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Rounding Cash Payments

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In Canada, the penny was vanquished in 2013. This means that cash sales at the door need to be rounded up or down, depending on the price. Theatre Manager will do that for you automatically if you:

  • Go to Setup>>System Tables>>Code Tables
  • Select Payment Methods
  • Double click on the payment method you wish to setup for rounding on the right. If you are rounding the Cash payment method, then find the system ~CASH payment explicitly per the image below.
  • click on the 'Misc' Tab for the payment method and set 'Allow Payment Rounding' on
  • indicate the amount of rounding you want.
    • Normally, this rounding amount would be $0.05 to round to the nearest nickel.
    • You can have TM round to the nearest dime, quarter or any value you place into this field.
  • Provide a fee type that will be used to track any rounded amounts -or-create one if you do not have a rounding fee account
    • you will need a G/L code in your chart of accounts to post the fee to.
    • the fee should not have any tax associated with it as you are just tracking the amount of cash that you gain or lose to rounding the payment. If your payments are evenly distributed (i.e. half are rounded up, half are rounded down), the total amount in this account will approximate zero.

Example: How does the process work?

Lets say the value of the ticket you sell is $29.46. Any tax is calculated by Theatre Manager is purely on on the price of the ticket (not the payment) and this is what is posted to the sales accounts and all reports.

  • if the person pays by any method other than cash, you receive $29.46 in the asset account
  • if the patrons pays by cash, the order total is still $29.46 and the cash payment that is requested is rounded down to $29.45. The payment windows does this for you automatically.
  • When the person gives you cash for $29.45
    • the ticket is still allocated the full price of $29.46 (which includes per ticket fees and taxes)
    • the bank account for cash payments is only allocated $29.45 because that is what you received.
    • the fee account is allocated -$0.01 as a write off
While intended only for cash payments at the box office, Theatre Manager will round any payment type you want if you set them up this same way.

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Explanation