Drafting an IFTA quarterly fuel tax report can be a pain. You have to track down fuel receipts from divers, look at mileage logs, and compile all the data in one report. It takes a lot of work on a quarterly basis, especially when you’re trying to keep up with the day to day operations of managing a trucking company.
Fortunately if your company uses a fuel card to purchase fuel, all the data you need to create your IFTA quarterly fuel tax report can easily be downloaded online within your fuel card account management.
How Fuel Cards Collect Data For IFTA Quarterly Fuel Tax Reports
When your drivers swipe their fuel cards at the pump, they will be prompted to enter pin number, odometer, and truck number. This data along with the time, place, dollar amount, gallon total, and type of fuel will be automatically collected into what most fuel card companies call a fuel transaction report.
This report will give you the gallon amounts purchased in each state along with odometer reading to help you verify the mileage your drivers traveled within each state.
How To Run A Fuel Card Transaction Report
Step 1: Simply login to your online fleet card account and select “fuel card transaction report”.
Step 2: Type in the date ranges you want to download the data for. I.E. for first quarter you would type in 01/01/2016 to 03/31/2016.
Step 3: Export the data to excel and copy and paste the data you need to your quarterly IFTA fuel tax report.
Bonus Tip: Some fuel cards have an IFTA transaction report that automatically collects every quarter to further organize your fuel transaction data. Look around in your online account or contact your fuel card provider to see if it’s available.
