Workpapers - don't use decimals for fields Taxable Income and above. The tax return does not allow decimals, the workpaper shouldn't either.
The tax return doesn't allow for decimals.
When people use decimals on an income tax rec (before/up to taxable income), we end up with rounding issues and incorrect tax expense calculation.
Taxable income must be a round number, all of the inputs into the tax return to calculate taxable income must also be a round number, therefore it makes most sense to make the workpaper only allow round numbers (up until the point decimals are allowed in the tax return, which is when the tax expense is calculated).
Sam Gray
shared this idea
Hi team, sorry we haven't updated this idea sooner. I'm pleased to share that we've recently released a new column on these worksheets called "Truncated balance" which eliminates the cents, and this is the figure that gets exported to tax.
We appreciate your input on this here.
