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QikKids 4 performs and stores all fee and CCB calculations to the nearest cent, as required by Centrelink.
The default setting for QikKids 4 displays the account balance to the nearest cent. You can personalise the program to show the account balance rounded up to the nearest 10 cents. However when a statement is displayed or printed it will show the exact balance.
Rounding to the nearest cent has several advantages over performing a once a week rounding to the nearest 10c.
Some of the advantages are:
QikKids does display the current account balance (on screen) rounded up to the nearest 10c. This rounding is intended to simplify cash payments. Note: When an account is being paid by cheque or credit card you should charge the exact amount.
Tip: When accepting cheque or credit payments, a parent will usually wish to pay the exact amount. Double click on an account to pull up a statement showing the balance exact to the nearest cent.
As mentioned, the Balance Display rounds up as a convenience when collecting payments, the true balance is always exact to the cent; statements, CCB records and Registered Carer Receipts are also exact to the cent.
For example, an account owes exactly $10.01. On screen QikKids will display $10.05, and a cash payment would usually be made for $10.05, which will leave the account 4 cents in credit.
Once the payment has been received for $10.05, the account is now in credit 4c (you can check this by doubling clicking on an account to see the exact balance). Alternatively, if the account was being paid by cheque or credit card, then you may enter the exact amount or $10.01 and the balance would be 0.
Remember: All accounting is QikKids is exact to the cent. Balances are displayed rounded up only for convenience when collecting payments.
Follow the steps below to have the program round up to the nearest 10 cents.
Click on Tools
Click on Options…
When the Accounts menu is displayed click on Show exact balance (no rounding). The tick will disappear.
Click OK
To turn the rounding off follow the steps above and the tick will return. Click OK.