Question
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!
