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marcbou
April 17, 2019
Question

tax calculation rounding bug affecting QST ?

  • April 17, 2019
  • 1 reply
  • 0 views

 

Hi

 

Just encountered a problem with a invoice for $552.50 net imported into QBO from another system..

 

Applying 9.975% QST to this amount gives $55.111875 which Quickbooks Online is rounding to $55.12.

 

However, according to the Quebec Government "Only fractions equal to or greater than one-half of a cent ($0.005) must be rounded to a whole cent ($0.01)" (see Note on https://www.revenuquebec.ca/en/businesses/consumption-taxes/gsthst-and-qst/collecting-gst-and-qst/calculating-the-taxes/ ).

 

Therefore $55.111875 should be rounded to $55.11 not $55.12.

 

The other system properly rounds it to $55.11 so the mismatch is causing a reconciliation problem.

1 reply

A
Anonymous
April 17, 2019

Hello there, marcbou.

 

I tried to replicate the scenario in my QBO, and I was able to get $55.11 QST @9.975% of the invoice. The import process might be affecting the round off that’s why you’re $55.12


To avoid reconciliation problems, I’d recommend editing the tax calculation manually to match the amount to the other system. Just open the invoice and override the amount on the box next to QST @ 9.975% on 552,50. 


Please don’t feel hesitant to drop by again if you have other questions about QuickBooks. 

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