Accounting and Finance

Last updated: november 21, 2019

Accounting and Finance

Cash Rounding Methods

Cash Rounding is conducted when the base unit of an account is smaller than the most reduced denomination category of the currency. The payable sum for money exchange is adjusted to the closest various of cash unit accessible, through exchanges paid in different ways (eg: cheques, credit cards) are not adjusted.

In any business, cash rounding is an important feature. This feature enables the vendor to round off the cost of any request while installment is made. Cash rounding is supported in Odoo, it is used to round the total amount of a bill to the nearest 5 cents. This helps the vendor in creating a bill with a rounded total amount.

To enable the rounding function, Go to Accounting module > Configuration > Settings > Taxes > Rounding Method

Round per Line: Rounding per line is advised if your prices are tax-included.Thay way the sum of line subtotals equals the total with taxes.

Round Globally:

One can either select it from here or can go to Accounting module -> Configuration -> Management -> Cash Rounding.

Upon clicking create button, one can create a new cash rounding method in Odoo.

The creation form has the following parameters:

Name: Name of rounding.

Rounding Precision: Precision of a numeric value describes the number of digits that are used to express that value, including digits to both the left and right of any decimal point. The rounding precision will affect the rounding of the computed value.

Rounding Strategy: You can do cash rounding by using two strategies.

1. Modify tax amount: Add the rounding to the highest amount of tax.

2. Add a rounding line: Add the rounding in a new line.

Account: It defines an account, where the rounding will go.

Rounding Method: You can do 3 types of rounding methods in Odoo.

1. UP: Value round towards plus infinity based on the rounding precision.

2. DOWN: Value round towards minus infinity based on the rounding precision.

3. HALF-UP: When the fraction part of a value is greater than or equal to 0.5, then round half

towards plus infinity otherwise round half towards minus infinity.



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