Effective April 1, 2008, all over the counter payments in Malaysia will have to comply with the rounding mechanism whereby the total amount of a bill will be rounded to the nearest 5 sen, thus eliminating the use of 1 sen coins. The 1 sen coin is still legal tender.
The rounding mechanism applies to the total amount of a bill, and not on individual items.
If the total amount of the bill (including tax) ends with 1,2,6,7, it will be rounded downwards; if the total ends with 3,4, 8,9, then the amount will be rounded upwards to the nearest multiple of 5 sen. For example, a total bill amounting to RM82.01 will be rounded down to RM82.00. If the total bill is RM82.03, it will be rounded up to RM82.05. If the bill is RM82.07, it will be rounded down to RM82.05.
According to the BNM guideline, the rounding mechanism is applicable to all payments, be it cash or non-cash (including payments by cheque and credit card).
The rounding table must be clearly displayed at the point of sale to ensure customers are appropriately informed.
The receipts/ bills / invoices should clearly state the total amount before and after the rounding adjustment.
Visit the Bank Negara Malaysia (BNM) website for a copy of the rounding table.
Amongst the reasons for introducing the rounding mechanism are:
1. reduce handling cost for business and consumer
2. reduce government's cost in producing new 1 sen coins as the demand reduces.
Note :
The 1 sen coin is still legal tender for a maximum of RM 2.00 (ie 200 coins) for other payments.
blog managed by MYOB Malaysia Professional Partner
Mar 25, 2008
Mar 15, 2008
Should you wash your own car? Time is Money
Should you wash your own car, or should you pay someone to wash your car for you?
The lazy me would automatically opt for outsourcing the car wash to others. The thrifty me would want to save the $10 I have to pay someone to wash the car and opt to clean the car myself. The health conscious me would take this opportunity to sweat it out.
How do you decide? Putting aside the health aspect, you may want to ask yourself how much would it cost to wash the car myself? Is it the $10 that is asked for, or does it cost more than that? In other words, what is the worth of an hour to you? Remember that Time is Money.
To calculate how much you are worth per hour, take your yearly gross income, remove the last 3 digits, and divide the number by 2. That will give you an indication of how much you are worth per hour.
Say, you earn $5000 per month. Your yearly income, excluding any bonus is $60,000, and your hourly rate is thus $30 (60,000 /1000 / 2).
In that case, if it takes 1 hour to wash the car, you would have lost the opportunity to make $30 in additional income. It would be better off to pay someone $10 to wash the car, and you spend that 1 hour on productive efforts, like reading a book on business, or take that time to phone your client to build a better client-supplier relationship.
I am reminded of this quote by Brad Sugars, Founder of ActionCoach.
The only difference between YOU now, and YOU in five years will be
... the books YOU read,
... the people YOU associate with, and
... the way YOU implement the knowledge into YOUR business
So, make full use of your Time!
Note :
The simple formula of calculating the hourly rate assumes an average of 2000 working hours per year :
No. of working weeks : 50 (52 - 2 weeks annual leave)
X
No. of working days per week : 5
X
No of working hours per day : 8
= 2000 hours per year
The lazy me would automatically opt for outsourcing the car wash to others. The thrifty me would want to save the $10 I have to pay someone to wash the car and opt to clean the car myself. The health conscious me would take this opportunity to sweat it out.
How do you decide? Putting aside the health aspect, you may want to ask yourself how much would it cost to wash the car myself? Is it the $10 that is asked for, or does it cost more than that? In other words, what is the worth of an hour to you? Remember that Time is Money.
To calculate how much you are worth per hour, take your yearly gross income, remove the last 3 digits, and divide the number by 2. That will give you an indication of how much you are worth per hour.
Say, you earn $5000 per month. Your yearly income, excluding any bonus is $60,000, and your hourly rate is thus $30 (60,000 /1000 / 2).
In that case, if it takes 1 hour to wash the car, you would have lost the opportunity to make $30 in additional income. It would be better off to pay someone $10 to wash the car, and you spend that 1 hour on productive efforts, like reading a book on business, or take that time to phone your client to build a better client-supplier relationship.
I am reminded of this quote by Brad Sugars, Founder of ActionCoach.
The only difference between YOU now, and YOU in five years will be
... the books YOU read,
... the people YOU associate with, and
... the way YOU implement the knowledge into YOUR business
So, make full use of your Time!
Note :
The simple formula of calculating the hourly rate assumes an average of 2000 working hours per year :
No. of working weeks : 50 (52 - 2 weeks annual leave)
X
No. of working days per week : 5
X
No of working hours per day : 8
= 2000 hours per year
Time is greater than Money.
Why put off a decision if it can be made today. You can never buy Time.
Today, I received a call from a prospect who has heard about the goodness of MYOB Accounting from a fellow business owner. However when he found out that the price rebate promotion had ended, he said there is now no urgency to buy the MYOB software. What a shame.
I agree that price is a factor when you are thinking of buying anything, but in this case, Time is a bigger factor that money.
Why do I say that? Where your business is concerned, lost time is lost money. If you can save 10 minutes per day doing something which the computer has been designed to do, you will have saved 41.7 hours per year (10 min x 5 days x 50 working weeks per year). Assume you can earn $100 per hour, then you would have been able to increase your income by $4170. Multiply that by 10 other tasks which the computer can do faster than a human. And compare that to the cost of the software. You can easily decide whether to invest the money in the accounting software or not.
Today, I received a call from a prospect who has heard about the goodness of MYOB Accounting from a fellow business owner. However when he found out that the price rebate promotion had ended, he said there is now no urgency to buy the MYOB software. What a shame.
I agree that price is a factor when you are thinking of buying anything, but in this case, Time is a bigger factor that money.
Why do I say that? Where your business is concerned, lost time is lost money. If you can save 10 minutes per day doing something which the computer has been designed to do, you will have saved 41.7 hours per year (10 min x 5 days x 50 working weeks per year). Assume you can earn $100 per hour, then you would have been able to increase your income by $4170. Multiply that by 10 other tasks which the computer can do faster than a human. And compare that to the cost of the software. You can easily decide whether to invest the money in the accounting software or not.
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