Situation

A report's monetary total is not what is expected when comparing quantities and prices of the asset or item in question.

For example:
An item with value of $12.23 has quantity of 5.
5 x $12.23 = $61.15
However, the report shows the total value as $61.17.

Cause

The asset or item's value contains a larger fractional decimal value than is shown (due to the decimal display setting). The default for monetary decimal places is 2, though the program can store 3 or 4 decimal places for additional precision.

For example:
An item's value is $12.2331.
InventoryCloud is set to display 2 decimal places, so this value shows as $12.23.
When the report is run, calculations use the actual value, not the displayed value:
5 x $12.2331 = $61.1655

Because the report shows values as FormatMoneyDecimal (2 decimal places, rounded), the value shows $12.23, and the total shows $61.17.

Resolution

If you only want to deal with monetary values with 2 decimal points of precision, take care to only enter such values.

If you want 3 or 4 decimal places of monetary precision, be aware of the implication (as illustrated above) that report totals may be more than expected. You can also set the number of decimal digits that are displayed, so users are less likely to be confused about the totals. (Note that this setting does not change the number of decimals shown on reports.)

AssetCloud: Options (Gear icon at upper right), Settings, Decimal Places(of Monetary Numbers). Set this to your desired number of decimal digits, then Save.

InventoryCloud: Options (Gear icon at upper right), Settings, Inventory, Decimal Places(of Monetary Numbers). Set this to your desired number of decimal digits, then Save.