We’ve gotten rid of the penny here in Canada, and so I’m hoping you can add an option to round to the nearest $0.05 on invoices. It would need to be something that can be done on a per-invoice basis, because this only applies to cash, and not credit or debit transactions.
For right now, I’m just adding a separate invoice item for rounding (plus or minus the 1 or 2 cents), but it would be convenient to have a button.
Have you seen any other software doing this? Just because 1 or 2 cent coins are out of circulation, it doesn’t mean customer cannot pay you less than 5 cents. Customers can still pay the exact amount by writing a check or doing bank transfer.
Generally you don’t know in advance what payment method your customer will choose therefore you shouldn’t be rounding up invoices. It’s only when customer pays the invoice in cash, you should account for rounding like this:
Since customer paid 1 cent less than on the invoice, you simply apply $1,234,56 amount to sales invoice he is paying for and then apply -$0.01 to Rounding expense account so the total comes to the amount has actually paid - $1,234.55
There is nothing wrong with doing what you are doing now though. It’s just that it’s not common practice.
Hi,
I need to do rounding adjustment for discounted items sold as cash sales but I couldn’t find “Rounding Expense” in the dropdown list under Expenses even though it is there in the account chart. How do I go about this please?
Thank you
Hi, I found out the reason and worked it out… thanks 