decimal places and rounding up

There are discrepencies in my spreadsheet because i believe excel is taking into account more than two decimal places when calculating formulae. How do I make it work with two decimal places rounded up? They already appear as two decimal places but the sums don't work out right. For example £1.06 times by 5.2 on my spreadsheet comes out as 5.50 when it should be 5.51. When I look at the £1.06 figure and add a few decimal places it comes out as 1.05781.

What can I do?

You could add a rounding function to the cell that calculates £1.06, e.g.

=ROUND(your_formula,2)

then the actual stored value in this cell will be £1.06 and the subsequent calculation will be what you want. Be aware that you are introducing an element of inaccuracy into the calculation by doing this, you might argue that £5.50 is the correct result, it just doesn't look right

thanks for the reply. Currently the cell with £1.06 in it has the formula '=IF(A20=A19,E19,0.01*J19)'. How do i introduce the rounding to it?

I need the sum to replicate a commission figure that is calculated by someone else so I need it to match. Also, on the calculator, 1.06 x 5.2 = 5.51, so i want it to work out that way on the spreadsheet.

=if(a20=a19,e19,round(0.01*j19,2))

Unfortunately that doesn't make a difference. It is already rounded but it doesn't use the rounded number, it uses the long decimal number (1.5781 etc) that can be seen if I increase the number of decimal places. So it appears as £1.06 but the figure used by excel (as far as I can gather) is 1.5781 etc....

Then it shounds as though cell E19 also needs to be rounded. Try:

=ROUND(IF(A20=A19,E19,0.01*J19),2)