How to deal with rounding differences between Turb...
Level 2

How to deal with rounding differences between TurboTax and bookkeeping?

Since expenses are entered in multiple sections and each entry, as well as section is rounded, there is a difference of a couple of dollars between what TurboTax is showing for expenses, and what is the total in our books (where all numbers are precise).

As a result of the rounding, our reported income is messed up, so when we do the Balance Sheet section numbers do not match by -$3

Should we override some expense entries in TurboTax just so we can get the final total numbers to match??? Then each expense entry and category will not match the books exactly.

Please advise...

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New Member

Retirement tax questions

I would just add a single miscellaneous entry to the tax return expenses of $3, and call it rounding.

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New Member

Retirement tax questions

TurboTax should just stop with the rounding of numbers. Accounting is exact and so should this program.

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