1791692 - Penny Elimination, Configuring POS for Rounding Rules

Symptom

The Royal Canadian Mint (the Mint) will cease distribution of pennies

to financial institutions effective fall 2012. The cent will continue

to be Canada#s smallest unit of currency for pricing goods and

services, and pennies may continue to be used in cash transactions to

make exact payment or change after the fall of 2012.

Where pennies are not available, cash transactions should generally be

rounded up or down to the nearest five-cent increment in a fair and

transparent manner, after calculation of Goods and Services Tax

(GST)/Harmonized Sales Tax (HST), where applicable.

Non-cash payments, such as cheques, credit cards and debit cards, will

continue to be settled to the nearest cent.

After the Mint ceases distribution in the fall of 2012, businesses will

be asked to return pennies through their financial institutions to the

Mint for melting and recycling of the metal content. The Government

will work closely with financial institutions to coordinate this penny

redemption program. Charities are welcome to take advantage of the

penny#s withdrawal to increase their fundraising through penny drives

Is it possible to configure cash transactions to round up or down to

the nearest 5 cent increment? And continue to settle credit cards and

debit cards to the penny?

When countries, such as Canada, cease distribution of pennies to financial institutions (in Canada, effective fall 2012), POS customers are not certain of how to configure cash transactions to round up or down to the nearest 5 cent increment while continuing to settle credit cards and debit cards to the penny.

Environment

SAP Point of Sale - All versions

Product

SAP Point-of-Sale 1.0 ; SAP Point-of-Sale 2.0 ; SAP Point-of-Sale 2.1 ; SAP Point-of-Sale 2.3 ; SAP Point-of-Sale all versions

Keywords

USA, exchange, adding, subtracting, business requirement, policy , KBA , IS-R-TGM-POS , Transactionware GM-POS , How To

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