The following describes the process of changing the VAT reporting currency for one of your trader countries. Running the VAT reporting currency conversion is an iterative process. You must run this conversion when the countries you are obligated to report VAT in changes to a different currency to the one previously defined as VAT reporting currency for the country. All fields holding exchange rate information will also be converted to show the new exchange rate relation.
All applicable fields, in the DC1 Financials database, held in VAT reporting currency on transaction level for the selected trader country will be re-calculated.
The field, in Work with countries, that defines the VAT reporting currency code for a trader country will automatically be replaced with the new currency code when the conversion has been completed. This means that the VAT amount will be stored in the new currency for transactions related to this trader country immediately after the conversion.
The VAT reporting currency conversion is done for one country at a time. It is possible to only convert transactions that have been entered after a specific date. This gives you the possibility to finalise reporting of VAT referring to a period before cut-off.
The VAT reporting currency conversion consists of the following steps:
- Installing and activating the Currency conversion tool. This is a one time only operation to be completed by a DC1 consultant, or the System Administrator at your company. See About running the system currency conversion.
- Closing all routines that may not be active during the VAT reporting currency conversion. This is an iterative process which has to be completed manually before the conversion can begin.
- Running the conversion for all files. This is an iterative process completed automatically by the conversion routine.
Caution: No one should be working in the system when the conversion is running.