My accounting software (waveapps) and all my invoices/receipts/bank statements rounds up to the cent. But all of the underlying T2 schedules and forms from the Canadian Revenue Agency are rounded to the dollar. How can we reconcile when numbers don't add up?
Applying the usual rounding causes my assets to not equal my liabilities and equity, and fails the various sanity checks on my return, thus preventing me to submit the return.
When things don't add up precisely, what is it that should get adjusted, assets? liabilities? or equity? (keeping in mind that the numbers I report one year have to carry in the following year)
I can't find any mention of rounding up or down in the tax guide.
(And it's not just a single dollar difference in the end. Every cell that gets filled in the government form is potentially off from the true value by an amount between 0.01 and 0.99 dollars. The error compounds linearly when cells are added/subtracted, and is worse when they are multiplied.)