Forum Discussion

Beks's avatar
Beks
Contributing Cover User
6 years ago
Solved

GST on multiple items

Hi. I've just started my first business so new to both MYOB and GST so just trying to work my way through it.    I have a query on an invoice I created (in Essentials)...   I have items I'm selli...
  • Steven_M's avatar
    Steven_M
    6 years ago

    Hi Beks

     

    The difference is caused by the rounding of values for items.

    Firstly, MYOB Essentials only allows the user to set up an item with 2 decimal places as the unit cost. This does mean that there will be some rounding of values to determine the total amount.

     

    For example, if you look at the below table it outlines what is occurring. As the actual line price is being rounded to 2 decimal places it is encountering a different value that you would expect to see. This is due to the fact that the actual selling price of the item is $39.997 (not $40.00).

     

     

    In saying that on the actual Create Invoice window you can have up to 4 decimal places as the unit price. So, in your case, if you wanted a more accurate total my recommendation would be to enter a GST Exclusive invoice with 4 decimal places with the unit price (being manually entered*) as 34.7826

     


    Note: That this may change the method of entry for the invoice and how those invoices appear on the printed/email copy


    *Would need to be entered manually rather than get it from the selling price of the item, as the selling price of the item can be set to be 2 decimal place but the unit price allows for 4 decimal places on the invoice.

     

Beks's avatar
Beks
Contributing Cover User

Hi Steven, 

 

Showing Qty 1 and 2...

I could only see when adding items to do it excluding tax - I don't seem to have an option which does it including... so I'm not getting it to a round figure on the unit price like in your example.

Thanks :)

Steven_M's avatar
Steven_M
Former Staff
6 years ago

Hi Beks

 

The difference is caused by the rounding of values for items.

Firstly, MYOB Essentials only allows the user to set up an item with 2 decimal places as the unit cost. This does mean that there will be some rounding of values to determine the total amount.

 

For example, if you look at the below table it outlines what is occurring. As the actual line price is being rounded to 2 decimal places it is encountering a different value that you would expect to see. This is due to the fact that the actual selling price of the item is $39.997 (not $40.00).

 

 

In saying that on the actual Create Invoice window you can have up to 4 decimal places as the unit price. So, in your case, if you wanted a more accurate total my recommendation would be to enter a GST Exclusive invoice with 4 decimal places with the unit price (being manually entered*) as 34.7826

 


Note: That this may change the method of entry for the invoice and how those invoices appear on the printed/email copy


*Would need to be entered manually rather than get it from the selling price of the item, as the selling price of the item can be set to be 2 decimal place but the unit price allows for 4 decimal places on the invoice.

 

  • Beks's avatar
    Beks
    Contributing Cover User
    6 years ago

    Thank you so much! That worked :) 

     

    Appreciate the help :)