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Fuel Cards - Recorded on Till

  • 12-09-2014 2:45pm
    #1
    Gary7
    Registered Users, Registered Users 2 Posts: 13 ✭


    Trying to figure this out!

    Have been told that fuel cards allow a customer to purchase their fuel at a price lower than on the forecourt i.e. price set by fuel company etc. So, forecourt may say €1.40/ltr while charge by Fuel Card may be €1.30/ltr (example only, don't get excited).

    How does the till record this i.e. a sale has gone through, similar to a Credit Card, but the price is less than quoted on the forecourt - can the till record the lower price? I assume it can't because the price is known by the card provider not the shop owner - the shop owner merely gets a commission?

    Does this lead to a situation where the sales recorded on a till are overstated - leading to a cash difference and slight overstatement of vat on sales?

    If anyone could shed any light, bugging me!
    Tagged:


Comments

  • #2
    prettyrestless
    Registered Users, Registered Users 2 Posts: 444 ✭✭prettyrestless


    I would assume the till records it as:
    Sales €1.30
    Discount €0.10
    Total €1.40

    VAT is payable on the €1.30, the discount would be recorded as an expense in the Profit & Loss account.


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