The End of the Penny in Canada
As most of us already know, the end of the penny in Canada is coming.
The Royal Canadian Mint pressed the last of about 35 billion pennies on May 4, 2012, and began collecting the coins from Canadian financial institutions on February 4, 2013.
While the penny will continue to be legal tender, the coins will be gradually withdrawn from circulation. As this happens, cash transactions will begin to be rounded up or down to the nearest nickel or five-cent increment in a fair and transparent manner, after calculating Goods and Services Tax (GST)/Harmonized Sales Tax (HST), where applicable
Price rounding will not affect non-cash transactions done by debit card, credit card or cheque.
Within the Retail Pro 8 Point of Sale System the following steps will aid you in this transition to a retail world without the penny.
Retail Pro Penny Rounding
Follow these steps to automate the rounding of pennies on cash transactions:
- In Retail Pro go to: System Preferences, Point of Sale
- In the Rounding Section check the Cash box
- Set the Rounding Multiple to “0.05”
- Set the Rounding Method to “Normal”
- Click Save
This will complete the setup of Rounding a Penny. Please see the figure below that shows the setup instructions above. Please ignore the other settings that are not circled in red as they may not match what your company uses.
For more information about the discontinuation of the penny, visit http://www.budget.gc.ca/2012/themes/theme2-info-eng.html.
Read the Financial Post Article: http://business.financialpost.com/2013/01/02/flaherty-reminds-canadians-the-pennys-days-are-numbered/.