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Rounding error on the Balance Sheet by Class report

The Balance Sheet by Class report is only available in QuickBooks Premier and &qb_enterprise_solutions;.

The Balance Sheet by Class report makes calculations to balance transactions. Sometimes these calculations cause small rounding errors on the report.

Here's an example:

Step 1-Invoice

You create an invoice with 3 line items:

invoice with 3 line items

QuickBooks allocates $100 to the income and accounts receivable account for each class.

Step 2-Partial Customer Payment

The customer makes a partial payment of $200. Here's the problem. QuickBooks must apply the $200 equally to the 3 classes:

Payment amount (200) X Allocation from original invoice (1/3) = Amount applied to class (66.67).

QuickBooks applies $66.67 to each class. However, $66.67 X 3 is $200.01. This creates a .01 rounding error on the report:

rounding error

The total of $100 for Accounts Receivable does not equal the sum of the individual class amounts ($99.99). The same is true for Undeposited Funds ($200.00 and $200.01, respectively).

Note: The Total column on the report is correct. The rounding errors only affect the individual classes.

11/19/2017 6:20:22 AM
PPRDQSSWS904 9142 Pro 2018 321630