In VirtueMart administration - Shop > Vendor tab:

  • Currency: Euro
  • List of accepted currencies: Euro

In Configuration > Currencies:

  • Publish at least 'British Pound' and 'Euro' (I would suggest to unpublish currencies you don't need)
  • Depending on whether or not you want to set up a fixed exchange rate or a daily update of the exchange rate, enter an exchange rate into the 'Exchange Rate' field on the 'Currency Details' page of the British Pound (e.g. 0.8200) or leave the default '0.0000' in place. The '0.0000' means that the currency converter module will pull the exchange rates from the European Central Bank once per day.

When you add/edit a product:

  • Enter the cost price (the price your distributor pays to you) and select 'British Pounds'
  • Normally, a profit margin, which is defined in the calculation rules is then added automatically to the cost price.
  • Select the italian tax rate (has to be configured first of course).
  • Select an additional rule if applicable.

Now you should see all prices in Euro in the frontend, while the 'Cost Price' in British Pounds is stored in the database.