Cash rounding is the practice of rounding a bill's total value to the nearest 5 cents. Additionally, it refers to the total cost of purchase rather than the price of each individual item.
Things to know:
- This is controlled by a hidden setting that only the MyTime team can enable. To enable the hidden setting, please contact our Support Team at firstname.lastname@example.org.
- The functionality is only applicable to cash payments
- If you use cash rounding, you won't have to adjust your prices
If this option is enabled, entering an unrounded amount on the "Take Payment" page will result in an error message
- Round cash also applies to change due; for instance, MyTime should display Change Due as $0.95 if the original ticket price of $1.03 and the client pays $2.00 in cash.
- The Float and Cash to Bank fields of the Close Register procedure respect the setting and forbids the staff members from entering whole cent numbers, such as 0.03, in those areas.
- The Daily Revenue and Commissions reports would display the actual amount of money collected, and the service's actual price while the daily payments report only what was collected.
How Round Cash Works
If you adjust your setting to "$0.05" once this setting is activated, it will round pennies up or down to the nearest $0.05.
|Item Value||Rounding||Cash Payment|
|$1.01 or $1.02||Rounding down||$1|
|$1.03 or $1.04||Rounding up||$1.05|
|$1.06 or $1.07||Rounding down||$1.05|
|$1.08 or $1.09||Rounding up||$1.10|
For more information contact us at email@example.com.