How to automatically round variances in your bill data
Automatic Rounding
From time to time, Rounding variances can exist between how Lightyear calculates unit prices and tax on product Bills (4 decimal places, calculate unit price and tax on the rows and then total these) and how suppliers may have calculated their tax or may have rounded to a different number of decimals. Annoying, hey ?!
Luckily Lightyear can automatically resolve any tax or total variances with ONE CLICK! Watch the video or read more to learn how....
Warning Flags
Lightyear extracts the values from a bills footer and also calculates values in panel 2 based on lightyears rounding logic. If there is a variance is detected we will flag this to you , via the below icons:
You then have a couple of options:
- Ignore the warning flag by clicking the Grey 'Bell' Icon. This will simply cancel the warning flag. Note - The grey icon will still be visible to show that someone at some point has elected to ignore the warning flag.
- Automatically Add a rounding Row by clicking the red 'Bell' Icon:
- For 'Total' this will add a row tax free to adjust the overall bill total to match the total which was extracted from the footer of the Bill.
- For 'Tax' this will add 2 rows, one taxable and one tax free, to adjust the tax component of the total without adjusting the actual total of the bill
- Lightyear uses the default Rounding GL code and the default tax and tax free rates from your Accounting Supplier Settings.
And that's it! With one click, your rounding adjustment are automatically calculated and adjusted.
IMPORTANT! Setting up Default Rounding GL/Nominal Code
For rounding to work correctly, Lightyear requires a default rounding GL Code to apply to the rounding rows inserted in Panel 2. This is set one time only from the Accountancy Software settings section and is found beneath the GL code Table.
Enjoy!
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