Can anyone advise if there is a way that I can change the VAT calculation to "Round down", rather than round up? This is causing so many problems, as is incorrect.

jmharding · ‎March 06, 2019

Every receipt I am entering is out by at least 1p, as the system is rounding the VAT figure up, whereas the rule of VAT is to round down, so every invoice / receipt, has a different figure to what Quickbooks is calculating, and it will not let me adjust it. I have to manually add an extra line of each transaction, with "Exempt" being used for VAT, and enter the 1p etc for the item on there. Otherwise the figures differ. Getting highly frustrated.

Rasa-LilaM · ‎March 07, 2019

Thanks for joining the Intuit Community, jmharding.

I appreciate you looking for ways to keep your transactions and VAT figure in order. Let me point you in the right direction about rounding down the tax calculation.

When you create invoices or sales receipts, the Rate field allows you to enter more than 3 digits. However, the amount is rounded off to the nearest penny.

We listen to customers’ ideas and suggestions as it contributes significantly to developing product enhancements. You can always visit the QuickBooks Blog site to check the latest feature added to the application.

This information should have you on the right track.

The Community has your back, so please don't hesitate to let me know if you need anything else. I’ll be right here.

View solution in original post

Rasa-LilaM · ‎March 07, 2019

Thanks for joining the Intuit Community, jmharding.

I appreciate you looking for ways to keep your transactions and VAT figure in order. Let me point you in the right direction about rounding down the tax calculation.

When you create invoices or sales receipts, the Rate field allows you to enter more than 3 digits. However, the amount is rounded off to the nearest penny.

We listen to customers’ ideas and suggestions as it contributes significantly to developing product enhancements. You can always visit the QuickBooks Blog site to check the latest feature added to the application.

This information should have you on the right track.

The Community has your back, so please don't hesitate to let me know if you need anything else. I’ll be right here.

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Can anyone advise if there is a way that I can change the VAT calculation to "Round down", rather than round up? This is causing so many problems, as is incorrect.

Can anyone advise if there is a way that I can change the VAT calculation to "Round down", rather than round up? This is causing so many problems, as is incorrect.

Can anyone advise if there is a way that I can change the VAT calculation to "Round down", rather than round up? This is causing so many problems, as is incorrect.

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