The ‘Currency Type’ system group is available to select in the ‘Modify System Groups’ menu. Here, additional ‘Currency Types’ can be added, or existing ones amended/made inactive.

WARNING: Deleting existing currency types could lead to serious historic data loss. Initial configuration of this area, and any subsequent amendments, are best undertaken by an Opus 2 LEX support representative.

Setting Currency Exchange Rates

Currency ‘Exchange Rate’ settings are accessed via System Options within the sub options menu:

The ‘Edit Exchange Rates’ option opens a single pop-up, through which, all active ‘Currency Types’ are available to setup or edit. Each ‘Currency Type’ can be associated with a different ‘Currency Symbol’, which will be used throughout the system and on fee documentation.

There are also options to set ‘Date-Ranged Exchange Rates’. Users simply add the date they would like the rate to apply from, and the rate itself (to 4 decimal places), and ‘Save’:

Exchange rates can be amended, or new ones added, as frequently as required.

Currency Bank Account Details:

Chambers, and/or individual members, may wish to provide clients with the details of dedicated currency related bank accounts, into which, they would like to receive payment for work done. 

To facilitate this requirement, LEX provides two sets of bank account fields (at ‘Exchange Rate’ and ‘Individual Barrister’ level), which can be allocated against individual currencies. These details can be merged onto outbound fee documentation to ensure currency-related payments are made into the correct accounts.

NOTE: Access to ‘Individual Barrister’ currency bank account fields are available by default. ‘Exchange Rate’ specific bank account details need to be enabled via a hidden system option (LEX – System – System Options – Hidden Options – Multi-Currency Settings) before they are available:

Exchange Rate Specific Bank Account Details: 

 

Once the option is enabled, the ‘Edit Exchange Rates’ popup allows users to add individual ‘Exchange Rate’ specific bank account details against each active currency type:

NOTE: Currently, existing ‘Exchange Rate’ bank account details can only be amended each time a NEW exchange rate is added.

Barrister Specific Bank Account Details:

The ‘Options’ menu towards the top right hand side of a Barrister record contains an option called ‘Multi-Currency Bank Account Setup’.

Selecting this option opens a popup window, where active currency types are available for selection and can be assigned individual barrister bank account details. Each currency type can only be associated with one bank account, per barrister.

Bank Account Merge Fields:

The bank account merge fields used by LEX Multi-Currency (both ‘Exchange Rate’ and ‘Individual Barrister) are the same as used elsewhere in the application.

Beneficiary : «barrister_name»                                                                       Account Name : «barrister_bankName»

Account Number : «barrister_bankAccountNumber»                                 Sort Code : «barrister_bankSortCode»

IBAN : «barrister_bankDetailsIBAN»                                                              Swift/BIC : «barrister_bankDetailsSWIFT»

NOTE: If both exist, ‘Barrister’ level bank account details take precedence over ‘Exchange Rate’ level bank account details.