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VAT Rouding Error
Problem reported by Gazebo Spare Parts Ltd - January 26, 2016 at 5:11 PM
Being Fixed
Hi,
 
I'm trying to import Sales Receipts with VAT inclusive amounts but am coming up against what I think is a rounding issue.
 
I have the mapping set to TaxInclusive and 20.0% S, and have read the article which shows the 'convert gross to net' workaround is necessary otherwise QBO adds on VAT to the already inclusive amount. Good idea but there seems to be a rounding error, for example an item with an amount of £5.49 is importing as £5.50.
 
I can only assume that Axis is converting the gross to net and then rounding before QBO changes it back to gross from the rounded amount?
 
I.e. £5.49 / 1.2 = 4.575
 
4.575 rounded to 2 decimal places is 4.58
 
4.58 x 1.2 = 5.496
 
5.496 rounded is £5.50.
 
Any advice on how to avoid this issue please?
 
Kind regards
Luke

3 Replies

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Steve Replied
March 22, 2016 at 12:06 AM
Employee Post
Hi Luke,  Have asked development to take another look at the rounding.  We will post an update in the V12 release.
 
Steve
0
Gazebo Spare Parts Ltd Replied
July 3, 2016 at 4:56 PM
Hi Steve, re case AXIS-286 are you able to advise a timescale please? Thanks, Luke
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Steve Replied
July 4, 2016 at 7:12 PM
Employee Post
We were not able to resolve it by adjusting our rounding so we have to look at resolving it another way which is going to be in the 12.1 release the issue reference is now AXIS-514.  We do not have a firm release but I estimate late in 2016

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