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stephen-toplis
January 9, 2021
Question

VAT Miscalculation. QB Rounded up to nearest £ instead of p. What's the solution to this?

  • January 9, 2021
  • 1 reply
  • 0 views
A local authority I work for has picked up on the fact that some invoices I have sent have rounded up to the nearest £. Due to the way they enter the invoices in to there system, it has rejected them. i.e. invoice amount of £584.93. VAT at £117.00 (Should Be £116.99). Anyone else found this? Whats the fix?

1 reply

MariaSoledadG
MariaSoledadG
January 10, 2021

This has already been raised to our engineers since the system really does round off some decimals, stephen-toplis.

 

When creating invoices and sales receipts, the Rate field allows you to enter more than 3 digits. But the amount is rounded off to the nearest penny. You can override the amount when filing the VAT return. 

 

QuickBooks Online is accepted by HMRC as a valid VAT calculation engine and has passed per HMRC's testing and calculation criteria.

 

I'm enclosing this article to help you manage your VAT in QBO: VAT: Getting Started.

 

Reach out to us if you encounter have any other issues with your VAT. I'll be right here to help you anytime. 

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