Customer Price Level Rounding options in QuickBooks QBi 2008/09
Legacy KB ID: 225
QuestionHow does the new Customer price level rounding option work in QuickBooks QBi 2008/09?
When setting up a price level, you now have the option to set rounding options using one of the pre-defined amounts or define your own.
The Rounding will be performed on either the Gross Price or the Net Price depending on whether you have the Amounts Include Tax option selected on the Sales Form.
Below is an example of how the Price Level Rounding functions;
If you have an Item set up at $100 (including GST) and you are using a Price Level that Decreases the Items Price by 20% and rounds up to the nearest Dollar.
If the Amounts include tax option is selected when you choose the Price Level QuickBooks will work out the price as $80.00.
If the Amounts include tax option is not selected when you choose the Price Level QuickBooks will work out the price as $80.30.
This is because using the Net Amount of $90.91 it calculates the 20% Discount as $18.182 to give $72.728, rounded up to the nearest Dollar gives a Net amount of $73.00 with $7.30 GST which equals a Gross figure of $80.30.