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.
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.
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.
Previous entries will not be recalculated automatically. If a recalculation (e.g. when changing the invoicing or tax method) is performed, the accounting records for the entire fiscal year will be adjusted and 5-cent rounding applied accordingly.
You can change the invoicing or tax methods under "Settings" - "All Settings" - "Accounting" - "Basic VAT settings".
This may result in a slight adjustment of the amount reported on the VAT form.