Results 1 to 2 of 2

Thread: SETTING UP COMPANY ACCOUNTS: ROUNDING UP OR DOWN IN PASTEL - VAT ISSUES

Threaded View

Previous Post Previous Post   Next Post Next Post
  1. #1
    New Member Nessa2907a's Avatar
    Join Date
    Feb 2014
    Location
    Zambia
    Posts
    5
    Thanks
    2
    Thanked 0 Times in 0 Posts

    SETTING UP COMPANY ACCOUNTS: ROUNDING UP OR DOWN IN PASTEL - VAT ISSUES

    Hi

    I have an issue in only SOME (not all) instances in that on a supplier invoice I enter the NET amount and select the TAX CODE: 01 (16% VAT in Zambia) but the GROSS amount is 1 ngwee (cent) MORE than it should be. If I reduce the NET amount by 1 ngwee - I then end up with a gross amount 1 ngwee LESS than it should be.

    eg:

    Net:89.66
    VAT: 14.35
    Gross: 104.01

    Net: 89.65
    VAT:14.34
    Gross:103.99

    I want it to reflect as:

    Net: 89.66
    VAT:14.34
    Gross: 104.00


    Do I need to set up a rounding account? I see on >auto setup under >set up customer control account there is a "rounding" tab that allows you to choose
    how to round,
    rounding account and
    to the nearest.

    I know how to set up a rounding account in the GL - but is that the correct thing to do? Will it make my problem go away?

    Alternatively it is to do with decimals? I know I can change it to 1 decimal point, 2 or 3 in the set up. I currently have it set at 2 - which is preferable. I don't really want to have just 1 decimal or 3.

    Thanks
    Nessa
    Attached Thumbnails Attached Thumbnails Click image for larger version. 

Name:	1 ngwee over.jpg 
Views:	1881 
Size:	44.5 KB 
ID:	4457  

Similar Threads

  1. Help setting up Telesales team in SA - We are UK based company
    By thisisbusiness in forum General Business Forum
    Replies: 4
    Last Post: 26-Feb-14, 09:58 AM
  2. Pastel Issues
    By Malebo in forum Accounting Forum
    Replies: 2
    Last Post: 30-Jan-14, 08:52 PM
  3. Replies: 3
    Last Post: 15-Dec-13, 08:46 PM
  4. Transfer between bank accounts in Pastel Xpress?
    By J7J in forum Accounting Forum
    Replies: 2
    Last Post: 04-Apr-13, 12:06 PM
  5. [Question] Setting up a Section 21 Company
    By Visa in forum General Business Forum
    Replies: 6
    Last Post: 09-Nov-10, 01:34 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •