Using the multiple currencies option

Having selected this option the Multiple currencies dialog will appear. You need to tell AlphaVAT where to get the foreign exchange rates from, by selecting either HMRC monthly rates or the Source data column option.

HMRC monthly rates

AlphaVAT automatically retrieves the latest FX rates published by HMRC every month. Rates are typically published at the end of the month, for the following month. Therefore you can be assured that the months covered by any VAT Return will be available within AlphaVAT.

AlphaVAT will ensure that for each transaction the relevant exchange rate, for the relevant currency on the relevant date will be applied. You can access HMRC's published rates here, to see the currencies supported and rates for any given month.

Source data column

This option can be used to identify that exchange rates are present within the data file and therefore can be used for the FX conversion to GBP. Exchange rates must be present on a transaction by transaction basis.

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