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Article ID: 3097
Last updated: 02 Jan, 2021
Rounding will take place where the Trial Balance is rounded to pounds and the Debit and Credit rounded totals do not agree. As standard, any rounding difference will be allocated to the account code specified under Rounding Differences at the bottom of the Posting screen (default rounding account is 3390). For Example (Illustration only):
Common Difference: Director loan account & Dividends There is one code (5400, 5800, 8010, 8011) but can choose multiple directors for these postings Example below
Displayed above the two director amount have been rounded to the nearest pound this will also give a rounding difference and can resolve by either rounding the amount before making the journals or add another journal to offset the rounded up amount. Change rounding account To net the rounding difference off with another amount, select an alternative rounding account under Rounding Differences at the bottom of the Posting screen. Advanced rounding Should you wish to use separate rounding accounts, advanced rounding rules can be applied. See KB3094 - What are Advanced Rounding Rules? for more information.
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