Rounding Problem

[Former Member]

Hi All,

I had Input CENVAT credit balance in G/L account of Rs.15112.70 which I utilized by passing a Journal Entry. But to my suprise I found Rs.0.01 paise balance still available to that account.

Can anybody explain me the reason for the same?

Regards,

Abhishek

[Former Member · Accepted solution]

Hi Abhishek,

This is probably caused by your decimal setting. If you set some of the decimal places great than 2, the rounding will often result in 1 cent or more difference.

Thanks,

Gordon

[Former Member · Accepted solution]

Hi Gordon,

Thanks for the speedy reply.

I have following setttings -

Amounts - 2

Price - 3

Rate - 4

Qauntity - 3

Percent - 2

Units - 2

So, do I need to make any correction or any workaround for it?

Regards,

Abhishek

[Former Member · Accepted solution]

Your decimal setting is pretty normal. Do not change it unless you have to.

For rounding difference, you would be better set up a new GL account. Manual JE to reconciliate all rounding differences not only from CENVAT.

Thanks,

Gordon

[Former Member · Accepted solution]

Hi Gordon,

Can you explain the reason for not using credit memo?

Regards,

Abhishek

[Former Member · Accepted solution]

What I mean is: the rounding difference may happen to other accounts too. I did not ask you that not using credit memo.

Thanks,

Gordon

[Former Member · Accepted solution]

Hi Gordon,

In my case, I had specific balance in account but after passsing Manual JE it showed me the difference of Rs.0.01 paise.

Can u throw some light on this?

Regards,

Abhishek

[Former Member · Accepted solution]

Because that specific balance has hidden decimal place not displayed. You need to just post that 1 cent to reconcile by new rounding account to try.