 elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand
 ·Cybersurf Intern..
| The elusive penny So this week I figured out I've been short changed by about a dime because we don't have the penny any more.
Now before you start shouting "you cheap bastard Elwood", it's not just my dime or nickel but multiply it by millions and think about that number and we've been "penniless' for less then 2 weeks. Imagine how much they'll "profit' after after a few years of no penny.
Not to say there no pennies, I got penny change at bulk barn the other day, they're just not making them anymore,but corporations (just like they've taken advantage of the tax cuts) are pocketing the penny and being unjustly enriched.
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No, I didn't. Honest... I ran out of gas. I... I had a flat tire. I didn't have enough money for cab fare. My tux didn't come back from the cleaners. An old friend came in from out of town. Someone stole my car. There was an earthquake....... |
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 mlernerPremium
join:2000-11-25
Nepean, ON
kudos:5 | Use debit or credit where possible and if I recall correctly, prices will be adjusted anyway to compensate for the offset. |
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| reply to elwoodblues
I actually "made" a dime this week. |
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| reply to elwoodblues
Just wait till the nickle and later dime becomes too costly to make, the same sort of screwage will happen at a somewhat larger scale, however inflation will have very much nullified the value of such coins, and on and on it will go until the dollar has to be redefined or eliminated completely.
Once the mint puts out a five buck coin suspenders will be back in fashion. |
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 GuspazGuspazPremium,MVM
join:2001-11-05
Montreal, QC
kudos:20 | reply to elwoodblues
Did you get short changed? Some of your transactions would have rounded the price down.
Some places like my local dep are still giving me pennies, that's annoying. Luckily the dep has a "need a pinny take a penny" dish that I can dump them in.
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Developer: Tomato/MLPPP, Linux/MLPPP, etc »fixppp.org |
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 dirtyjefferAnons on ignore, but not due to fear.Premium
join:2002-02-21
London, ON | said by Guspaz:Some places like my local dep are still giving me pennies, that's annoying. Luckily the dep has a "need a pinny take a penny" dish that I can dump them in.
likely why they are still trying to get rid of them.  |
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 J E F FWhatta Ya Think About Dat?Premium
join:2004-04-01
Kitchener, ON
kudos:1
 ·Rogers Portable ..
·WIND Mobile
 ·Rogers Hi-Speed
 ·magicjack.com
| reply to elwoodblues
I've made about 5 cash purchases and I'm down by 1 penny, exactly where I expected to be after 5 purchases, either up 1 penny or down one penny. My last purchase was $15.02, worked out to $15.00.
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If you can't explain it simply, you don't understand it well enough. - Albert Einstein |
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elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand | reply to Guspaz
I did get shortchanged at Mickey D's but i caught it
It's just rounding $1.83 coffee is now $1.85 |
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 donoreoPremium
join:2002-05-30
North York, ON | reply to elwoodblues
I cannot believe anyone is bothering to keep track. It is not worth it except to post on the internet how much you are up or down. |
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 EUSKill cancerPremium
join:2002-09-10
canada | reply to elwoodblues
Start spending the pennies lying around your house, no rounding when using exact change.
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~ Project Hope ~ |
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J E F FWhatta Ya Think About Dat?Premium
join:2004-04-01
Kitchener, ON
kudos:1 Reviews:
·Rogers Portable ..
·WIND Mobile
·Rogers Hi-Speed
·magicjack.com
| reply to elwoodblues
said by elwoodblues:I did get shortchanged at Mickey D's but i caught it
It's just rounding $1.83 coffee is now $1.85
Everything rounds to the closest nickel or dime, whatever is close. I've been 'shorted' 3 times and I have 'shorted' 2 times, net loss is 1 penny over two weeks.
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If you can't explain it simply, you don't understand it well enough. - Albert Einstein |
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 GonePremium
join:2011-01-24
Fort Erie, ON
kudos:3
·Start Communicat..
| reply to EUS
said by EUS:Start spending the pennies lying around your house, no rounding when using exact change. They'll still round even with exact change. |
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EUSKill cancerPremium
join:2002-09-10
canada Reviews:
·voip.ms
| The way this has been presented to Canadians, it's not very surprising.
The pages I pulled today have different rules than what was published not two months ago.
I see that even mint.ca/gc.ca is contradictory:
In one sentence
"Yes. The penny will retain its value indefinitely. As such, consumers can use pennies for cash transactions with businesses that choose to accept them."
Legal tender that the business can decide to accept or not?
