Question for Amount Rounding Percision

Meri

Dear All,

We had to round the invoices in LCY in hole number. Because there were ledger entries for the company, we change the Amount Rounding Percision from 0,01 to 1,00 in code. We also changed the Invoice Rounding Percision to be 1,00.

My question is: is this enought? and is it good? If not, please advice us.

ppavuk

I think this is completely wrong! G/L setup Amount Rounding Precision should represent local currency rounding precision. Most currencies have '100 cents in one dollar' so precision is 0.01. Yo can change this only in case if your government did something with your currency

I had a customer who screwed up rounding precision. It was extremely hard to fix later. I would not advice to change amount rounding precision. If something force you to do so (but there should be some legal reasons for this, as amount rounding is nothing else as money) you need just create new company and migrate your data using journals to create g/l, vendors, customer etc... balances.

ppavuk

I would add - you are in trouble, mate.

Meri

Thanks for your reply.
Yes, tjis is related with the government. It said that from 01.01.2013 all amounts in LCY (MKD) should be reounded in hole number (previously the rounding was on 0,50). With the changes we have made in NAV, which I have mention before we are managing the situation with the local invoices (this invoices are rounded on 1,00) but we have problem with the foreign invoices when the amount should be converted in LCY.

I want to mention that we have many clients so creating new companies and data migration for each of them...will be so hard to do :shock:

Is there any other solution we can take?

And, Happy New Year

ppavuk

I had a customer who changed appl. rounding precision. They was increased precision to 0.0001, while LCY currency was 0.01.

In results they got problems in following application areas

1. Everything related to currency (as currency conversion to LCY went wrong)
2. Everything related to application (invoice amount does not match payment amounts, something left after application, let's say invoice was 1.0001 and payment was exactly 1.00 - so applied cust\vend entry get screwed)
3. A lot of problems with fixed assets (depr. calculation)
4. Huge problems with item costs.

I am pretty sure that you will face similar problems if you just change appl. rounding precision.

But in other hand you can say thank you to your government, as you got good opportunity to charge your customers

I would advice to create process which will copy all master tables to new company and create journals for all open transactions and for initial balances. This is quite big work, but you can reuse this process for all customers.

I think there is not a lot of people who even seen database with changed appl. precision, but trust me - it is disaster