On 10/08/2013 00:26 AM, Paul Gilmartin wrote:
Friday. I understand that Canada is abolishing its one-cent
coin. So will cash register transactions be rounded to
multiples of $0.05? How about electronic transfers, account
balances and checks? Will Canada's version of GAAP be
adjusted accordingly? And most relevant here, can DFP
handle rounding to multiples of 0.05? One could always
multiply by 2; round to a multiple of 0.10; divide by
2. Enormous reprogramming task. I suspect that accounting
will continue to use a granularity of $0.01.
-- gil
Australia abolished 1 and 2cent coins many years ago. This only effects
cash payments with rounding up or down to a 5 cent multiple. For
paper/electronic transaction no difference.
--
Ken
Mob: 0409 009 764
