Accounts

Clear rounding differences

If you've rounding differences in your accounts, take the following steps to resolve them.
  1. Step 1 — Check opening and closing balances from prior period match exactly
  2. For an LLP, check the opening balances manually.
  3. For a charity account, check the opening balances manually and post as a journal.
  4. If you've imported a trial balance from an external source, then we recommend the following steps:
    1. Export the trial balance for the current and prior periods to Excel.
    2. Check the closing balances from the prior period to make sure they match the opening balances from the imported trial balance.
  5. Step 2 — Set the rounding account
  6. In the client, go to the
    Journals
     tab.
  7. Select the
    Rounding Account
     ellipsis button.
  8. Select the
    Rounding differences
     code, if not already selected.
  9. Select
    OK
    .
  10. Step 3 — Post a small rounding journal
  11. Post a small rounding journal of
    £0.60
     between the profit and loss account and the balance sheet.
  12. Step 4 — Ensure the accounts include journals correctly
  13. Go to the
    Journals
     tab of the client.
  14. Make sure you've marked the checkboxes for relevant journals and that their date is the last day of the accounting period.
  15. If the journals don't have the date of the last day of the accounting period, select
    More
     to either change the date or clear the checkbox.
  16. If these buttons aren't active:
    1. Right-click the journal, then select
      Copy
      .
    2. Right-click under the list of journals and select
      Paste
      , then
      Paste
       again. 
  17. Clear the
    Include
     checkbox for the original journal.
  18. Step 5 — For group consolidated accounts where the company balance sheet is out of balance
  19. In the consolidated entity, go to
    Entity Setup
    , then
    Entity Structure
    .
  20. Select the parent company folder in the
    Entity structure
    .
  21. Mark the
    Round Independently
     checkbox.
  22. Check the other entities in the
    Entity Structure
      and make sure that the
    Round Independently
     checkbox is cleared for all the others.
  23. Step 6 — For partnership accounts where you are not allocating profit fully
  24. Select the
    Import Account Assignment
     tab, then
    Profit Allocation
    .
  25. Further steps to round account codes, if steps 1 to 6 didn't resolve the problem.
  26. Go to
    Financial Period
    .
  27. Select
    Configuration
    , then
    Accounts
    .
  28. Find and select the account code from the list.
  29. Select
    Edit
    .
  30. Mark the
    Round Independently
     checkbox.
  31. Select
    OK
    .

This article applies to:

  • Product: Digita Accounts Production Advanced
  • Subject: Journal entries

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