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I saw an interview with an economist years ago where he said that if we just followed the accepted rules of rounding (1-4 rounds to 0, 5-10 rounds to 10) then it would work out about the same. In reality I’m sure companies would just pocket the extra money
They already do with sales tax. ( If the tax works out to a fraction of a cent, almost every register or POS system will round up...it's a tiny amount per transaction, but it does happen and adds up over daily, weekly and monthly transactions)
I write POS software, and have written tax calculations that cover about 30 states, and several CA provinces.
While we do have to round (always up) when calculating sales tax, there's no way for the business to figure out how much that rounding would be, since it's just added to the tax collected.
And in all states that I've worked with, a business has to pay what they collected (even if they over collect), and can't just calculate a percentage of total sales (since many states have tax tables, rounding rules, or 3-4 decimal tax rates, and not a flat percentage tax).
So it's actually the government that gets the benefit of the rounding.
Didn't know that was the case, thanks for correcting me.
Don’t be so hard on yourself!
I don't know if you're in any position to suggest decisions, but your software is often run on subpar hardware. Going to touchscreens doubled our call time, it was because of the half second or so of loading between touches. It couldn't be used naturally because of the delay.
I'm an owner, so make many decisions (but I also have smart employees who's opinions I trust very much).
This is a tough one to deal with, especially with smaller Android based handheld devices. In the 5" to 6" range we can get a few different things (wholesale costs):
You can guess which ones we sell the most of. Especially since they tend to get dropped, or lost quite a bit (we're in the restaurant POS business).
For the stationary (15" Android) terminals, the situation is similar. But we sell these devices more than the handhelds, and after a few installs with well made but slower hardware, my tech lead ruled out offering the cheaper ones in favor of selling the ones with better specs, so that's where we are now.
But lots of our competitors give hardware away to get the credit card processing revenue (a total rip off for the customer, but it's the nature of the game), so they use the cheapest option.
Is that why sales tax is always on its own line on the receipt and it’s own account number on the trial balance?
Yea, we can process 4 different tax rates, and always list them separately.
The exception is in locations where tax is included in the price: bars that take a lot of cash tend to want to make everything even dollars, or quarters at the most, so that bartenders don't have to make a lot of change, and can work quickly.
In these situations, we have to do the calculation backwards after the fact, but it's still tracked as a separate tax in software.
Yes we all saw office space
The ol Superman III