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VT Final Accounts

Navigation: The manual entry trial balance

Rounding

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In the simple two column trial balance, if you enter pence they will be automatically rounded to the nearest £. In the templates supplied, the Set precision as displayed option has been set in the Excel File>Options>Advanced dialog. This means that numbers are not stored with pence even if pence have been entered. This prevents the accounts not balancing by 1 even if the trial balance appears to balance. It does however mean that you may need to adjust one of your numbers slightly to get the trial balance to balance exactly.

In the extended trial balance, the final columns are always rounded to the nearest £, but there is an option to show the adjustment columns in pence. This option can be changed at any time by choosing the TB Adjustments In Pence command from the VT Final Accounts Format menu.

If the adjustment columns are shown in pence, it is possible to get a situation where all the adjustment columns balance exactly but the final column does not. In this case, you should make a single sided entry in the Rounding column to correct the error. You can make this adjustment in any row.