No such rounding should take place unless someone specifically took steps to make this happen.
Do you see 0.505 if you click or tab into that field?
If so: They shouldn't display as rounded values unless you used the Data formatting on the Inspector's data tab to specify a fixed number of decimal places (2 in this case).
If not: Look for either a an auto-enter caculation that rounds the value in the field or a script trigger that is performing a script that rounds the value.
Yes, you were right! When I clicked into the field, .505 showed up. I went into layout and looked at data formatting and sure enough it was preset to fixed number of decimals with a 2 entered in next to it. Templates! - the nerve! I'm guessing this means I have to go through every layout and change the settings.