Rounding of AP Document Amounts: Process Activity

The following activity will walk you through the process of setting up and using the rounding of document amounts in AP documents.

Attention: This activity is based on the U100 dataset. If you are using another dataset, or if any system settings have been changed in U100, these changes can affect the workflow of the activity and the results of the processing. To avoid any issues, restore the U100 dataset to its initial state.

Story

Suppose that the management of SweetLife Fruits & Jams has decided to change the company's policy in settlements with vendors and start rounding the amounts of AP documents. Total document amounts should be rounded up to the next multiple of the smallest unit. The rounding precision should be 0.50.

Acting as an accountant of SweetLife Fruits & Jams, you need to enable the Invoice Rounding feature, set up the functionality, and test how it works by creating and releasing an AP bill and reviewing the generated GL transaction.

Configuration Overview

In the U100 dataset, the following tasks have been performed to support this activity:

  • On the Enable/Disable Features (CS100000) form, the following features have been enabled:
    • Standard Financials, which provides the standard financial functionality
    • Multibranch Support, which supports multiple branches in your instance of MYOB Acumatica
    • Multicompany Support, which supports multiple companies within one tenant
  • On the Accounts Payable Preferences (AP101000) form, the Hold Documents on Entry check box has been selected in the Data Entry Settings section.
  • On the Chart of Accounts (GL202500) form, the 83100 (Rounding Gain/Loss) account has been created.
  • On the Vendors (AP303000) form, the ALLFRUITS (All Fruits Mall) vendor has been created.

Process Overview

In this activity, you will enable the Invoice Rounding feature on the Enable/Disable Features (CS100000) form and set up the rounding functionality on the Accounts Payable Preferences (AP101000) and Currencies (CM202000) forms. On the Bills and Adjustments (AP301000) form, you will create and release a bill in which the system will round the total amount. Finally, on the Journal Transactions (GL301000) form, you will review the GL transaction generated on release of the bill.

System Preparation

Before you begin performing the steps of this activity, do the following:

  1. Launch the MYOB Acumatica website with the U100 dataset preloaded, and sign in as Anna Johnson by using the johnson username and the 123 password.
  2. In the info area, in the upper-right corner of the top pane of the MYOB Acumatica screen, make sure that the business date in your system is set to 1/30/2025. If a different date is displayed, click the Business Date menu button and select 1/30/2025 on the calendar. For simplicity, in this activity, you will create and process all documents in the system on this business date.
  3. On the Company and Branch Selection menu on the top pane of the MYOB Acumatica screen, select the SweetLife Head Office and Wholesale Center branch.

Step 1: Enabling the Needed Feature

To enable the Invoice Rounding feature, do the following:

  1. Open the Enable/Disable Features (CS100000) form.
  2. On the form toolbar, click Modify.
  3. Select the Invoice Rounding check box in the Standard Financials group of features.
  4. On the form toolbar, click Enable to enable the feature.

Step 2: Updating the Accounts Payable Preferences

To specify the rounding rules and precision for AP documents, do the following:

  1. Open the Accounts Payable Preferences (AP101000) form.
  2. On the General tab (Data Entry Settings section), specify the following settings:
    • Rounding Rule for Bills: Up
    • Rounding Precision: 0.50
  3. On the form toolbar, click Save to save your changes.

Step 3: Specifying the Rounding Gain and Loss Accounts

To specify the rounding gain account and rounding loss account for the base currency (in US dollars), do the following:

  1. On the Currencies (CM202000) form, open the USD currency.

    Notice that the Active check box for this currency is selected and unavailable, which means that this is the base currency.

  2. On the GL Accounts tab, specify the following settings:
    • Rounding Gain Account: 83100 - Rounding Gain/Loss
    • Rounding Loss Account: 83100 - Rounding Gain/Loss
  3. On the form toolbar, click Save to save your changes.

Step 4: Creating an AP Bill with Amount Rounding

To create and release an AP bill in which amounts will be rounded, do the following:

  1. On the Bills and Adjustments (AP301000) form, create a new record.
  2. In the Summary area, specify the following settings:
    • Type: Bill
    • Date: 1/30/2025 (inserted automatically)
    • Vendor: ALLFRUITS
    • Description: Purchase of services
  3. On the Details tab, click Add Row and specify the following settings in the added row:
    • Branch: HEADOFFICE
    • Ext. Cost: 435.79
  4. On the form toolbar click Save to save your changes.

    In the Summary area, notice that the Detail Total of the document is the same as in the document line (435.79). The Balance box shows a rounded amount (436.00) and the Rounding Diff. box shows the rounding gain of 0.21.

  5. On the form toolbar, click Remove Hold and then click Release to release the document.
  6. On the Financial tab, click the link in the Batch Nbr. box and review the generated GL transaction on the Journal Transactions (GL301000) form.

    The 20000 (Accounts Payable) account has been credited with $436 (the total amount of the bill), the 81000 (Other Expenses) account has been debited in $435.79 (the amount of the document line), and the 83100 (Rounding Gain/Loss) account has been debited with $0.21 (the rounding difference).