In Clio, you can use multiple currencies to create activities, invoice clients, run reports, record bank transactions, and more. Your firm invoices each client in the currency the client expects. Entries record in the correct currency without manual conversion on individual entries.
Note: Users with permission to manage invoicing settings can change the default currency and add, edit, and remove currencies.
Change the default currency
When your firm uses one currency, the default currency sets the currency symbol across Manage. A change to the default currency applies to new records only. Activities and expenses already invoiced, and payments already recorded, keep their original currency.
Note: The default currency locks after you add another currency.
- Go to the user menu (top right) > Manage settings > Invoicing > General.
- Scroll to the Currencies section.
- For Default currency, select the new currency.
- Click Save changes at the bottom of the page.
Add a currency
Add a currency to invoice matters in a currency other than your default. Each added currency carries its own rules for time entries, expense entries, and conversion rates.
Important: Multiple currencies are not compatible with Accounting, which is included in every account by default. Once you add and use a second currency, the following changes are permanent:
- Multi-currency invoicing stays on.
- The added currency stays in your account.
- The default currency locks.
- The currency of an invoice stays fixed.
Note: Some firms edited invoices on certain matters to change the currency symbol on the invoice itself. Editing the currency on an invoice leaves the recorded activity or expense in the default currency. After you add a currency, the payments on those invoices no longer match the recorded activities and expenses. Adding a currency also ends editing the currency on invoices. The currency on these matters stays fixed, because their activities and expenses are already recorded in the original currency.
To use multiple currencies with these clients, create a new matter for the client and set the matter currency to the client's preference. The historical data on the original matter stays intact.
Select the currency
- Go to the user menu > Manage settings > Invoicing > General.
- Under Currencies, click + Add currency.
- Read the notice in the Add missing currencies dialog.
- Select the checkbox to confirm that you understand the effects of adding a currency.
- Select the currency.
Set recording options
- Choose how to use the currency when recording time entries.
- When it's a [your selected currency] matter billing preference, also record time in [your selected currency]: Time entries on a matter where the invoicing preference is set to your selected currency are recorded in the selected currency.
- When it's a [your selected currency] matter billing preference, record time in the default billing currency: Time entries on a matter where the invoicing preference is set to your selected currency are recorded in the default currency. For example, a US firm with a default currency of USD sets a Canadian client's matter invoicing preference to CAD. With this option, every time entry on that CAD matter converts to USD.
- If needed, select the conversion rate to use for invoicing time entries.
- Choose how to use the currency when recording expense entries.
- Bill [your selected currency] expenses in [your selected currency] without converting to the matter billing currency: Expense entries on a matter stay in the selected currency.
- Bill [your selected currency] expenses by converting them to the matter billing currency: Expense entries on a matter convert to the billing currency set for the matter.
- If needed, select the conversion rate to use for invoicing expense entries.
- The market rate on the expense date
- The market rate on the invoice issue date
- A rate entered when you record the expense
- Click Add.
- Click Save changes at the bottom of the page.
Note: If your firm integrates with a third-party accounting product, confirm your sync settings support multiple currencies before you add one here. Turn on currency features in QuickBooks Online or Xero. Confirm any other third-party accounting integration supports multiple currencies.
Edit a currency's options
Update the time, expense, and conversion rate options on any currency your firm added. Changes to these options can affect matter invoicing preferences.
- Go to the user menu (top right) > Manage settings > Invoicing > General.
- Scroll to the Currencies section.
- In the Other currencies table, click the pencil icon for the currency.
- Update the currency's options.
Important: Editing currency settings can overwrite matter invoicing preferences, and a notification appears when they do. For example, switching from recording time in your added currency to recording time in the default currency clears all custom rates previously added to matters with the currency. When custom rates need an update, a notification banner appears on the matter as a reminder to review its invoicing preference.
Remove a currency
You can remove a currency your firm added as long as no records use it.
- Go to the user menu (top right) > Manage settings > Invoicing > General.
- Scroll to the Currencies section.
- Click the trash can icon for the currency.
Note: A currency used for invoicing or accounting activities stays in your account, even after you delete the records created in it.
Up next
- Configure General Bill Settings: Set the PDF page size, invoice sending options, LEDES billing, and other general invoice preferences.
- Rates and Rate Hierarchies: Set matter, client, and user rates, and understand which rate applies to each entry.