Computer security and privacy gurus admonish users to never write down user names and passwords and to never use the same password repeatedly for different accounts. But with the proliferation of websites giving us access to confidential information like our bank and investment account balances, keeping passwords straight in your head has become a mind-boggling proposition.
After several years of empty promises, account aggregation technology has finally achieved a level of security and reliability to make it valuable for consumers. Account aggregation websites use sophisticated software called “screen scraping” to gather data from those PIN-protected accounts that have been authorized by the individual. The sites present the information in an easy-to-use graphic interface.
What kinds of accounts can be aggregated? Virtually any that report balances on a website: checking and savings accounts, investment accounts, mutual funds, 401(k) accounts, frequent flier and reward plans, travel reservation services, credit card accounts and loans. Even monthly expenses such as phone or utility bills, if available online, can be included in your aggregated account.
After you’ve authorized the accounts the aggregation service can access for you, you can manage those accounts by setting payment or low-balance reminders, making on-line payments and tracking your net worth.
Some sites even offer digital document storage, providing a paperless depository for wills, insurance policies, powers of attorney, contracts and other important documents. Having such information easily accessible can be a relief for your family if, for example, you become incapacitated or die suddenly.
Obvious benefits to account aggregation include ease of access (only one password to remember), a one-stop source for financial as well as non-financial information, information available any time and less time spent reviewing paper statements.
An even bigger benefit comes in the enhanced picture your financial professional can get of your personal situation. Knowing your liabilities (credit card accounts, mortgage, auto loan) as well as your assets can help your trusted advisor build a more complete financial plan and keep current on your status.
Not all aggregation sites offer the same amenities, so make sure the site has everything you need before you do the work of setting up your accounts for aggregation. You may want to visit with your financial professional, who may offer an account aggregation tool among his or her services. If not, he or she can help you determine which features will be most valuable to both of you in building that big picture of your personal finances.
Robert Valentine
http://www.articlesbase.com/finance-articles/round-up-your-financial-reports-58712.html
#1 by Lance R on November 6th, 2009
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Are there EU regulations regarding decimal rounding for financial transactions?
How many decimal places are necessary when making calculations of financial data? Does the EU, or any other regulatory body, have regulations on this?
I am doing financial reporting regarding sales tax etc where the taxation figures end in a lot of decimal places. If I just round up to the nearest cent, there will be hundreds of euros difference at the end of the year. I am currently using 8 decimals which will avoid this problem, but I want to know if there are any official guidelines.
#2 by charley160465 on November 6th, 2009
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If you are paying them then you round up to the nearest 10 pence, if they are paying you…they round down to the nearest pound.
You find this happens mostly in your superminihyper market on the corner of the street!!!
References :
#3 by steve.hocking on November 6th, 2009
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Hi
If the third decimal number is five or above, then it can be rounded up eg 34.875 … Consists of secondary EU legislation (Council Regulations 1466/97)
This may have been amended since 1997 though
Cheers
Steve
References :
#4 by mart8171 on November 6th, 2009
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Don’t know if it helps, here’s eBay’s method of rounding (I just saw a link on eBay and remembered your question) :
In order to calculate fees as accurately as possible, eBay uses six digit net amounts. However, due to different VAT(Value Added Tax) rates within the European Union this may result in rounded amounts.
Example
Insertion fee for a French user on eBay Germany.
Gross amount on eBay.de: 0.40(incl. 16% VAT applicable in Germany)
Net amount: 0.344828
Gross amount France: 0.412414 (incl. 19.6% VAT applicable in France) = rounded amount of 0.41
In order to calculate fees as accurately as possible, eBay always uses six digit net amounts. At the time of invoicing the applicable VAT rate will be applied to these amounts.
This may result in rounding differences, as the 6 digit net amounts are used to calculate 2 digit invoice amounts. eBay rounds the gross amounts to 2 digit amounts, i.e. 0.412414 is rounded off to 0.41 and 0.4167 is rounded up to 0.42.
The invoice amount is calculated by adding up all the net amounts. VAT is then calculated based on the total of the net amount. In some instances this may create slight differences between gross and net amounts.
.
References :
http://pages.ebay.co.uk/help/account/vat-rounding.html