Australian Cash Granularity

[Ben Stanley]

Christopher Browne wrote:

> On Fri, 04 Aug 2000 15:57:20 +1000, the world broke into rejoicing as
> Ben Stanley <bstanley@uow.edu.au>  said:
> > Christopher Browne wrote:
> >
> > > For all of this, GnuCash has no need for awareness of the $0.05
> > > granularity.  You record the amount spent, and if that is denominated
> > > in single "pennies" or in groups of five, the system doesn't have
> > > any need to care about this.
> >
> > I am proposing that gnucash be able to check that the amount falls on a
> > granularity of $0.05 . I have had a few problems where I've got the amount wr
> ong
> > when I've typed it in. It would be nice if Gnucash would pick it up for me wh
> en I
> > enter the transaction.
>
> Tell me if I'm wrong here...
>
> The granularity only applies to _cash_ transactions, right?
>
> You can have cheques or credit card transactions for amounts like
> $12.43 or $72.19.
>
> Or am I misunderstanding it?

This is correct. The $ 0.05 granularity only applies to cash, as the smallest coin
is $0.05. The $0.02 and $0.01 copper coins were withdrawn from circulation about 5
years ago now, although they are still legal tender!

Cheques, bank transfers, credit charges, interest, etc, are still made out to an
accuracy of $0.01.

Ben.