Project calculations - VAT

Hi

I am trying out the new projects feature. I have tagged 5 purchases, which come to a total of £11,196.50, however the project sheet is showing this:

Purchases £10,100.82
Paid £10,100.86
Balance OUT -£0.04

I don’t understand the discrepancy of £1095.68, or where the -0.04p is coming from.

Is this a bug or am I missing something?

Thanks

Projects will report ex VAT, they won’t include the VAT in the profit margin is this is an asset/liability, £11,196.50 is the figure inclusive of VAT. The 4p looks like a VAT rounding discrepancy, for example one invoice there has 3 separate payments associated to it, when the invoice VAT is applied to the 3 payments separately rather than if one single payment was made you can end up with a small rounding difference.

In future development on the projects system we will be adding the ability to make adjustments to projects so that you can manually adjust out any such rounding differences.

Perfect explanation, thank you.

1 Like

No problem, if you check now we also addressed the rounding issue.

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