How do I handle a cash sale in Canada (either an invoice or sales receipt) where the amount should be rounded up or down due to the phase-out of the Canadian penny?

Hello Chris,

Welcome to the QuickBooks Community! I love that you're looking for ways to track your income in the most accurate way possible. This is a great practice and there are a few simple ways you can account for these few cent discrepancies using QuickBooks Online. Let me explain.

If you'd prefer, you can edit your invoices or enter your sales receipts to show the actual amount paid by your customer rather than the amount that you calculated for the sale. To edit an invoice you simply locate it in the Sales menu and click it. Then hit Edit invoice to make changes. Here you can adjust the rate of an item or service to reflect the price being paid by the customer.

Another option would be to add an additional line item to your invoice or sales receipt to reflect the addition or subtraction of the few cents that were rounded. For example, if your customer rounded up by 2 cents, you could add a line to the invoice called Penny Rounding in the amount of $0.02. For rounding down, just ensure that the amount is a negative number. You can choose to have this amount reflect on the same account as the sale, or you can create an additional expense account so that you can easily track the penny rounding separately from your sales. 

There's a reply by @Rochelley to a question similar to yours posted here. Check it out if you'd like to see the response. 

This is also something you can consult with your accountant on. If you're working with one, you can add them as a user to your QuickBooks Online account so that they can sign in and show you exactly how they'd like to see these pennies accounted for. To do this navigate to the My Accountant tab, enter their email address, and hit Invite. If you're not working with an accountant, the Find a pro to help button will point you in the right direction. It'll bring you to our database of QuickBooks-certified accountants that are ready and willing to assist you with any questions you might have.

I wish you all the best. Let me know if there's anything else I can help with.