BASDA-accredited accounting package tested for Forfás survey
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Euro rounding rule for IEP is to round result to 2 d.p.
The FEE (Fédération des Experts Comptables Européens) checklist is available as Euro-paper no.6 and it provides the following list of technical attributes:1) Does NCU-euro conversion use the defined conversion rates?2) Are the rates expressed as 1 EUR = X NCU?3) Are rates held to 6 significant figures for all participating currencies?4) Ensure the rates are not rounded or truncated.5) Ensure Inverse rates are not used.6) Ensure there is no manual override of the fixed rates.7) When NCU-NCU conversion required, is triangulation used?8) Is the intermediate result not rounded to less than 3 decimal places?9) Are euro amounts for payment shown to 2 decimal places?10) Are NCU amounts rounded in accordance with national convention?11) Is the rounding expressed as 0.5 cents and above rounded up, otherwise rounded down?12) Can euro/third currency cross-rates be used?13) If so, are the rounding rules nos. 10+11 above used?14) Is there a conversion routine for current base data?15) If so, when can it be run? - year-end, VAT period end, period end?16) Are rounding differences posted to a separate account?17) Will all figures be handled, including budgets and thresholds?18) Be sure the conversion will not alter the transaction currency of NCU invoices.19) Will historical data and previous balances be converted?20) Is there an audit trail of the conversion, showing the rate and the before and after figures?