Using an Accounting software for petrol station or oil and gas business outlets – kerosene, fuel or gas does not differ from the popular small business accounting software set-up
All you need to do is to ascertain the quantity of products available as at when you are setting up your books of account in QuickBooks, track your bank balances and record all account receivable or payable balances (if any).
From sales receipts, payment, bank deposits and generating custom financial report, QuickBooks (whether desktop or online version)can easily help you monitor your oil and gas transactions on a real-time so that you can make informed decisions about your petroleum stocks.
The only source of concern for you as an oil and gas business operator is how to track your gas, fuel, kerosene and diesel sales transactions on a daily basis.
Here are guidelines to setting up QuickBooks for oil and gas business.
Firstly, you need to ascertain the quantity and value of petroleum stocks available as at when you want to set up your accounting system which will be your opening balance.
Item Name: Enter your preferred stock name
Unit of Measure: Use this field to describe how you measure quantity sold and bought.
Cost: Enter the cost a unit of measure
Sales Price: Enter the selling price per unit of measure
Purchase VAT Code: Select a VAT code for tracking item purchased.
Sales VAT Code: Select a VAT code for tracking item sales
COGS Account: Select an account to track the cost of your inventories.
Income Account: Select an account to track sales income from your inventories.
Asset Account: Select an account to track the value of your inventories.
Reorder Point: Enter the minimum quantity before you make a new purchase.
On Hand: Enter the quantity of stocks on hand as at when you set up your business on QuickBooks.
Click Ok.
Looking at the way petrol stations are run in based on sales volume – my personal advice is that you should have a system of tracking quantity sold per day and thereafter record all daily sales.
If you need further assistance on how we can help you set-up an accounting software for your petrol station or oil and gas business, CONNECT with us on 09092942048, 08175420054 or SEND us your request: info@magnetgroupng.com
