reports without decimals?

[R. Victor Klassen]

Many years ago I learned that the Canadian taxing authorities are willing to allow for small errors due to rounding.  Thus, if your math on the tax return, which is presented with numbers rounded both on the way to subtotals and in subtotals and totals, doesn’t work out, but it’s close enough, they trust your figures, and assume it was a rounding issue.  I forget how many dollars they allow to deviate in this way - perhaps five.

Thus you CAN, at least in this taxation regime, calculate everything to the penny (or fraction thereof, if you like), but report to the nearest dollar, and it doesn’t matter when rounded(A) + rounded(B) does not equal rounded(A+B).


On Mar 28, 2014, at 3:52 PM, Mike or Penny Novack <stepbystepfarm at mtdata.com> wrote:

> I showed an example with a transaction but yes of course, same problem with the balance sheet, income statement, etc. And as I DID indicate, not simply a matter of making the current report/tax filing rounded in balance but that must jibe with the previous one << at least it does in the filings that I have to fill out >>  I was simply giving an example for rounded(A) + rounded(B) /= rounded(A+B) for those who need concrete examples rather than algebraic expressions.
> 
> This is NOT something easily automated. I find that a slight amount of "fudging" is usually necessary. Hopefully that can be done adjusting just ONE item in the filing, rounding up instead of down or down instead of up, to make everything come out in balance AND mating seamlessly to the previous year's filing. But I often have to do that with a bit of trial and error to pick the right thing to adjust AND it's not always just one thing << or the actual adjustment might be smaller if more than one thing fudged --- I assume better to have fudged two items each by just a few cents than to adjust one by close to a dollar >>
> 
> Michael
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