R. Ransbottom
2017-03-13 15:42:23 UTC
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 <This is of interest to me here in Canada. In Canada (and in Australia I
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