FAQ - Rounding between QuickBooks and QuickPOS for 2002
Legacy KB ID: 3310
Question
When I create an item for $60.00 inclusive of tax in QuickBooks it rounds up by one cent in QuickPOS, why is this?Answer
Programs that interface to QuickBooks can only access the ex-tax price. If you have entered a gross price (Amount inc tax) QuickBooks will calculate the ex-tax price in the same decimal place you entered the inc tax price.QuickBooks calculation:
$60.00/11=5.45 so ex-tax equals $54.55
Because QuickPOS only gets the ex-tax price we must times this by 10% to add the GST component.
QuickPOS calculation:
$54.55 x 10% = 5.455
By law we must round the GST component to the nearest cent so 5.455 becomes 5.46.
$54.55 + 5.46 = 60.01
