Today@Dal

Starting February 4, 2013, pennies will no longer be distributed to businesses or financial institutions.
 
Dalhousie University will be adopting the recommended guidelines for businesses in Canada.
 
For cash payments and change owed, the final cash amount will be adjusted using recommended rounding guidelines.
 
Rounding guidelines
 
As pennies exit circulation, only cash payments will need to be rounded, either up or down, to the nearest five-cent increment.
 
Under this guideline, when pennies are not available, cash transactions will be rounded in a fair and transparent manner, as illustrated below:

 
When to round

Again, only cash transactions require rounding. Cheques and transactions using electronic payments—debit, credit and payments cards—do not need to be rounded, because they can be settled electronically to the exact amount.

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.

Questions

Please contact Dave Cormier, Financial Services at 494-2725, or dave.cormier@dal.ca  regarding any questions.