How Microsoft Dynamics GP Will Handle the Phasing Out of Canada's Penny

220px-Canadian_Penny_-_Reverse.png

The Canadian government is phasing out the use of the lowly penny. In fact, as of February 4, the Royal Canadian Mint will no longer distribute pennies. 

Apparently, it cost more than a penny for the mint to produce the penny.  And the handling costs to deal with pennies for retailers, financial institutions and the economy, in general, amounted to more than the face value of the pennies. The Canadian government has estimated taxpayers will save $11 million annually by doing away with the penny.

So the Canadian government bid adieu to the lowly once cent piece.

However, phasing out pennies only applies to cash transactions; there is no impact on payments made by cheque, er, check, or electronic transactions. And pennies can still be used in cash transactions indefinitely with businesses that choose to accept them.

...

Requires FREE Membership to View

Login
Become a Member Joining MSDynamicsWorld.com gives you free, unlimited access to news, analysis, white papers, case studies, product brochures, and more, and it’s all FREE. You’ll also receive periodic email newsletters with the latest relevant articles and content updates.
About Linda Rosencrance

Linda Rosencrance is a freelance writer/editor in the Boston area. Rosencrance has over 25 years experience as an reporter/investigative reporter, writing for many newspapers in the metropolitan Boston area. Rosencrance has been writing about information technology for the past 16 years.

She has covered a variety of IT subjects, including Microsoft Dynamics, mobile security issues such as data loss prevention, network management, secure mobile app development, privacy, cloud computing, BI, big data, analytics, HR, CRM, ERP, and enterprise IT.

Rosencrance is the author of six true crime books for Kensington Publishing Corp.

Read full bio...

minivan