It has come to our attention that a lot businesses are unaware of the correct rounding procedures using different Tenders created in Idealpos.
The rules for rounding in Australia have been in effect for more than 20 years with no changes. There are 2 different scenarios that can be applied to Rounding depending on the Tender used.
As Australia no longer has 1 and 2 cent coins, all Cash sales must be rounded up or down to the nearest 5 or 10 cent denomination. New Zealand no longer has 1, 2 and 5 cent denominations, and therefore all Cash sales must be rounded to the nearest 10 cent denomination.
When using EFTPOS, Credit Cards or Cheques, you are able to be charged the correct and total amount before rounding, as these payment methods support the use of any cents from 1 through to 9. Rounding of these tenders is not allowed and there are serious fines that can be imposed if you are found to be in breach of these rules.
More information on this can be found here.
If you are in New Zealand, your information can be found here.
