Texas Comptroller Audits of Convenience Stores

Recently, more and more audits of Texas convenience stores have taken place throughout Texas.  Although most C-Stores or convenience retail stores should have proper documentation on its daily sales, a good portion of C-stores still do not have adequate accounting source documents and procedures to withstand a Texas Comptroller audit of its sales and use taxes.

To prepare and come out ahead of an audit, a retail convenience store should have the following procedures and accounting tools in place with its c-store:

1.  Daily, weekly and monthly cash sales journal;
2.  Cash register use of z tapes and backup of daily z tapes either electronically or on paper;
3.  Detailed journal of purchases of beer, cigarettes, and other purchases from ite vendors;
4.  Matching bank deposit slips to daily sales journal;
5.  Correct monthly, quarterly and yearly reporting to Texas Comptroller;
6.  Proper accounting and remittance of sales taxes collected and remitted to the Texas Comptroller;
7.  Reconciled ledgers; and
8.  Proper financial reporting in place, including profit & loss statements, balance sheets and statement of  
     cash flow. 

If you are facing a Texas Comptroller Audit of sales and use tax, or local tax, contact an experienced Texas Comptroller sales and use tax attorney or Texas tax laywer today, nationwide at 1-877-414-9817, or visit us on the web at http://www.taxappealsattorney.com/.