And later on:
"For any cash payment, only the final amount (or equivalently, the change owed) should be subject to rounding. Individual items, as well as any duties, fees or taxes, should be tabulated in their exact amount prior to rounding. This includes the GST/HST."
So rounding should only be applied to change dispersed, not the invoiced amount.
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~ Project Hope ~ |
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| reply to elwoodblues
You people have WAAAAYYYYY too much time on your hands....
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GonePremium
join:2011-01-24
Fort Erie, ON
kudos:3 Reviews:
·Start Communicat..
1 edit | reply to EUS
said by EUS:So rounding should only be applied to change dispersed, not the invoiced amount. It doesn't make any difference. You can round the final amount, after all taxes and everything else are applied. Something sells for 99 cents. 99 cents plus HST is $1.12. You don't round the 99 cents to $1 before adding tax, you round the $1.12 down to $1.10.
For accounting purposes, the invoice would be posted to your revenue account for 99 cents and your HST paid on sales account for 12 cents. The payment would be posted as a $1.10 debit to your cash received account and two cents would then be debited to a rounding or cash short/over account. The customer would owe you $1.10, you'd give them change, everyone is happy.
If the item was $1 rather than 99 cents and the total after tax was $1.13 you would do the same thing, post $1 to revenue and 13 cents to HST paid on sales. $1.15 would be debited to your cash received account and two cents would be credited to your short/over account. The customer would give you $1.15, you'd give them their change and all is swell.
The short/over account should be near zero by the time year end comes around. |
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GonePremium
join:2011-01-24
Fort Erie, ON
kudos:3 Reviews:
·Start Communicat..
| reply to lugnut
... and yet, for some reason, you demonstrate a similar overabundance of free time by seeing fit to comment. Hmmm.  |
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SukunaiPremium
join:2008-05-07
kudos:1 Reviews:
·ELECTRONICBOX
·TekSavvy DSL
| reply to elwoodblues
When I go to Tim Horton's here in town, the extra large hot chocolate is STILL 1.26.
I asked the girl and she said Tim Horton's is still ok accepting pennies for charity (or it sounded something like that).
I didn't question the comment, but it sounded kinda weird all the same.
Frankly I couldn't care less. I am fully aware that a drink at 1.26 is supposed to be 1.25. As I have seen it explained, it is supposed to round to the nearest nickel increment. This is not something you need a brain for. 1.25 is closer to 1.26 than 1.30.
But as I have a whole jar of pennies here, I suspect it will take me a couple of years before I can't stick 1.26 in my pocket before I go for my walk to Tim Horton's.
I have noticed people screwing up the process in both directions though. It's fairly plain counter help will simply have no idea what you deserve until they get cash registers to do the thinking for them again.
Technically there shouldn't be anything on sale that reads 1.26 in Canada right now. So asking for it just means they are doing it wrong. |
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NCRGuy
join:2008-03-03
Ottawa, ON | said by Sukunai:When I go to Tim Horton's here in town, the extra large hot chocolate is STILL 1.26.
I asked the girl and she said Tim Horton's is still ok accepting pennies for charity (or it sounded something like that).
I didn't question the comment, but it sounded kinda weird all the same.
Frankly I couldn't care less. I am fully aware that a drink at 1.26 is supposed to be 1.25. As I have seen it explained, it is supposed to round to the nearest nickel increment. This is not something you need a brain for. 1.25 is closer to 1.26 than 1.30.
But as I have a whole jar of pennies here, I suspect it will take me a couple of years before I can't stick 1.26 in my pocket before I go for my walk to Tim Horton's.
I have noticed people screwing up the process in both directions though. It's fairly plain counter help will simply have no idea what you deserve until they get cash registers to do the thinking for them again.
Technically there shouldn't be anything on sale that reads 1.26 in Canada right now. So asking for it just means they are doing it wrong.
Why would they change the price? The rounding only happens on a total transaction, and only if you're paying cash.
I don't see why any retailer would modify their prices. |
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GonePremium
join:2011-01-24
Fort Erie, ON
kudos:3 Reviews:
·Start Communicat..
| reply to NCRGuy
Re: The elusive penny said by NCRGuy:Why would they change the price? The rounding only happens on a total transaction, and only if you're paying cash.
I don't see why any retailer would modify their prices. Exactly. The only time anyone should ever see rounding is after someone presses cash as the payment type on a register.
Furthermore, it will all happen automatically sooner than some people may think. |
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