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International currencies

Setting the Currency for a Matter

You can specify the currency used for individual matters. The matter currency can be different from both the company's base currency and your preferred currency.
You specify the matter currency when you create the matter. When you select the matter currency, all matter monetary amounts will be saved in the matter currency.
To create the most accurate financial reports, select the currency in which invoices and settlement amounts will be paid. For example, if a plaintiff in Switzerland files a lawsuit against an American company, and the company has hired a Swiss law firm and faces potential exposure to the Swiss plaintiff, the company should select Swiss francs as the matter currency. The firm should invoice in Swiss francs to avoid invoice submission errors.
note
Regardless of the matter currency, firms can submit invoices in the currency they prefer unless the company has limited the currencies that their firms, or this particular firm, can use.
When you select the matter currency, the following are saved in that currency:
  • All currency amounts in the matter profile, which includes estimates of exposure or recovery.
  • Law firm matter budgets are saved in the matter currency along with the exchange rate to the company base currency. If the matter currency for the matter is later changed or the matter is closed, it will not affect the budget data or the budget currency exchange rate.
  • Information related to closing the matter, which includes the amount paid in settlement or judgment.
note
The selection of the matter currency does not affect the currency of accruals, unbilled amounts, or invoices.
To specify the currency for a matter:
  1. Select
    Matters
    >
    Matter list
     in the left navigation..
  2. Select the hyperlinked name of the matter you want to work with.
  3. On the toolbar, click
    Edit Options
    .
  4. Use the
    Matter Currency
     dropdown to select a currency.
  5. On the toolbar, select
    Save & close
    .

Changing the Matter Currency

You can change the matter currency at any time during the life of the matter by editing the matter options.
If you modify the matter currency for an existing matter, the amounts in any matter profile fields or closing matter fields are converted to the new matter currency using the latest currency exchange rates in Tracker. For example, assume the matter currency was originally U.S. dollars, and an exposure amount of $10,000 had been entered for the matter. If the matter currency is converted to Swiss francs and the exchange rate in Tracker at the time of the conversion is 1 USD = 1.18490 CHF, Tracker converts the exposure amount to 11,849.00 CHF.

Matter Amounts

Using the matter currency for matter monetary amounts is more accurate than using the company base currency. For example, if a German law firm is handling a matter for a U.S. company, the company pays the firm in euros, and the law firm matter budget should also be saved in euros, not dollars. This way, the true cost of the matter will be presented to the company because currency fluctuations are factored into the budget when viewed in dollars.

This article applies to:

  • PRODUCT: Legal Tracker
  • Audiences: Company