IFTA Fuel Tax Software â?? Maintaining Motor Fuel Records

An agreement between United States of America and Canada came into enforcement for the efficient utilization of the highway transportation system, within the states of these two nations. This agreement is termed as International Fuel Tax Agreement or IFTA. According to the rules of this agreement, every licensee within the jurisdiction of the IFTA member states shall have to maintain certain records for the tax and audit purpose. All the intricate recordkeeping procedures were made remarkably easy by the new IFTA Fuel Tax Software. This highly advanced software technology helps a licensee to manage and maintain all the requisite records, including the fuel records, in-accordance with the laws of IFTA.As per section P550 of the â??Procedures Manualâ?? of the International Fuel Tax Agreement, every licensee shall have to maintain some specific fuel records. Some procedural rules laid down by IFTA are: 1. The licensee must maintain complete records of all motor fuel purchased, received and used in the conduct of its business.2. Totals of each motor fuel must be separately compiled.3. Separate accounts should be maintained for retail fuel purchased and bulk fuel purchased.Some of the essential information, required to be included in fuel records are as follows:-1. The date of each receipt of fuel;2. The name and address of the seller of the fuel;3. The quantity of fuel received in gallons or liters;4. The type of fuel used;5. The qualified vehicle identity into which the fuel was placed.IFTA fuel tax software helps in managing all the aforesaid records, very conveniently. This software was specifically designed to address all the fuel record requirements by the IFTA. Through this software each motor fuel can be separately managed; in terms of their totaling and accounting. Certain important records like the types of fuel used, the quantity of each type of motor fuel used, details of retail fuel purchases and bulk fuel purchases can be managed with the help of modern fuel tax software. Therefore, IFTA fuel tax software has brought enormous efficiency in the whole system of transportation within the jurisdiction of IFTA member states.Complex fuel record maintaining processes, required to be followed by any licensee operating in IFTA member states are highly simplified by IFTA fuel tax software. The usage of various types of fuels like gasoline, propane, LNG, CNG etc makes it highly difficult for a licensee to manage all the accounts manually. Thus, fuel tax software provides well organized and systematically designed features to maintain all the requisite records concerned with motor fuels. Moreover, the web based fuel tax software is an extremely advanced technology, which has overcome the disadvantages of the general fuel tax software. IFTA fuel tax software is an efficient technology, which conveniently manages all the motor fuel records, in-accordance with the IFTA guidelines.

The ITS Dispatch – IFTA Fuel Tax Software is a web based, inexpensive , and easy tool that meets the needs of small and medium sized companies. Nothing to buy, download or install and no computer upgrades required! For More Information please visit us: http://www.its-dispatch.com/iftafueltaxsoftware.php
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