Rounding in the Detailed P&L

When posting a trial balance in £s and pence or € and cents, there will potentially be rounding differences that occur in the accounts. In order to clear rounding differences, you will need to first set a rounding tolerance. For guidance on setting the rounding tolerance, click here.

Once the rounding tolerance has been set, you will be able to clear any rounding differences in the Detailed Profit and Loss Account.

In the example below, a £1 rounding difference has occurred in the prior year.

1. To clear the difference, select the statement row that you wish to round to (eg. Administration expenses) and click the rounding icon beneath the Table tab.

2. In the dialog, use the dropdown menu to select the amount to round and click OK to apply the rounding.

3. A blue dot will display next to the Administration expenses row, indicating that the £1 rounding has been applied here. The difference warning will then turn blue and state Difference applied with the amount rounded.

4. The rounding must then be applied to an individual administration expense.

Scroll down to the Administration expenses section of the detailed P&L and select a row to apply the rounding to (eg. Sundry expenses).

To apply the rounding, click the rounding icon beneath the Table tab.

5. In the dialog, use the dropdown menu to select the amount to round and click OK to apply the rounding.

A blue dot will display next to the Sundry expenses row, indicating that the £1 rounding has been applied here. The difference warning will then turn blue and state Difference applied with the amount rounded.