The sales tax ledger account of a company that uses EUR as its company currency shows a (credit) balance of EUR -98.765.43. The company has collected more sales taxes than it paid out, and it owes money to the tax authority.

The company wants to use a rounding method that rounds off the balance to the nearest 1.00 EUR. The employee responsible for sales tax accounting must do the following:

1. Click > > .

2. On the tab, select the value in the field.

3. In the field, enter 1.00.

4. When it is time to pay the sales taxes to the tax authority, click > > > , and run the periodic job.

5. In the tax report, the tax amount EUR 98.765.43 is rounded to EUR 98.765.

The table below shows how two amounts are rounded with each of the rounding methods that are available in the form:

= 0.01

= 0.10

= 1.00

= 100.00

98.765.43

98.765.40

98.765.00

98.800.00

98.765.43

98.765.40

98.765.00

98.700.00

98.765.43

98.765.50

98.766.00

98.800.00

(If credit balance)

98.765.43

98.765.40

98.765.00

98.700.00

(If debit balance)

98.765.43

98.765.50

98.766.00

98.800.00

Note

If you select and set up a of 0.10, 10.16 is rounded to 10.10, and -10.16 is rounded to -10.20. The rounding is always to the advantage of the company.