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So, would it be better / safer to use all figures with 4 digits, instead of rounding off to the nearest 2 digits?
Depends on your accounting package.
SARS uses your total figure of invoice, VAT included to calculate the VAT owe/ed. They take your Total amount X 14 / 114 where 14 is the current VAT of 14%, and the 114 is 100% plus 14%. The answer is the VAT that SARS uses.
Victor - Knowledge is a blessing or a curse, your current circumstances make you decide! Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za
Depends on your accounting package.
SARS uses your total figure of invoice, VAT included to calculate the VAT owe/ed. They take your Total amount X 14 / 114 where 14 is the current VAT of 14%, and the 114 is 100% plus 14%. The answer is the VAT that SARS uses.
Yes, fair enough. But I see a lot of supplier's have 4 digits on their invoices, making capturing quite painful. So it seems it's easier / better to also use 4 digits, instead of adding a "rounding" figure of a couple cents to balance the invoice?
Yes, fair enough. But I see a lot of supplier's have 4 digits on their invoices, making capturing quite painful. So it seems it's easier / better to also use 4 digits, instead of adding a "rounding" figure of a couple cents to balance the invoice?
I have seen with a number of suppliers, that they have a price base for 100 or 1000 as the unit costing, eg R2,451.00 per 1000. This may be another way round this issue, but it may depend on your accounting package.
Victor - Knowledge is a blessing or a curse, your current circumstances make you decide! Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za
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