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No more penny in Canada

Posted: 05 Oct 2012 06:23
by zelda
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?

Re: No more penny in Canada

Posted: 11 Oct 2012 09:40
by feda
We need to get more information on this. Perhaps you can email the North American support team at support@moneyworksgold.com

Re: No more penny in Canada

Posted: 14 Oct 2012 13:45
by MDufresne
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.

Re: No more penny in Canada

Posted: 15 Oct 2012 10:27
by grant
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).

Re: No more penny in Canada

Posted: 24 Oct 2013 00:29
by shayanjameel08
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.