V3.556 Daily gross takings

Daily gross takings must be calculated by1


    (1)     recording all payments as they are received;


    (2)     recording the value of all credit and other non-retail sales made;


    (3)     excluding cash received in respect of credit sales; and


    (4)     making adjustments as noted in V3.557.

Certain supplies are included in, or excluded from, gross takings as a general rule while others are included or excluded according to the retail scheme adopted. It is clear that retailers must be careful to ensure that their accounting records distinguish between those amounts recorded which fall within gross takings and those which

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