In 2012, the Canadian government announced in their Economic Action Plan that they would phase out the penny due to the cost of producing the penny, relative to their face value. February 4, 2013, was the last day that the penny would be made. One thing to note is that this change does not affect cheques or electronic transactions (e.g. Interac). With this change in effect, it’s estimated that it will save taxpayers $11 million each year.
On Microsoft’s Community Dynamics website, I came across a blog Angela Melhus wrote which is called “Phasing out the Penny in Canada”. For a B2B business, this might not be much of a worry because they would normally deal with cheques and EFT payments. But for some B2C business that have a store and accept cash that might be a problem.
In Angela’s blog, she gives you a step by step process to phase out the penny in your Dynamics GP system. Her instructions are very clear and she provides screenshots of the whole process. By the end of the last step, you should have written off of the penny.
Angel Melhus blog post:
Natalie Williams, Marketing Coordinator, WebSan Solutions Inc., a Canadian Certified Microsoft Partner