Fuel inventory question

Heather RogersHeather Rogers Member Posts: 9
edited September 7 in Accounts Hosted
We order fuel in bulk then allocate to our own vehicles when it is used. How do I set the fuel up as inventory without selling it? If I use Adjust Quantity on Hand I can't allocate it to specific vehicles.

Comments

  • AdrianAdrian Member Posts: 200
    edited March 2018
    Hello Heather

    You could do as a bill credit.

    In the items tab use the fuel item, and the amount of litres allocated, this will reduce down the fuel litres and cost.

    Then in the expenses tab allocate negative amounts to the expense code you require.

    The bill comes back to zero, don't use GST codes on the transactions.


    Adrian
  • ZappyZappy Accredited Partner Posts: 4,425 ✭✭✭
    edited September 7
    If you arent selling it then it isnt inventory. Simple
  • Heather RogersHeather Rogers Member Posts: 9
    edited March 2018
    No we aren't selling but we need to allocate the fuel to keep a track of costs. How else can we do this?
  • Jason HollisJason Hollis Reckon Staff Posts: 615 ✭✭
    edited March 2018
    Hi Heather. One method is to invoice to each vehicle as a customer / job. Keep in mind this will post costs to the acct you have set up for EXPENSE in the item list under the fuel item. eg Cost of Goods Sold. Therefore you might need to journal to the correct account, or if using for internal purposes only set the expense account as required. ** Needs to be an invoice not bill as you want fuel SOH to come down. 

    You do not need to sell the fuel to a customer for it to be inventory. Inventory can be used for a number of internal / external costing scenarious. 
  • ZappyZappy Accredited Partner Posts: 4,425 ✭✭✭
    edited March 2018
    Classes. Easy peasy
  • Jason HollisJason Hollis Reckon Staff Posts: 615 ✭✭
    edited March 2018
    Hi Kevin,

    I personally wouldn't recommend classes Kevin as they are best used for divisional reporting. But yes that's another option. It's all about how Heather would like the reports sliced and diced. 

    Jason
  • ZappyZappy Accredited Partner Posts: 4,425 ✭✭✭
    edited March 2018
    I hear thee Jason. It also depends if you are already using classes or not
  • Heather RogersHeather Rogers Member Posts: 9
    edited March 2018
    Yes we are using classes already. I don't think they will give me what I want as they won't show the amount available. And we have around 30 vehicles.

  • Jason HollisJason Hollis Reckon Staff Posts: 615 ✭✭
    edited March 2018
    Hi Heather. Do you just need to know the TOTAL fuel available? If so, still set up inventory and use the customer method. This will track inventory (fuel) used and also let you report on fuel per vehicle.

    There are several ways to approach it, depending on your required outcomes. One of our accredited partners would be best to review your requirements in detail and make a recommendation. 

    ** Generally a freight company, for example, will use a combination of inventory items, service items, jobs and classes to report on costs per vehice per job etc. 
  • Jacqui AllenJacqui Allen Member Posts: 243
    edited March 2018
    You could setup a fuel clearing account and allocate the inventory adjustment to that, then do a journal to allocate to the vehicles.
    FYI I have a transport client and they do not nor will they have a need for divisional reporting so they use class tracking to track both the income & expenses for each vehicle with an additional class for all other overheads.
  • ZappyZappy Accredited Partner Posts: 4,425 ✭✭✭
    edited August 2019
    Im aghast the fuel Coy cant do this for you. Its their job
Sign In or Register to comment.