How to Eliminate Pennies by Rounding Sales Price Plus Tax to the Nearest Nickel

My son, Ted, owns Rosemont Beverage Center here in Pennsylvania. He wanted to raise some of his prices, and wanted to make giving change easier by setting the sales prices, such that when tax was added, the total amount ended with a zero or a 5 in the cents column. He was doing this by trial and error, but with hundreds of SKUs, I thought that a spreadsheet formula to do this for all of the items would be the way to go. We need to start first with the suggested sales price- I suggest that you make that one column. Then have a second column that is the sales price and tax. You set up a simple formula that the second column equals the first, plus 6% or whatever your sales tax is. Next, there is the excel formula that can help you do this, MROUND, which rounds to the nearest multiple. This will be the third column.

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LEE TABAS is available as a consultant or an expert witness.  Areas of expertise include:  general business, management, problem asset resolution, marketing, acquisition or sale of businesses, relationship development, loan policies, high performance banking, and business funding.  Please call 610-896-2400 or email Lee@Tabasfunding.com for further information.

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For all your beverage needs, contact Ted Tabas, proprietor ROSEMONT BEVERAGE CENTER 850 Conestoga Road, Rosemont, PA 19010, 610-525-BEER, ted.rosemontbeverage@gmail.comwww.RosemontBeverage.com

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