How do I troubleshoot an ‘Over/(Short)’ value in fuel financial reconciliation?
Ensuring Accurate Financial Records
Written by Michael Cook
Updated at March 27th, 2024
Introduction
Efficiently managing fuel financial reconciliation is critical for maintaining accurate financial records in the retail fuel industry. Occasionally, discrepancies such as an 'Over/(Short)' value may arise during reconciliation, requiring attention to ensure financial integrity.
Step-by-Step Guide
- Upon your first reconciliation attempt, the 'Over/(Short)' row within the 'Financial Reconciliation' menu should ideally reflect a value of 0.
- If an inaccurate 'Over/(Short)' value is observed, it indicates the need for troubleshooting.
- Go to the 'Fuel/Shift' section and select 'Fuel Configuration'.
- Proceed to the 'Categories' tab to begin the troubleshooting process.
- In the filter field located in the top right corner, type 'mop' to focus on methods of payment.
- Under the 'Financial' menu, access the 'Section…' dropdown and select 'Non-cash Tender'. Following this, choose 'Add Methods of Payment Categories'.
- Observe for any duplicate methods of payment, such as AMEX, debit, Visa, etc., which could result in the double counting of transactions.
- Having a site manager or an authorized individual on call can aid in quickly identifying and rectifying these duplicates.
- Should the 'Over/(Short)' value remain inaccurate after the above steps, it is advisable to consult with the site manager. This is to confirm the accuracy of 'Fuel Sales' values and to explore other potential reasons for the discrepancy.