About Us: Central Cashier Office

519 661-2111 x85424
Fax: 519 661-3829
SSB 6100

Hours of Operation are Monday, Wednesday, and Friday from 12:30 - 3:30 pm

Elimination of the Penny:

The penny has been eliminated from circulation and at a retail level this impacts cash transactions only.  Debit and credit card transactions are not affected.
 
The Central Cashier will discontinue issuing pennies effective Monday February 11, 2013.

As a result, all Petty Cash Forms submitted to the Central Cashier for reimbursement must be rounded to the nearest .05 cents (Total Amount Claimed)

The Petty Cash Reimbursement form has been modified to include a rounding adjustment line on which you will note a credit or debit, whichever is needed, to ensure that the total amount claimed on each form is rounded to the nearest .05 cents. The description and account for this rounding adjustment has been hard-coded on the form, simply add your speed code and the rounding amount.

http://www.uwo.ca/finance/forms/docs/pettycash.pdf

You can continue to distribute pennies for as long as your supply permits.

Thereafter, it will be your decision as to whether you round up or down when issuing reimbursements from your petty cash fund. The  rounding adjustment should be charged or credited to the new line on the Petty Cash Reimbursement form as described above.

As an example:

• John buys coffee for the office
• He pays using his debit card so the transaction is not rounded by the retailer and the total is $14.97
• He comes to you for reimbursement; you can't give him $14.97 because you don't have pennies
• Based on the published guidelines (see attached)  John will be reimbursed for $14.95, or you could reimburse him for $15.00

If you would like to discontinue issuing pennies immediately, you may exchange your supply at the Cashier's office.

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