Cash Rounding
Last updated
Last updated
© TAKU Canada Ltd.
Cash rounding is helpful for countries with denominations less than 5 cents. This is especially important for a Canadians, who have eliminated the penny.
When taking cash, retailers need to be mindful of this and round to the closest 5 cents (anything lower than 3 cents is rounded down to 0¢ and over that number is up to 5¢; this is the same for anything over 5¢; it is rounded to 10¢). This rule does not apply if shoppers are paying by card as card merchants are able to take payment to the cent.
TAKU Retail allows retailers to accept multiple tenders (ex. splitting a transaction between a card and cash). What is important is that cash payments should never be the last tender; that way, penny rounding won't apply to the transaction.
In order for retailers to take cash payment accurately, please follow the next few steps.
1. Go to Settings > Zones > Current Zones
2. Click the Denominations card
3. This will open the Monetary Denominations page where you are able to make edits to the tender and cash type (coin or paper). Check that the denominations on this screen match the denomination used in your country.
4. To remove a denomination, select the checkbox on the left column. Click the Delete icon to delete the tender type.
1. Go to Settings > Zones > Manage Zones
2. Select the pencil icon at the top left to enter edit mode
3. Edit the value under the Cash Rounding column to the minimum denomination that you accept.
While Zones are often used to group stores by Country, it is also possible to use Zones to group stores by other criteria (e.g. East Coast vs. West Coast). Cash Rounding in a Zone will impact all cash sales for Stores within that Zone regardless of the Country. Make sure to check that the Cash Rounding for a Zone set up matches the requirements of local cash sales and the currency associated to the Zone.
Note that cash rounding does not apply to non-cash sales. It is customary for all non-cash sales to be processed to the closest accepted legal denomination. For example, in Canada, although pennies are no longer used in cash sales, all non-cash sales are still accepted to the closest penny.
TAKU Retail allows retailers to accept multiple tenders (e.g. splitting a transaction between different tender types such as credit cards, debit cards and cash). With multi-tender sales (e.g. the sales contains both cash and non-cash tender types), cash rounding will only apply if cash is the last payment applied to the sale.
