What is the difference between QuickBooks rounding and QuickPOS rounding?

Legacy KB ID: 365

Question

What is the difference between QuickBooks rounding and QuickPOS rounding?

Answer

QuickBooks Retailer Rounding Using this method, tax is calculated on the Item Price and then multiplied by the quantity and then rounded for amount for each line of the transaction. For Example: I wish to sell an item at a gross price of $60, then the tax amount would be 1/11th of $60 is $5.4545. The tax amount is then multiplied by the quantity and then rounded to nearest cent. QuickPOS/QuickBooks Retailer Rounding Using this method, tax is calculated on the UNIT PRICE and then rounded before any further calculations are done. For Example: I wish to sell an item at a gross price of $60, then the tax amount would be 1/11th of $60 (i.e. $5.4545454), which is rounded to a whole cent value of $5.45. This figure is then multiplied by the quantity.

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