OVERVIEW
By default, the solution will operate for a single currency however where your firm is operating in multiple financial jurisdictions you will need to configure Multi-currency.
When enabled multi-currency provides
- A single “default” currency in the solution
- The ability to specify anywhere in your work type hierarchy what the “default” currency is
- This is typically the Contract or Statement of Work
- When a new Matter or Case is created it will then inherit the specified currency
CONFIGURING AVAILABLE CURRENCIES
Figure 5 Configuring Currencies
Within Global Features ->Currency you configure
- The default currency
- The currencies that are enabled in your solution
CONFIGURING THE DEFAULT CURRENCY FOR WORK ITEM
In your work type hierarchy, you configure where the default currency is captured or displayed. This is done via the Currency aspect.
For a specific work type go to the aspect modeller and add the “Currency” aspect to a specified work type.
There are a number of settings on this aspect
| SETTING | DESCRIPTION |
| Show Label | Enables you to specify whether the label is shown |
| Label | The label that is shown. Default is "Currency Code" |
| Allow Edit | Specifies whether the currency code is editable for a specific work item. This should typically only be set for your "top level" currency work type e.g. statement of work to ensure that all transactions below that root type have the same currency code. |
| Allow Change Once Saved | This should typically be set to "Off" as once the currency code is set for a Work Type or its children you do typically do not want to change it. |
Once enabled you can then configure the default currency code for that work item.
Figure 7 Configuring the currency for a statement of work
Following this all financial transactions for work items, such as Matters, which are created within this container will then use this currency code via default.
A common configuration pattern for multi-currency is as follows
- Top level work containers should be configured for each of your currencies
- You will then set the currency for each of these work containers
- Underneath these you will then configure the relevant client or product line statements of work
- And hence all child statements of work and cases/matters will inherit the top-level currency
CURRENCY CONVERSION
It is important to note that sharedo does not provide currency conversion. Where there are transactions in multiple currencies they will appear as separate line items when rolled up.Insert your text here
Hence, we recommend that the default currency code is configured for top-level work types such as Statements of Work for simplicity of reporting however there is no material restriction should you wish to capture currency at transaction level.
For consolidated reporting across currencies the currency conversion facilities of your Finance system should be used.