Then you have to format the thing.
At this point I don't think I'll bother with Smashwords. Here's the driving reason--you set the price and the book makes its way to various outlets and then they can undercut you. Which I suppose is acceptable except that if you price the book at $2.99 at amazon, you get a 70% royalty. Anything less than that price and you get 35%. They match the lowest price for your book on the net, so if Barnes & Noble charges $1.99, then amazon lowers the price and you lose the good royalty scale.
I haven't made my mind up about this yet. Is the iPad so great and wonderful that I should let them price my book for me? I certainly can't put the book there on my own because you can only do it with a Mac and I use a PC. So again, writers find themselves caught in the middle between the clash of the titans.