PageLightPrime announces Multicurrency enhancement to Legal Accounting Software

July 22, 2022, Singapore – PageLightPrime, Legal Practice Management Solution has added multicurrency support to its Legal Accounting Software.  Clients can track expenses, post invoices, and create transactions in any currencies.

Law firms will have a base currency against which balance sheet, and trial balance are reported.  Clients, and Matters can be configured for any foreign currency.  Time entry and subsequently Invoice generated for the clients and matters are defaulted to configured currency.  Law firms can now maintain bank accounts including trust accounts in multiple currencies. Transfer between bank accounts of different currencies is supported with configurable exchange rates.  Law firms can conduct their operations as any business.

“Multicurrency will help law firms to practice beyond borders.  We want to address the challenge of time-consuming admin work of finance team in generating Invoices in foreign currencies”, says Chandra Jeganathan, Director of PageLightPrime.  “Multicurrency feature will be a gamechanger in saving time for law firms providing cross border legal services.  Exchange rates are updated periodically, eliminating the need to calculate the conversions manually”

PageLightPrime admin can setup multicurrency for practice area, departments, clients, or matters.  List of foreign currency will be configured, along with agreed exchange rates with the clients and vendors.  Alternatively, firms can choose to use the option to use service which updates exchange rates every fifteen minutes. Time entry logged can be against any of the configured currencies and converted rate (against home currency) will be displayed.

For Invoice creation based on the client and matter the currency is automatically selected with the configured exchange rate.  Invoice creators and approvers can change the exchange rate or adjust round off the Invoice amount.  Adjustments can be done on tax, services and expense and tracked against configured GL code.

PageLightPrime legal accounting software will apply multicurrency automations when generating invoice, bills, and expenses in currency of the vendor, and bank accounts in configured currency.  Analyze the forex exposure through unrealized loss and grain, realized loos and gain, and exchange loss and gain reports.  Transactions, Accounts Payable, Accounts Receivable are reported in home currency.  Client reports and cash flow statements can be generated in any currency.

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