When dealing with multiple currencies and countries it is important to ensure you are using the correct exchange rates.
To help you stay accurate VAT Reporting pulls our exchange rates from the European Central Bank, so you do not need to manually work out conversions.
How to ensure exchange rates are up to date and correct?
- To check your exchange rate settings head to the settings drop-down, then select Account Settings.
- On the account settings page scroll down until you see Exchange Rates.
- Here you have the option to set Automatic Exchange Rate Conversion to either On or Off, it is likely this has been set up as part of your onboarding, but if you wish to use automatic conversion select Yes here.
- Press Submit if you have made any changes.
- To update your exchange rates head back to the Settings drop-down and select Exchange Rates.
- On the next page enter the dates for which you wish to retrieve exchange rates.
- Click Retrieve Online and a new box will open.
- Here you can tick to Remove existing rates before fetching new rates if you want to replace previous rates.
- Click Start Import to begin retrieving rates, this may take a few moments to complete.
- Once completed the new rates will be listed below, if you wish to check a specific rate you can use the Convert From and Convert To boxes to refine your search and press Apply to find matching rates.
Summary and next steps.
Now you know how to get the latest exchange rates into VAT Reporting. To learn more, check out our Help Centre.