Different total amount figures when entering a bill incl/excl of tax.

Legacy KB ID: 1010

Question

Why do I get 2 different total amounts when I enter a bill for a quantity base purchase as gross opposed to net figures?

Answer

The QuickBooks rounding calculation: When you enter a bill in net basis and you click on Amt inc tax box, the total amount differs by a few cents.

Example:

  1. Enter a bill with net amount (untick Amt Inc Tax box) Qty of 65 at $40.86 each. The Net amount will appear as $2655.90, and the gross appears as $2921.49.
  2. Now Enter a Bill with gross amounts (tick Amt Inc Tax box) again Qty 65 at $44.95 each (equivalent of $40.86 in gross). The gross amount will appear as $2129.75 This is a difference of 26 cents from the net transaction.

This difference is caused by 2 decimal point rounding calculation as the gross amount of $40.86 is $44.946 not $44.95.

How did we do?

Incorrect total and tax amount when using timesheets with a bill and Amounts inc tax ticked.

Out Of Balance Bills - c=75

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