Customer Invoices: Rounding problem with fractional cents, Windows 11 Release R58.9

virtual_offic3

Never had any issues before with decimal points when entering in hours and rates. Last week accounting department asked me to fix decimal points.

I have no idea where or why the reported total is off "cents-wise". It never used to be. In the Quantity column is where hours are entered (see below) and the Rate $33.50.

.25 = 15 minutes
.5 = 30 minutes
.75 = 45 minutes

Rate is $33.50

Attached are the weekly hours which total 46.30 hours = 46.5. And Quicken's invoice #258.

Timecard 072824 - 080324.png

INVOICE 258.pdf

If you take 46.5 hours x $33.50 it should total as $1,557.75, however the Quicken invoice says $1,557.79. How can this get fixed to report the actual dollars?

Could someone please help me? I'm not very tech saavy and would appreciate the help and explain step by step what I need to do to fix this.

Thank you

UKR

The problem here is that fractional cents in an item's calculation will be rounded.
For example, 1.25 * 33.50 = 41.875, rounded to 41.88
and 0.25 * 33.50 = 8.375, rounded to 8.38

The rounded line item amounts are then carried forward to the invoice total.

If you cannot avoid rounding errors, instead of itemizing each line, I would suggest creating a simple invoice with just one line item for 46.5 * 33.50 = 1557.75 and attaching hardcopy of the spreadsheet to the invoice.

splasher

The issue is that you are doing 3 digit math in a 2 digit system (dollars and cents).

.25 x 33.50 yields a 3 digit number 8.375 and Quicken rounds it to 8.38. The half cents add up to make the bottom line total of all the pieces to be 4 cents higher.

I don't see a way around it.

NotACPA

The only way that I see around it is to change your billing rate to something evenly divisible by 4. Say $36 or $32.

virtual_offic3

Is there a way to turn the rounding off? If not, would manually putting in the dollar amounts for each line fix it? I'm not too familiar with Quicken and how it calculates.

splasher

NotACPA suggested changing the rates, to whole dollars, but they only need to be a multiple of 4 cents, so 33.50 would only need to be raised to 33.52 or lowered to 33.48 and your rounding problem goes away.

retird

On the invoice could you list all line entries to only show hours and rate but not a rounded amount for each line entry. Then total the hours and multiply the total hours (convert 46.30 = 46.5 as you posted) by the rate which would only round the total amount instead of rounding each entry?