Coinage - Rounding Transactions

Traditionally the coinage facility is used when paying remuneration by cash and you would like the system to calculate how many notes or coins of each denomination are required.  It can also be used as a way to round employee's Net Paid amounts to a specified amount.  Use the coinage table to do this is done by entering the amount to which the amount is to be rounded.  If, for example the ZWL Net Pay is to be rounded to the nearest ZWL000 then enter a ZWL1000 denomination.

To do the Coinage Setup:

1. First set up the denominations that will be used and, if the Net Paid is being rounded, the amount of the rounding.
2. Ensure that the default currency for the coinage is the same currency type that is being used in the payroll.

For more information on how to set up the Coinage Table see: Coinage

The system will now advance each employee an amount that will bring the Net Pay up to the lowest available coinage denomination on the Coinage Table. Notice the 'Rounded Pay' amount against each employee's 'Payslip Input' in the current period.

The value of the rounding advances given to employees can be recovered automatically in the next payroll period by placing a tick in 'Recover Rounded Amount' on the Coinage Table screen.  Notice the 'Rounded Pay Recovery' amount against each employee's 'Payslip Input' in the subsequent period.

If the amount is not recovered, then the employee will benefit by the rounding amount.

For more information see: Rounding