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I am baffled by this behavior of BC rounding up the VAT Amount.
My BC has Local Currency setup as USD and VAT Rounding Type set to as Nearest;
Here is my currency setup for AED;
When I create a PO in AED with Total Value without VAT as 50, with 5% VAT 52.50;
The VAT Prod. Posting V1 with VAT Bus. Posting is configured to be 5%
But when I do preview posting to check the ledger values of this document;
I get VAT as 0.69. Which is not correct.
If my base amount is 50, then 50 * 0.05 is 2.5 which is correct VAT. Now if we do 2.5/3.6725 it is 0.6807. So why is or how is BC rounding it up I can't figure out and its been 4 days now.
I am really grateful if someone here can point it out from me.
Hello,
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Thank you.
Amount rounding precision is shown above in the screenshot.
It is 0.01.
Please note this is a standard BC behavior for us this is why I am baffled. All extensions were uninstalled to be sure it isn't some developer's code messing it up but still it would round up.
Hi,
As per my knowledge VAT rounding depends upon the Amount Rounding Precision that you have setup in G/L Setup. Please check what Amount Rounding Precision you are using ?
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Sohail Ahmed
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Mansi Soni
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YUN ZHU
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