The rounding configuration will benefit Accounts Production and Reports for your client files, allowing you to choose where to allocate rounding differences. 

Prior to this rounding could only be applied for users using Accounts Production and this was limited the selection of one rounding account. This meant there could be a mismatch in brought forward reserves where balance sheet rounding differences were put to a P&L account or vice versa.

If you are currently using Silverfin Accounts Production (AP) and rounding via the  'General settings' template, this new rounding configuration will replace this. This is to ensure consistent rounding in both Reports and AP, and reduce the risk of a mismatch in brought forward reserves. 

1. Navigate to your Client overview page, 'Accounts' and selecting 'Rounding configuration'.

2.  From the drop-downs you can indicate which P&L and balance sheet rounding accounts to allocate the rounding difference to. Once you've selected your accounts, simply hit 'Save'.

Silverfin will apply this for all periods going forward until you make a change to the rounding accounts in a certain period.


Will this impact previously prepared accounts? 

This will have a very immaterial impact on previously prepared accounts where we now split where the total rounding difference goes to two different (P&L and BS) accounts. 

To make this transition easier, we will migrate the existing chosen account from Accounts Production to the respective Balance Sheet or P&L. For the second account will automatically select one of the following:

P&L

  • 725000  Administrative expenses Admin - Sundry
  • 780000 Administrative expenses Admin - General
  • 735000 Administrative expenses Admin - General Office

Balance Sheet

  • 140300 Debtors: amounts falling due within one year Other debtors
  • 150000  Debtors: amounts falling due after one year Trade debtors
  • 240000 Creditors: amounts falling due within one year Trade Creditors
  • 240300  Creditors: amounts falling due within one year  Other creditors

If you have any questions, please contact your Customer Success Manager or email Support.