The POS-style currency entry setting eliminates the use of (need for) adding the decimal point when entering the inflow and outflow amounts when creating a new transaction. [In effect, this setting mimics how transaction amounts are entered into YNAB on mobile devices.]
By default, in YNAB the decimal point must be explicitly entered unless the transaction amount is a round number. So, if you spent $5.05, you must enter all three (3) digits
5.05, making sure to enter the decimal place in the correct place. If no decimal point is entered, the program will automatically add the decimal point and the two following hundredths (fractions of a dollar) as “00”. For example, entering
50 and then hitting the Enter key will result in a $50.00 transaction.
If you turn on this POS-style setting, however, you never need to enter a decimal point. But with this setting, every digit in the number must be entered. The are no more “understood” or implied digits.
With this setting activated, YNAB will automatically enter the decimal point based on the number of digits entered, e.g. simply typing
5 and hitting Enter will result in a $0.05 transaction. If you want a final result of $5.05, type
505. If the correct amount is $5000.00, you’ll have to enter all six (6) digits or the decimal place won’t be entered correctly.
I personally don’t see the use case for this setting. I do find that I remind myself of the different data entry methods each time I switch from mobile back to browser or vice versa. So I can see the appeal of consistency. But this method of entering numbers would never be second nature to me; the desire for consistency between entering standards would only result in persistent errors. Maybe there’s an industry or a generation more familiar with this “POS-style” of entering dollar values?