Rounding errors in account statements

SteveG787

I am busy reconciling all my accounts and calculating the interest paid to me so that I can notify the HMRC but am having real problems with one of them (and this only applies to this one out of over 20).
The values used internally by the P2P company appear to be to many decimal places below the normal 1p point, however the statement visible on the website is to 2 decimal places as is the number in the .csv file I can download. This is not explicitly stated anywhere on their website but seems to be the only explanation.
This is leading to an error in the final balance of over £2.00 and all sorts of inconsistencies. For example at one point I have a balance of £0.16 in excel, £0.15 showing on the webpage and £0.14 in the csv file. It's got me pulling my hair out and I'm not sure what to do about it. The funny numbers (for want of a better term) are caused by interest being paid into the account from multiple small loans at the end of each month where the statement will show say £1.23 when, if calculated the interest would be £1.2345678 and that's what the firm is using to calculate totals.
In every other account I have, including major banks and other P2P firms, the value is rounded when it is paid into my account and the rounded number is then used from that point on.
I have never seen this done this way before and I hope somebody will know whether this is an acceptable accounting technique, or even legal as I know if it was cash it would not be (there is no legal denomination below 1p). At the very least I would expect the download to be to the same decimal places as they are using but unfortunately it isn't.
I would appreciate any comments and guidance from accountants (or anybody else) before I complain to the company, I want to know if I have any legs to stand on first.

Thanks

Peter314

Seems to be accepted practice for numbers to be rounded down to a whole number of pounds when submitting tax returns, so I wouldn't worry about too many decimal places.

eskbanker

SteveG787 wrote: »

It's got me pulling my hair out and I'm not sure what to do about it.

Get a wig?



As to your main point, why not ask the company concerned which interest figure they'd declare to HMRC for your investment? Even if you have difficulties reconciling totals with intermediate figures, it's presumably the annual declared number that matters to HMRC?

bigadaj

When doing self assessment the figures are normally rounded up or down to the nearest pound in any case so wouldn't worry about it.

Apodemus

I'd just choose one source of the data and use it consistently. It's surely all de minimus anyway?