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Re: Pennies

On Sun, Aug 09, 2015 at 12:00:23PM +0200, Erik Huelsmann wrote:

> In the Netherlands we haven't had cents (0.01 EUR) in cash payments for a

On Sun, Aug 9, 2015 at 9:33 AM, Jigme Datse Yli-Rasku <
..hidden..> wrote:
> > This is of interest to me here in Canada.  In Canada (and in Australia I


I suspect two usual solutions.  Both treat the issue like any other currency
recieved error.


The first, not really an accounting solution, is to eliminate cash errors to or 
from personal funds.  This is invisible and avoids the work of making a journal
entry.


The second is simple, efficient and correct:

1) to invoice to the cent;
2) at point of sale, to accept rounded cash payments without any correction;
3) to charge the accumulated error to "Cash Short" or "Cash Over";
4) to pay the taxes as required, i.e. as if rounding had not occurred.


Rounding errors are not uncommon in non-cash sales.  A customer's system may round
differently.  These are adjusted individually.

Rob

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