Click on the Rounding folder icon to show the rounding options. When rounding is disabled, you can set the accounts you want to round to for each year. The rounding information also shows you the difference between total assets and total liabilities.
When you enable rounding, the difference is applied to the rounding account you have specified for each year. The rounding information changes to show only the amount rounded and which account it was rounded to.
Rounding will indicate if a zero balance account has been selected for rounding.
The Income Statement will round first and the adjustment flows through to the Balance Sheet through retained earnings. This may mean that although there may be differences between assets and liabilities and equity on the Balance Sheet, the adjustment flowing from the Income Statement may change the final amounts to be rounded. In this example, the differences on the Balance Sheet are brought to zero because of the rounding required on the Income Statement (adjustment to equity).
Load Rounding Defaults
Click on "Load rounding defaults" to set the balance sheet to the default rounding accounts. The default rounding account is Accounts Payable.
Filter zero balances enabled
Typically a preparer should not pick a zero balance account for rounding. The zero balance accounts will be automatically filtered out when selecting a rounding account. If you need to round to a zero balance account, the filter can be disabled by clicking on Filter zero balances enabled.
