IRS mileage rates often need more than 2 decimal places. Please consider offering format options in reports to allow for this.

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IRS mileage rates can change yearly.  We need to show the full rate to some clients so they know they are being billed for the current rate.  Only showing 2 decimal places doesn't allow us to show the full rate.
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Jerry

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Posted 1 year ago

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Aashnee Kamboj, Community Moderator

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Hi Jerry,

Thank you for bringing this up.

You need the decimal precision in Expense sheet or reports?
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Lisa

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This is an issue shows up in reports and invoicing. The expense sheet allows you to enter more than 2 decimal places. It allows you to enter $0.535, but when you pull a report or bill on an invoice it rounds it up to $0.54. This throws off the total on the invoice. 
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Karen Chao, Product Manager

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Hi Lisa,

We understand the decimal precision is a problem. We are currently working on some other product features but hope to be able address this in the near future. Not sure on timing yet. 

Best, Karen
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Hunt, Brenda

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Yes this is needed for both expenses and for invoicing!  For expenses, it rounds up to an amount higher than what the IRS allows for mileage reimbursement without making it taxable income.  This adds up for employees with a lot of mileage and also increases the expense for the employer.

The final number, of course, can be rounded, but the decimal the mileage is multiplied by should use 3 places.  1000 miles x .535=$535, not $540.
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JJ

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We agree this needs to be fixed since we cannot use the current max IRS mileage reimbursement amount since it rounds to an value that exceeds the IRS limit.