Calculating Discount

[Tricks]

When calculating discount on an invoice do you round up the amount?<BR><BR>For example <BR><BR>Invoice Net total: £477.44<BR>Discount of 4% within 7 days: £19.0976<BR><BR>So is the discount £19.10 or do you just truncate the figure to £19.09??<BR>

[ShazAAT]

most calculators would have rounded that up already for u!<BR>We always round to nearest value.<BR>So £19.10 would be what i would have used.

[Tricks]

Are you sure because on VAT you don't round up you just truncate?

[bluewednesday]

Officially Inland Revenue says you round down for VAT but most accounting packages round to the nearest penny whether that be up or down. <BR><BR>Annette

[Bowlingbazza]

i agree with annette

[Danielle]

For discount round up and Vat round down

[littlelamb]

I was told discounts round up and VAT round down.

[k4t1elou]

Some assessment papers actually specify you round discounts down as with the VAT so watch out for this, don't just assume you always round up. Although I would round up if nothing was specified.