My GST calculation is often a few cents off. Now I have to double check each invoice and I can only manually correct the ones where GST is exclusive. Help?

Forum|Forum|2 years ago
November 5, 2023
1 reply
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QuickBooks Online

JamesM4

Level 6

Hu ChocoHelly,

Welcome to the Community. QuickBooks offers a powerful tax module that simplifies the way you manage your taxes. It's important you know how the calculations work in QuickBooks and I'll be glad to share more info.

The program does the rounding by two decimal places and I encourage you to check out this helpful article that explains more about how rounding works in QuickBooks:

Tax Rounding off logic in QuickBooks Online API.

Let me know if this explanation helps bring things into perspective. You're more than welcome to reach back to me in the comments below if you have other questions.

ChocoHellyAuthor

Thanks James,

I wondered if it was from rounding, but I don't think that's it.

For example, I have an invoice right now that's $250.00 (it was 50 units at $5.00)

It says it's calculating GST on $235.71 so $11.79.

But 5% of $250 should be $12.50 so that doesn't seem like a rounding error... but maybe I'm missing something?

If I try and overwrite the GST amount, it automatically changes my price per unit. So I can't send this invoice to my customer.

I've had several invoices like this now. But not all of them. It's really becoming an issue because I have to double check them all now.

Thanks for your help!

Helen

JamesM4

Level 6

Hello Helen. Glad to hear back from you. At this point, I recommend getting in touch with our phone support team so they can share your screen and help get to the bottom of this promptly.

You're more than welcome to keep me posted on how you make out. I'll be one message away.

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