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Alex Tracadoe
Level 1

I am a retailer in the oil business, All the gas sales in cash what should be categorized under? type? (I do not share profit)

I have been a retailer for a long time in the gas station business. Basically, I own all the inventory of the convenience store and I get commission for the gas sales.  At each of end day, the system calculate how much gas sales has happened per day and separates cash from Debit/credit transaction. Each end of day, I get my statement of how much I owe the company for the gas sales that has occurred in cash and they withdraw it the next morning.  what should I categorize these withdraws? What Accounting Type? Detailed Type? Supplier/Consumer? For Fun, Use XYZ Petrol as a name of the company to give your example! Thank you for your help in advance! 
1 Comment 1
Nick K
QuickBooks Team

I am a retailer in the oil business, All the gas sales in cash what should be categorized under? type? (I do not share profit)

Hi Alex Tracadoe.

 

Being able to track your commissions on gas sales and the inventory of the convenience store in QuickBooks Online is crucial to keep your accounts accurate and track what has sold. I'd be happy to point you in the right direction to get this entered.

 

In order to pick the best account type and what to categorize them as I recommend contacting your accountant as they are trained in how to make these kinds of entries. If you don't have an accountant no worries, we can help. You can go to My Accountant>Find a pro to help to find one in your area.

 

If you have any questions let us know and we'd be happy to help.

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