VAT is rounded down to the nearest penny.
Does your software round up to the nearest penny?
If it does how is it best to make the adjustment?

Hi Ian,

Solar Accounts rounds the VAT amount for each line to the nearest penny, and will round up if the decimal amount is .5. For example:
18.3p will round down to 18p
18.6p will round up to 19p
18.5p will round up to 19p
We chose this rounding because it is what most other accounting systems use, so it's more likely to match your suppliers' invoices.

To directly edit the VAT amount in the invoice window, click the 'VAT' link under the subtotal field. On other types of transactions you will need to adjust the VAT amount slightly (eg. "14.999%")

Cheers,

175 less 8.75 trade discount gives VAT of 29.10 but should be 29.09 as it rounds from 29.093. Is this a small bug in rounding after trade discounts are calculated?

Sorry VAT rate applied to above was 17.5% as I'm doing older books at the moment.

Hi Ian,

Solar Accounts calculates and rounds each line separately. So in your example:
Line 1 VAT = £30.63 (£175 x 17.5%)
Line 2 VAT = -£1.53 (-£8.75 x 17.5%)
Total VAT: £29.10

I hope this makes it a little clearer - please let me know if you need more information.