I want to round off the tax amount for every transaction. We compute excise tax and VAT tax and we do round off each tax amount and then compute the total. In form customization, there is an option to add precision but 0 is not in the option. Kindly help.
@Anshul_Jain, I don’t think this is a requirement. We have many users using Excise and we have not come across this feature request
@rmehta , @adityaduggal 2 things here :
- It is requirement since we have been doing it for years and it helps to manage accounts. Many customers are still not completely on computers and most of the reporting is done manually and hence each and every amount is rounded off to save the effort. We need to match that with our records.
- The taxes are not rounded but the final amount is. This is again reflected in the balance sheet and this will ultimately lead to unmatched records from our customers’. So even if you are rounding the total amount on the invoice, please adjust that as discounts (+ or -).
A simple feature to round off each total (tax and sum) would eliminate the problem.
Well @rmehta there are many softwares in India which do provide this functionality where you could round off taxes at every step. Though we have never used this feature since inception of computers in our company we have been using non-indian softwares as the base and none of them offer such feature.
@Anshul_Jain: We are not using any kind of rounding as it is disabled in all our accounts in erp. If you are making your invoices in erpnext and then also doing the accounting here then I don’t think that rounding would be a major cause of concern since we are using the excise accounting in conjugation with some other excise software.
Even if your customers are doing manual accounting then they could enter an invoice of 100.7 as 100/- only and then pay you like 100/-, what we do is that when we receive the payments in JV we enter a balance amount in Short & Excess and just match the accounts.
Unfortunately my accountant has brought something in my notice. For an Indian firm, it is necessary to ROUND OFF all duties according to Central Excise Act fo 1944.
Central Excise Act, 1944
It goes like this :
37D. ROUNDING OFF OF DUTY, ETC.
The amount of duty, interest, penalty, fine or any other sum payable, and the amount of refund or any other sum due, under the provisions of this Act shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored. 149 ]
And since we have been doing the same for years, I do not intend to change the system. The online portal of Excise Returns also expects the figures to be rounded off. Adjusting entries would create a miss match. Please add a feature to round of taxes as well.