Currency accuracy in Streamtime can fully support 3rd party accounting packages like Xero.
Currency accuracy in Streamtime can be set to 2, 3 or 7 decimal places, and these settings can be altered in the Streamtime Setup > System Setup > Currency and Tax tab.
With Currency Accuracy set to 7 decimals Streamtime will allow quantities or amounts such as 1.001001
When the Currency Accuracy is set to 2 decimal places, Streamtime will round all time, quantities and currency amounts up or down accordingly.
All previously entered amounts will remain unchanged - unless edited.
NOTE: Items transferred from purchase orders to quotes and invoices will round up or down if the line items contain un-rounded amounts.
For example, with the Currency Accuracy Set to 7 decimals, if a Purchase Order contains a quantity of 999 and a Cost of $1000, Streamtime will round the unit cost rate to 1.001001, making the total cost $1000 when transferred into a Quote or Invoice.
With the currency accuracy set to 2, Streamtime will round the unit cost rate down to 1.00, resulting in a total cost of $999.
The solution is to adjust the quantity in the Quote to 1, and set cost rate = $1000.
We recommend setting the Currency Accuracy to 2 if you are integrating with Xero or any other account package, and 7 otherwise.
Streamtime calculates tax and performs rounding of totals in a way that is consistent with major accounting packages such as Xero and Sage.
Rounding is applied per line item, with the total tax then calculated as the sum of the rounded figures.
Line item has an invoice rate of 175.00.
UK VAT is calculated at 17.5% of 175 = 30.625.
30.625 is then rounded using midpoint rounding to 30.63. Adding a second line to the invoice obviously does the same.
Total tax of these two line items is then calculated by adding the rounded figures. In this case, 2 x 30.63 = 61.26.
Example invoice in Sage:
Example invoice in Xero:
The MYOB accounting package handles rounding in a far more complex manner. For more information on how MYOB handles this, please contact MYOB directly for their development documentation on the topic.