In principle, bexio applies normal business rounding rules. You can adjust the rounding factor for each individual currency. The rounding factor for each currency can be adjusted under “Settings" - "All Settings" - "Functions & modules" - "Currencies.
- 0.05 = rounded to 5 cents
- 0.01 = rounded to 1 cent
Why do we use 5-cent rounding?
In some exceptional circumstances, rounding can result in a situation where the VAT for sales reported on the VAT form does not correlate with the actual amount of VAT. We introduced 5-cent rounding in order to correctly display small differences in such cases.
What changes when 5-cent rounding is used?
We created the account "6945 rounding VAT / VST", which is a system account. This account cannot be deleted and it is impossible to make any bookings on it, which ensures that it is only used for rounding differences. The account is used to collect and display rounding differences.
The update on 4 March 2020 will limit bookkeeping to two decimal places. You can find out more about the result of this change and to which financial years it will be applied in our support article entitled "From 6 decimal places to 2 decimal places"..
The easiest way to find out whether your current financial year has been converted to two decimal places is to click on the "Filter" icon under "Accounting" → "Reports" → "Profit and Loss Statement" and select the financial year in the top left-hand corner. If you see the option "Number of decimal places", the financial year is still maintained with six decimal places. If this option is not available, the selected financial year is maintained with two decimal places.
In the Journal, amounts are now shown to 6 decimal places. Under "Accounting" - "Journal", you can click on detailed filters and display amounts with up to 6 decimal places. Rounding differences may occur if you are in a year that is still maintained on the basis of 6 decimal places.
Displayed on the invoice
If a rounding difference occurs, this is now shown on the invoice, making it clear to you and your customers how the amount was calculated.
As described above, rounding difference will be booked to account 6945.