Fuel refund .am i getting this right?

[silverfoxcc]

I am not an accountant but as an example prior to this money coming into my account i had a hypothetical bill for electric

Let me sat i was 66 pound in credit
my bill for that month was 66 pound
my dd was 66 pound

So at the end of the month i am still 66 in credit

Then the refund comes along of 66.00 into my bank account

the next months bill ( lets say it is the same0

66 in credit
Bill was 66 so now my credit is 0
DD pays in 66

My credit is back to 66 and my bank account is 66.00 better off


Have i got that correct?


Just looked at my last bill and seems that my electric co has taken the 66 they put into my bank account off the credit, or are they getting it correct?
quite willing to do a spread sheet for the last year if that helps and copies of the bills

[Austin_Metro]

Surely after the refund of 66 you are at 0. Ie. no credit left as it has been refunded.

[alscar]

Not sure the way mine works is the same but I’m not on direct debit so perhaps that’s the difference.
All I know is that the electricity provider will be giving you back a total of £400.
For instance I’m with Eon Next and each month I give the reading and they send me a bill.
For the last 3 months I can see that each month a credit for £66 has been given.

[silverfoxcc]

In effect they are knocking the 66 of my credit?

[OutInTheShed]

Is this confusion caused by the guvmint giving people a £66 credit towards bills?

[RicksAlfas]

OutInTheShed said:

Is this confusion caused by the guvmint giving people a £66 credit towards bills?

Yes, plus the fact that all the energy companies deal with it differently!

[Countdown]

silverfoxcc said:

I am not an accountant but as an example prior to this money coming into my account i had a hypothetical bill for electric

Let me sat i was 66 pound in credit
my bill for that month was 66 pound
my dd was 66 pound

So at the end of the month i am still 66 in credit

Then the refund comes along of 66.00 into my bank account

the next months bill ( lets say it is the same0

66 in credit
Bill was 66 so now my credit is 0
DD pays in 66

My credit is back to 66 and my bank account is 66.00 better off

Have i got that correct?

Just looked at my last bill and seems that my electric co has taken the 66 they put into my bank account off the credit, or are they getting it correct?
quite willing to do a spread sheet for the last year if that helps and copies of the bills

My supplier (OVO) does it the same way. It looks like the £66 they pay into your bank account they simply add onto your bill (which would be bonkers)

This is the bit you need to get your head round;

Although your bill says £66 it's really £66 + £60 (=£126). You can check this to your meter readings. So using your calculations

i was 66 pound in credit
my bill for that month was 66 pound + 60 pound
my dd was 66 pound

So at the end of the month i am still 6 in credit

Then the refund comes along of 66.00 into my bank account

the next months bill ( lets say it is the same0

6 in credit
Bill was 66 + 60 pound so now [b]I am in £120 debit
DD pays in 66 [/b] so now [b]I am in £54 debit

And my bank account is 66.00 better off

[Countdown]

To be honest the best way to work it out is to use the meter readings, calculate what your gas/elec should have cost you, work out how much youve paid and THAT should be your remaining balance. Ignore the money going into the bank.

[Austin_Metro]

OutInTheShed said:

Is this confusion caused by the guvmint giving people a £66 credit towards bills?

I didn’t know the relevance of The 66 quid. Makes me look out of touch like I don’t know the price of a pint of milk or a RAF jet to Leeds.

[silverfoxcc]

Thanks for the updates

Had another look at the excel spreadsheet and found i had input a formula incoorectly

all pans out ok now