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Sales Tax Reporting Calculations – Rounding Up to Ensure Full Payment & Collection

If a SmartTab client writes or calls regarding  Problems with the revenue report related to sales tax please collect their email address and send them the attached document.

Rounding a penny when running a 30 day report all at once vs rounding pennies per each sale = a very small over-collection on sales tax which is meant to make sure we collect a full penny when the exact sales tax % produces a fraction of a penny (which is un-tenderable in US currency)

 

Here’s an explanation of the math:

pos_tax_reporting_rounding (2)

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