Traverse Global v11.2
Cash Rounding
As a result of many countries eliminating small value coins from circulation, the POS system has the ability to process and track variances in transaction settlement caused by the need to round to a higher value coin when processing cash payments. The accounting associated with the sale transaction for the line items, tax, etc does not change; however when settling the transaction with a cash payment the difference between the amount due and the amount tendered must be written to a miscellaneous expense account. The functionality would be similar to discounts applied to a Cash Receipt such that the transaction is considered fully paid even though the net total of the transactions is not zero.
This process of settling a transaction to an adjusted cash value is generally referred to as Swedish Rounding. The rules governing how the cash value is rounded varies by country/region as well as by the value of the smallest currency value in circulation. For example, there are no pennies in Australia or Canada, and no pennies or nickels in New Zealand. Refer to the following links for examples using the Canadian cash rounding method:
While the POS transactions will accept foreign currency payments, they are processed in the company base currency. This limits the metrics needed to apply currency rounding to a single set of values for the company base currency. These will be implemented as Business Rules for use within the POS system and will not extend into any other areas of Traverse processing.
| Example 1(see link) | ||
| Transaction | ||
| Base Currency: CAD | Coffee | $1.83 |
| Minimum currency value: 0.05 | Sandwich | $2.86 |
| Cash Rounding Method: Half-Up | Tax | $0.23 |
| Total (CAD) | $4.92 | |
| Payment Processing (CAD) | Payment (CAD) | $5.00 CAD |
| Net Due | -$0.08 CAD | |
| Rounding Adjustment | -$0.02 CAD (*round change due up) | |
| Change Due | -$0.10 CAD | |
| Payment Processing (EUR) | Payment (EUR) | € 3.40 |
| Exchange: 1.4725 CAD/EUR | Convert to CAD | $5.00 CAD (3.40 * 1.4725 = 5.0064) |
| Net Due | -$0.08 CAD | |
| Rounding Adjustment | -$0.02 CAD | |
| Change Due | -$0.10 CAD (*note the change is given in the base currency) |
| Example 2 | ||
| Transaction | ||
| Base Currency: CAD | Coffee | $1.83 |
| Minimum currency value: 0.05 | Sandwich | $2.87 (*note a one-cent difference in price) |
| Cash Rounding Method: Half-Up | Tax | $0.23 |
| Total (CAD) | $4.93 | |
| Payment Processing (CAD) | Payment (CAD) | $5.00 CAD |
| Net Due | -$0.07 CAD | |
| Rounding Adjustment | $0.02 CAD (*round change due down) | |
| Change Due | -$0.05 CAD (*a $0.01 increase in the total results in a $0.05 change) | |
| Payment Processing (EUR) | Payment (EUR) | € 3.40 |
| Exchange: 1.4725 CAD/EUR | Convert to CAD | $5.00 CAD (3.40 * 1.4725 = 5.0064) |
| Net Due | -$0.07 CAD | |
| Rounding Adjustment | $0.02 CAD | |
| Change Due | -$0.05 CAD (*note the change is given in the base currency) |