When
you select the HMRC monthly rates
option, a dialog box appear.
The Columns required
section lists relevant data required for the FX conversion
using a single currency. Net (GBP) and VAT (GBP) options appear
with an active check box and will be selected by default.
If you do not require conversion for one of these values then
you can uncheck the relevant box. However, in order to perform
the conversion, you must have one of these selected,
You will need to identify the column header from the
drop down menu that matches each of the items you have selected:
Net (GBP) derived from:
Select the relevant column in your source data that contains
the non-GBP Net values that need converting. VAT (GBP) derived from:
Select the relevant column in your source data that contains
the non-GBP Net values that need converting. Date found in:
Select the relevant column in your source data that contains
the dates for transactions so the correct exchange rate for
each transaction can be applied.
You can now select the single
currency that you need to convert into GBP, from the
drop down list (eg:
USA Dollar (USD). Once you have finished setting up the requirements for
the single currency (non GBP) conversion, click on Save
currency button. You will now be taken back to the Map
data tab. You will see that AlphaVAT has added in up
to 3 new columns for the Exchange
rate that it will obtain from HMRC and apply to your
Net and/or VAT
amount columns depending on whether you are converting
one or both of these. Once the conversion is complete, you
will see the converted amounts appear in the Net Amount (DerivedNet) and/or VAT amount (DerivedVAT) columns.
If you have chosen to covert only one of these amounts (i.e.
Net amount), you will need to map the other column yourself
(i.e. VAT amount), since the Net and VAT amount columns are
mandatory and must be mapped in order to process your calculation.
You can now map any other optional headers that you
want. Once you have finished mapping your column headings,
click on the Close and continue
button. You will now see a list of all the headers you
have mapped. For the column headings that you have set
up the FX currency conversion on, you will see the conversion
type description displayed.
AlphaVAT defaults to including all mapped headers in
the VAT calculation reports. But you can use the
toggle in the Show
in report? column for any headers that you do not want
to include in your reports. Once you are finished, click on the Save
and map files button. You can now move onto your other
data files that you have uploaded, to map your column headers
and set up foreign exchange currency conversions where needed. |
