Apply rounding rules
Reports are typically rounded to the nearest GBP (£), which may incur differences. On a simple trial balance, these differences are posted to an expense account to help maintain a balance. You can choose the expense account these are posted to.
IRIS Elements Accounts Production provides basic and advanced rounding rules:
- Basic — Choose the expense account in the profit & loss statement
- Advanced — Choose the expense account for the profit & loss and balance sheet statements
By default, advanced rounding rules are applied to all existing and new accounts.
To apply rounding rules to an accounts, do the following:
- From the Clients menu, select Clients list.
- Change the client list view to either Active clients or a custom view that includes all relevant clients.
- From the Accounts production widget on the Dashboard, either select the required accounting period or, if a relevant account period does not exist, you must create and set up one first.
- In the Entity Setup tab, go to the Options tile.
- Select Rounding rule.
- Choose the appropriate rule and expense accounts.
- Select Save.