How to Set the Cash Rounding in Odoo 17 POS

TEAM-BASSAM
June 12, 2024
how-to-set-the-cash-rounding-in-odoo-17

Regulations require you to round the invoice’s total amount to the nearest currency denomination in many nations, especially when you’re working with cash. A transaction of $10.43, for example, might be rounded up to $10.45 or down to $10.40, depending on the smallest denomination in the currency.

Configuring Cash Rounding in Odoo 17 Point of Sale

Thankfully, Odoo 17 Point of Sale makes cash rounding easier to adopt and offers businesses flexibility and user-friendliness. Here’s how to configure it:

Navigate to Point of Sale, then Configuration and Settings to activate Cash Rounding. Once there, find and toggle on the Cash Rounding option. Before closing the settings menu, make sure that your changes have been saved.

Go to the Configuration menu, choose Settings window, and proceed to the Payment section to set up cash rounding for a particular point of sale. After selecting the preferred point of sale, turn on the Cash Rounding feature exclusive to that place. This guarantees the proper and effective application of cash rounding for transactions made at that pos.

how to set the cash rounding

Once the capability is activated, you can begin establishing and managing cash roundings by utilizing any of the following techniques: Click the ‘Cash Roundings’ link, which is located underneath the activated option. If you follow this method, the dashboard for cash rounding entries will open, as seen in the example below.

how to set the cash rounding

To apply cash rounding to cash payments in Odoo 17, use the ‘New’ option to access the new cash rounding configuration form and alter the form fields.

apply cash rounding to cash payments in Odoo 17

Enter the name of the new cash rounding technique in the form view’s “Name” box. The smallest non-zero currency value can be specified by using the ‘Rounding Precision’ option. in the section titled “Rounding Strategy.”

In the “Rounding Strategy” section, specify the process that will be used to round the invoice amount to the required precision. Options include adding a rounding line or changing the tax amount. Make careful to indicate the ‘Profit Account’ and ‘Loss Account’ in the appropriate areas when adding a rounding line. Regarding the “Rounding Method,” three choices exist:

  1. UP: When using the “Up” strategy, the result will be rounded to positive infinity while maintaining the specified rounding accuracy

2. Down: Depending on the rounding precision, applying the Down technique will cause the result to be rounded off in the direction of negative infinity.

 3. HALF-UP: The third option, sometimes referred to as the “Half-Up” approach, is quite effective, especially when dealing with fractional quantities. Rounding down will occur for values with fractional components less than 0.5. Rounding up will happen otherwise.

Save the Cash Rounding technique after making the required configurations. Then, continue to confirm that the Odoo 17 Accounting Module can define a currency’s lowest denomination.

Testing Cash Rounding in a PoS Order

Launch a new sales session from the PoS Module’s Dashboard menu to check the Cash Rounding Methods’ functionality. As you can see below, I’m setting up a new cash rounding option with the Rounding Method set to “HALF-UP.”

Testing Cash Rounding in a PoS Order

As shown in the screenshot below, choose the required products from the Orders session so that the total amount ($1356.31) and the individual product prices are visible on the left side of the window.

how to set the cash rounding

Once the products have been selected, use the “Payment” option to create the payment. This will bring up the payment window with all of the invoicing and order details.

The full amount is rounded using the cash rounding approach as soon as the payment procedure is started. Values having fractional components smaller than 0.10 will therefore be rounded down. This explains why the total has shifted from $1356.31 to $1356.30.

"Payment" option to create the payment

Check now how the Rounding Method “Up” is applied. Thus, inside the Cash Rounding configuration form, I am establishing a Cash Rounding option and storing it with the “Rounding Methods” set to “UP.”  As can be seen in the sample below, the result will be rounded to positive infinity using a rounding accuracy of 0.20.

Cash Rounding configuration form

Next, select the products, create an order, and hold another sales session.

another sales session

Once the products selected, the total sum is visible in the Total section on the left side of the page. Proceed to the payments page and finish the transaction after that.

the payments page

Odoo will specify the rounding method and we can see the cashrounding data inside the presented invoice bill, as shown below, after selecting the Payment Method and validating the payment.

Payment Method and validating the payment.

Start your journey with cash rounding today and discover the proper and effective ways it can upgrade your business transactions! For more information, visit transines solutions.

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