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Accounts Payable VAT issue

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Hi All, please bear with because I have only just bought this software and I am trying to add all my accounts from August 2012.

 

Right I have a VAT issue when adding an accounts receivable ..... If I add an invoice total of £150.75 and then hit the ADD button on account allocation it comes up with a VAT amount of £25.12 when it should be £25.13 so it will not let me record the Accounts Payable Transaction as I am 1p short.

 

Can somebody please tell me where I am going wrong?

 

Now just to let you all know I AM NOT AN ACCOUNTANT :) LOL

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I hope I can explain this to you.

 

It is to do with rounding up and down with vat.

 

£150.75 /1.2= £125.625 ex vat round this up would be £125.63 then take it a way from your total and you get £25.12 which is the way I would do it.

 

If you do it this way you could be done £125.62 * 1.2 =£150.744 and if you round it up you be see as taking that 1/2p but if you let it go they would not bother you as much and do it this way 125.64 * 1.2 = 150.756 and round it down to 150.75.

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Yes I understand the round up round down .... But obviously this is a glitch in the software .... The only way I have found to get the accounts payable to record is to insert £150.74 in to the amount box ....

 

My only problem with this is that every invoice is going to show 1p short .... Not a BIG problem unless I do 1000's of invoices ...... I just think it is not something that should happen?

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