Multi Currency Case Management

Multi Currency Case Management

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.

Multi Currency Cases setup

By default, multi-currency functionality is not available on the following ‘funding type’ cases:

• CPS, Carter (RAGFS), Carter (SA), FAS, FGF Claim 5, CF1, and CFA

NOTE: This is the minimum recommended list of restrictions, as in the above instances, multi-currency functionality conflicts with other features (such as production of Criminal Claim forms). A system administrator can add additional case types to the list of restrictions via System Options.

 

Enabling LEX Multi-Currency functionality will add a new ‘Currency’ field to the case details page:

When first creating a case, and at any time BEFORE adding fees to it, users can select an active currency type to apply to the case from the available menu. Adding fees to a case WILL lock the multi-currency selector field, as changing currencies partway through a case could lead to data problems.

Adding a Multi-Currency Fee

Multi-Currency fee lines are added/edited/deleted in the same manner as standard fee lines. There are however, some key differences:

There are two additional boxes present on multi-currency fee lines – the; the ‘Exchange Rate’ and ‘Currency Value’ fields.

 

The exchange rate is taken from the rate set against the currency type (as specified in the Multi Currency Configuration Guidance ) at the date of the creation of the fee line (not the fee line date itself).

 

NOTE: It is possible to amend the displayed rate at this stage, if required.

Fees are entered in the chosen currency. LEX then calculates the GBP values based on the currency value entered and the exchange rate shown on the line. For example, below I have entered a $1000, and LEX has calculated the appropriate GBP values based on the exchange rate shown.

Both currency and GBP values are displayed clearly on the fee line on page. The case totals are displayed in both case currency and GBP denominations:

The Aged Debt report contains options to include currency values on the ‘Excel Export’ (only).

The initial on screen report displays GBP values, as does the standard barrister tab on the excel export. A separate tab is available however, for each ‘Barrister & Currency’ combination

Fee notes, invoices and statements each display fees in the selected case currency:

Processing Multi-Currency Payments:

Multi-currency payments are transacted in exactly the same manner as ordinary payments. The only variation is that they are entered in the selected case currency, not GBP. The exchange rate will be the one recorded against the case currency in the configuration popup, as of the date of the payment.

NOTE: The exchange rate can be altered at this stage, if required.

When a payment is entered/saved, payment matching functionality will attempt to match the currency value received to the outstanding currency amount on the case. When matched, the system will proceed to offer the usual receipt options, after which the process is completed and recorded on the fees page.

Multi-Currency GBP Adjustments:

If the exchange rate at the time of payment is different to the rate at the time the fees were added to the system, this will result in a difference between the GBP value of the fees and payment.

 

If the exchange rate against the payment has been modified to 1.5000, which is different to the rate of 1.4000 used to calculate the GBP values at the time the fees were added to the case.

 

The payment is still entered in currency, and the system continues to match the payment currency value to any outstanding currency amounts on the case.

 

However; before the receipt is printed, LEX will inform the user that there is a currency value that needs to be adjusted due to the difference in exchange rates:

Users simply choose ‘Yes’, and LEX automatically creates the required GBP adjustment line.

The system reports the payment received at the exchange rate at the time the payment is processed.

The work done report (including adjustments), correctly deals with the GBP currency adjustment to reflect the ‘actual’ value of the work done (according to the rate in place at the time payment was received)