What is multi-currency billing?
Multi-currency billing allows lawyers to issue invoices and process payments in different currencies, making it easier for them to work with international clients.
How does Lawsyst handle multiple currencies?
Lawsyst supports multi-currency billing by allowing lawyers to invoice clients in various currencies, automatically convert payments, and maintain accurate records in their base currency.
Can I invoice clients in their local currency?
Yes, you can create invoices in your client’s preferred currency, whether it's USD, EUR, GBP, or any other supported currency.
How does Lawsyst calculate the exchange rate?
Lawsyst uses live exchange rates from a trusted provider, ensuring that your currency conversions are accurate and up to date at the time of invoicing or payment.
Can I accept payments in multiple currencies?
Yes, Lawsyst allows you to accept payments in the currency of the invoice, simplifying transactions for international legal clients.
How do I convert payments into my base currency?
Lawsyst automatically converts payments made in foreign currencies into your base currency, reflecting the current exchange rate at the time of payment.
Can I track foreign exchange gains or losses?
Yes, Lawsyst allows you to track and record any foreign exchange gains or losses, giving you a clear view of the impact of currency fluctuations on your firm’s bottom line.
Can I issue invoices in different currencies for the same client?
Yes. Lawsyst allows you to issue invoices in multiple currencies, even for the same client, depending on the matter and any specific payment terms.
How does Lawsyst handle taxes with multi-currency invoices?
Our legal software automatically calculates taxes based on the applicable rates in each country or currency, ensuring tax compliance in multi-currency transactions.
Can I create reports for multi-currency transactions?
Yes, Lawsyst can generate detailed reports on multi-currency transactions, including payments, exchange rate differences, and tax breakdowns, for easier financial tracking and auditing.
Is it possible to see the real-time exchange rate when generating invoices?
Yes, when creating invoices in different currencies, you can view the real-time exchange rate to ensure accuracy.
Can I set a default currency for my account?
Yes, you can set your base currency for accounting purposes, and Lawsyst will handle all conversions accordingly.
What happens if the exchange rate changes after the invoice is issued?
Lawsyst allows you to track any changes in exchange rates, ensuring that payments made after the invoice date are still converted accurately according to the updated rate.
Is multi-currency billing available for small, medium-sized, and large legal firms?
Yes, Lawsyst is scalable, offering multi-currency billing solutions for law firms of all sizes.
Can I reconcile multi-currency transactions with my bank statements?
Yes, Lawsyst supports bank reconciliation for multi-currency transactions, helping you reconcile your accounts accurately.
Can I use Lawsyst to comply with international accounting standards?
Yes, Lawsyst is designed to help you comply with international accounting standards, including multi-currency handling, tax reporting, and currency conversion.