No more penny in Canada

Use this area for questions that are specifically related to Canada (e.g PST handling, Canadian cheque standards)
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zelda
Posts: 6
Joined: 16 Feb 2010 12:33

No more penny in Canada

Post by zelda » 05 Oct 2012 06:23

With the penny being phased out of Canada, and retailers having the option of rounding off invoices for cash payments... will there be an update to account for this in Moneyworks?

feda
Posts: 23
Joined: 09 Mar 2007 07:58
Location: Calgary, AB Canada

Re: No more penny in Canada

Post by feda » 11 Oct 2012 09:40

We need to get more information on this. Perhaps you can email the North American support team at support@moneyworksgold.com

MDufresne
Posts: 5
Joined: 14 Oct 2012 13:06
Product: Express
Region: Canada

Re: No more penny in Canada

Post by MDufresne » 14 Oct 2012 13:45

More details available here -> http://www.budget.gc.ca/2012/themes/theme2-eng.html

Not sure there is an impact on MoneyWorks : invoices still have to be produced with one-cent increments. Cash payments may be off by a few cents, but I guess this could be handled using the "Write-off" feature of the Receipt transaction.

grant
Posts: 318
Joined: 02 Jun 2004 17:42

Re: No more penny in Canada

Post by grant » 15 Oct 2012 10:27

There is no impact in MoneyWorks on the removal of the penny in Canada. It only affects payments made in cash (which will need to be rounded) in a point-of-sale environment. It has no effect on cheques, credit card or eftpos transactions. New Zealand hasn't had 1 cent coins for over a decade (and in fact the lowest denomination is now 10 cents).

shayanjameel08
Posts: 9
Joined: 21 Oct 2013 17:37

Re: No more penny in Canada

Post by shayanjameel08 » 24 Oct 2013 00:29

Consumers can drop pennies off at their local banks, donate them to charities, or use them at stores' discretion, the Globe and Mail notes. Just 52.9% of Canada's Retail Council members are ready for the shift, the council found. Some 81.5% think it'll cost them no more than $5,000.

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