Penny For Your Thoughts
Pennies are gone, but BOI remains. Treasury has interesting priorities.
I'm just interested in the accounting issues. If I sell something for $5.82 including tax, but I don't have three cents to make change, what do I do?
If I round down to $5.80, do I just reduce the selling price before tax? But what if that reduced the tax (after rounding) by a cent?
If I round up to $5.85, I think I have to turn the excess over to the state. Or can I credit it against the 3 cents I lose on the next sale that came out to $5.82 and I rounded down?
In my younger days I traveled to countries where instead of change for smaller amounts, they gave you a piece of wrapped hard candy.
Dentists would love that.
By the way, I looked it up so you don't have to.
It costs 14 cents to mint a nickel.
