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The following is a guide that explains how rounding is applied in FastTrack360, the various places in the system where rounding can be applied and what that rounding affects. Recommendations are also given as to how rounding should be configured at each point in the system to achieve the best results and to reduce rounding discrepancies.
Rounding Types and Values
Wherever rounding can be configured in FastTrack360, the following settings must be defined:
Rounding Type
This identifies if values are to be rounded or truncated to a certain number of decimal places.
For example, 7.3467 rounded to two decimal places is 7.35 while the same value truncated to two decimal values is 7.34.
Rounding Value
This identifies the number of decimal places to which values are to be rounded or truncated. This can be a value from 0 to 6 decimal places.
Rates and Rules Maintenance
When creating pay agreements and bill agreements in the Rates and Rules module, you have the ability to set rounding on Pay Rate Rules and Bill Rate Rules, whereby the rounding on each rule can be different. That rounding is applied to the total of the Pay Rate Rule or Bill Rate Rule, as calculated by the Interpreter.
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The rounding that applies to the calculated result of pay and bill calculations for standard rates job orders is determined by rounding settings that are configured in Maintenance > Hierarchy > Country > Middle/Back Office Country Settings > Pay Batch and Standard Rate Rounding. Those rounding settings also apply to the following:
For more information about the pay batch and standard rate rounding settings, see Middle and Back Office Country Settings - Rounding Settings. |
Billing Maintenance
When creating a Billing Company, you must define the rounding settings that apply to that particular billing company. There are six different billing item types for which a rounding type and rounding value must be defined, as described in the table below.
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Further the rounding set at the billing company does not define what is displayed on the invoice but it does define the actual or stored values. The rounded figures you see displayed on an invoice are defined in document formats (see below) and are for display purposes only.
Document Formats
When creating an invoice or payslip there are several fields that allow for rounding. This rounding is for display purposes only.
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These setting will change the look of your payslip however are for display purposes only. The actual or stored figures are driven by your settings on Pay Agreement Pay Rate Rule for pay items and from country settings for other entitlements.
Recommendations
To achieve the least amount of rounding in the system and reduce the chance of any apparent error the following settings are recommended.
System Configuration Area | Rounding |
Pay / Bill Agreements: Pay Rate Rules Bill Rate Rules |
6 decimal places 6 decimal places
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Billing Company: Invoice Item Sub Total (Excluding Tax) Invoice Item Tax Total Invoice Item Total (Including Tax) Invoice Sub Total (Excluding Tax) Invoice Sub Total (Including Tax) Invoice Tax Total |
6 decimal places 6 decimal places 6 decimal places 2 decimal places 2 decimal places 2 decimal places
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Document Formats: All Rates and totals | The ideal setting is 6 decimal places however for formatting and display purposes you may want to round to 4 for the rate and 2 for the totals. |
Middle/Back Office Country Settings: Rounding |
6 decimal places (rounding here should always match what you have set on Pay and Bill Rate Rules)
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