To support a high-level of accuracy when managing financial transactions, FastTrack360 supports the ability to calculate and store monetary values with a maximum rounding precision of six decimal places. However, to achieve pay and bill totals with a rounding precision of two decimal places, rounding can be applied in various ways in the system.
Depending on how rounding is configured, rounding discrepancies can arise. For example, the sum of invoice item totals may not add up exactly to the invoice total as shown on an invoice.
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.
For example, Figure 1 below shows the pay rate and bill rate results in the Interpreter, where the applicable Pay Rate Rule and Bill Rate Rule are configured to round to two decimal places.
Figure 2 below shows the same pay and bill results where the Pay Rate Rules and Bill Rate Rule rounding has been set to four decimal places instead.
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:
manual items and adjustments keyed via Interpreter Review
various values that are calculated as part of the pay batch process, such as GST/VAT and deductions.
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.
Item Type | Description |
|---|---|
Invoice Item Sub Total (Excluding Tax) | This is the total of the rate x quantity for an item |
Invoice Item Tax Total | The is the total of the tax only for that item |
Invoice Item Total (Including Tax) | This is the total of the two previous fields; rate x quantity + tax |
Invoice Sub Total (Excluding Tax) | This is the total of all invoice items excluding tax |
Invoice Sub Total (Including Tax) | This is the total invoice value; all items and tax |
Invoice Tax Total | This is the total tax for the invoice |
It is important to note that this rounding will take the previously rounded totals from the Interpreter before applying the billing company rounding.
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.
Invoices
You are able to set rounding on your invoices to make them easier to read. The main fields where you will need to think about rounding are;
Quantity
Rate
Tax
Total exc Tax
Total inc Tax
These fields are Item totals and appear in the Invoice Item Component. To set the rounding you need to;
Click on the Invoice Item Component
Click on Component Settings
Click on edit on Rows/Columns
Click on edit Columns
Click on the field you wish to set rounding on
Click on the Item drop down
Click on Database Field
Enter your rounding into number format
to round to 2 decimal places enter 0.00
to round to 4 decimal places enter 0.0000
to round to 6 decimal places enter 0.000000
If you leave this field blank the system will default to 2 decimal places.
It is important to understand that the system has been hard coded to display 2 decimal places on invoice totals. This will apply to all fields in the Invoice Totals component box and can include:
Invoice Sub Total
Invoice Fee
Tax Total
Invoice Total
It is important to remember that these fields are for display purposes only and the stored values in the system will be driven by the rounding on the billing company.
Pay Slips
You are able to set rounding on your pay slip to make them easier to read. The main fields where you will need to think about rounding are;
Quantity
Rate
Item Total
Deduction Total
All items in Pay Totals and YTD Totals
All Figures in Super component box
To set rounding on these items follow the above steps for setting rounding on invoices on the relevant component box.
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
|
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
|
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)
|