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Specifying rounding accounts

When the Display Rounded Balances option is selected, detail and header accounts are rounded to the nearest dollar. Sub-totals and totals throughout the reports are set to the sums of these rounded balances. This may result in rounding errors. For example, the Net Assets/Liabilities value in the Balance Sheet might not equal the total equity, putting the Balance Sheet out of balance; or the Net Profit/Loss value in the Profit and Loss Statement might not match the Current Year Earnings amount in the Balance Sheet.

Statutory Reporter can calculate the rounding error adjustments to bring the Balance Sheet back into balance and to correct the Net Profit/Loss value. These rounding error adjustments need to be allocated to specific accounts in the Balance Sheet and Profit and Loss Statement.

To specify the rounding accounts
  1. From within Client Accounting for your client, click the Reports tab to open Statutory Reporter.
  2. On the TASKS bar, click Report Options.
  3. Under the display options, select the Display Rounded Balances checkbox then click Specify Rounding Accounts.
  4. Select the Calculate Rounding Error Adjustments checkbox then specify the accounts to allocate rounding error adjustments to according to the table below:

    Profit and LossEnter a profit and loss account code to allocate any rounding error adjustments in the Profit and Loss Statement report.
    Balance SheetEnter an assets, liability or equity account code to allocate all rounding error adjustments in the balance sheet.
  5. To apply rounding error adjustments for the assets and liabilities section separately from the equity section in the balance sheet, select the Adjust the Equity section separately checkbox.

    1. In the Equity field, enter an equity account code to allocate all rounding error adjustments in the equity section of the balance sheet.

      Where Adjust the Equity section separately is selected, the Balance Sheet field becomes Assets and Liabilities.

      Before you click OK, make sure you've got an asset or liability account in the Assets and Liabilities field. All rounding error adjustments in the assets and liabilities section of the balance sheet will be allocated to the specified account code.

      To show the cents in your report, untick Display Rounded Balances.

  6. Click OK to save your changes and close the Specify Rounding Accounts window.

  7. Click OK to save your report options and to close the window.
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