Currencies - Round Off Card
- Automatic Round Off Limit, Automatic Write Off Limit
- When entering a Receipt, the Invoice being paid can be treated as fully paid if the amount received is slightly different to that outstanding, providing that difference is within an allowable margin. These fields are used to determine that margin.
- For example, if the Round Off Limit is 0.50 and a cheque is received underpaying an Invoice by 0.35, the 0.35 is written off (posted to a write-off Account) and the Invoice is treated as fully paid. But, if the cheque underpays the Invoice by 0.65, that amount remains outstanding.
- The Write Off Limit is used when the Receipt is in the same Currency as the original Invoice.
- The Round Off Limit is used when the Received Currency is different to that of the original Invoice. A Round Off is posted when the outstanding amount on the Invoice when expressed in the Invoice Currency is less than the Round Off Limit.
- In both cases, the figure entered should be in the Currency of the Currency record.
- Depending on whether the Currency is a Member of the EMU (set on the 'EMU' card), any Round Off will be posted to the Rate Round Off or EMU Rate Round Off Accounts, while any Write Off will be posted to the Write Offs or EMU Rate Write Offs Accounts, all as defined on card 2 of the Account Usage S/L setting.
