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Invoice adds extra cent to total after VAT
PeterB
Member Posts: 11
My invoice total, before adding 15% VAT, comes to: 9,724.00
but once it is added my invoice displays 11,182.61
BUT when adding 15% is should just be 11,182.60
Is this a glitch in the system or am I missing something?
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Hey @PeterB! Great question here.
When it comes to tax rounding at Wave, this process is completed on a line-item level. What this means is that each product line will calculate the tax, round to 2 decimal places, then do the next product line. At the end, it will add up all the line item tax calculations and plug that in as a total tax in your invoice. Unfortunately, there is no way around that in our software at this time.
As a potential temporary workaround, feel free to add/discount a new invoice item for $0.01 to charge the right amount and mark it as an adjustment entry for the time being.
Yikes, not ideal. But thanks for the reply; it makes sense now.
That didn't work for me. The accountant corrected the 1 cent overcharge when they sent the check. When I reduced one of the items by a penny, the total has me owing them 1 cent instead of the other way around. It would be a whole lot better if we could add the tax to the total rather than each different line item.
Edit: Okay, I figured it out. I made a new item called Rounding adjustment, I'll use it to add or subtract 1 cent, as needed. Please fix this. Thanks.