RE: Rounding Issues in GST, TCS and TDS
Vilasini,
Have you setup Invoice Rounding Precision on the Sales & Receivable Setup? Here is an overview:
Set Up Invoice Rounding
If you need to round invoice amounts when you create invoices, you can use the automatic rounding function. When an invoice is rounded, an extra line is added with the rounding amount and posted with the other invoice lines.
Note: Local regulations or local custom may require the invoice to be rounded in a specific way, for example, to an amount divisible by 0.05.
To use automatic invoice rounding, you must:
- Specify the general ledger accounts to which rounding differences will be posted.
- Set up rules for rounding invoices in local currency and in foreign currency.
- Activate the function.
Note: In addition to the invoice rounding features, you can round amounts on invoices by the unit-amount rounding feature and the amount rounding feature.
How to: Set up general ledger accounts for invoice rounding differences
To use the automatic invoice rounding function, you must set up the general ledger account or accounts where rounding differences will be posted. Before you can do this, you must set up VAT product posting groups.
To set up general ledger accounts for invoice rounding differences
- Search enter Chart of Accounts, and then choose the related link.
- On the Chart of Accounts page, set up the account and name it Invoice Rounding or something similar. Dynamics NAV will use the account name as text for invoices that are rounded.
- Depending on whether you use VAT or sales tax, in the Tax Prod. Posting Group or VAT Prod. Posting Group fields, choose a posting group for rounded amounts. You may want to set up a new group code to use for invoice rounding.
- Leave the Gen. Posting Type, and either the Tax Bus. Posting Group or VAT Bus. Posting Group fields blank.
Now you can assign the invoice rounding account to posting groups on the Vendor Posting Groups page.
How to: Set up rounding for foreign and local currencies
Before you can use the automatic invoice rounding function, you must set up rounding rules for foreign and local currencies.
To set up rounding for foreign currencies
- Search enter Currencies, and then choose the related link.
- On the Currencies page, choose the foreign currency to open the Currency Card, and then fill in the Amount Rounding Precision, Unit-Amount Rounding Precision, Invoice Rounding Precision and Invoice Rounding Type fields.
To set up rounding for your local currency
- Search enter General Ledger Setup, and then choose the related link.
- On the General Ledger Setup page, on the General FastTab, fill in the Inv. Rounding Precision and Inv. Rounding Type fields.
How to: Activate the invoice rounding function
To ensure that sales and purchase invoices are rounded automatically, you must activate the invoice rounding function. You activate invoice rounding separately for sales and purchase invoices.
- Search enter Sales & Receivables Setup or Purchases & Payables Setup, and then choose the related link.
- On the General FastTab, choose the Invoice Rounding check box.
Specifies the size of the interval to be used when rounding amounts in your local currency. You can also specify invoice rounding for each currency in the Currency table.
For example:
- 1.00 Round to whole numbers (no decimals - divisible by 1.00)
- 0.05 Round to a number divisible by 0.05
- 0.01 No rounding (ordinary currency decimals)
When an invoice amount is rounded, the program creates an invoice line that includes the rounded amount. The invoice amount after rounding can be seen before posting the invoice in the Sales Statistics or Purchase Statistics window.
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Invoice Rounding Precision
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Specifies the size of the interval to be used for rounding invoice amounts.
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Inv. Rounding Type (LCY)
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Specifies how to round the amount, for example up or down.
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Invoice Rounding in the Sales & Receivables Setup window or the Purchases & Payables Setup window.
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Specifies whether you want the program to use invoice rounding as you have defined it in the two fields mentioned above, for sales invoices and purchases invoices.
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Invoice Rounding Account in the Vendor Posting Group window or the Customer Posting Group window.
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Specifies the general ledger account number to which the amount that results from invoice rounding will be posted.
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Hope this helps.
Thanks,
Steve
