Using an Accounting software for petrol station or oil and gas business outlets \u2013 kerosene, fuel or \u00a0gas does not differ from the popular small business accounting software set-up<\/p>\n
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).<\/p>\n
From\u00a0sales receipts, payment, bank deposits and generating custom financial report, QuickBooks\u00a0(whether desktop or online version)<\/strong>can easily help you monitor your\u00a0oil\u00a0and gas transactions on a real-time\u00a0so that you can make informed decisions about your petroleum stocks.<\/p>\n The only source of concern for you as an\u00a0oil\u00a0and gas business\u00a0operator\u00a0is\u00a0how to track\u00a0your gas, fuel, kerosene and diesel sales transactions on a daily basis.<\/p>\n Here are guidelines to setting up QuickBooks for\u00a0oil\u00a0and gas business.<\/p>\n 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\u00a0opening\u00a0balance.<\/p>\n Item Name<\/strong>: Enter your preferred stock name<\/p>\n Unit of\u00a0Measure<\/strong>: Use this field to describe how you measure quantity sold and bought.<\/p>\n Cost<\/strong>: Enter the cost a unit of\u00a0measure Purchase VAT Code<\/strong>: Select a VAT code for tracking item purchased.<\/p>\n Sales VAT Code:<\/strong>\u00a0Select a VAT code for tracking item sales<\/p>\n COGS Account<\/strong>: Select\u00a0an account\u00a0to track the cost of your inventories.<\/p>\n Income Account<\/strong>: Select\u00a0an account\u00a0to track sales income from your inventories.<\/p>\n Asset Account<\/strong>: Select\u00a0an account\u00a0to track the value of your inventories.<\/p>\n Reorder Point<\/strong>: Enter the minimum quantity before you make a new purchase.<\/p>\n On Hand<\/strong>: Enter the quantity of stocks on hand as at when you set up your business on QuickBooks.<\/p>\n Click Ok.<\/p>\n Looking at the way petrol stations are run in based on sales volume\u00a0\u2013 my personal advice is that you should have a system of tracking quantity sold per day and thereafter\u00a0record all daily sales.<\/p>\n <\/p>\n 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 \u00a009092942048, 08175420054 or SEND us your request: info@magnetgroupng.com<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Using an Accounting software for petrol station or oil and gas business outlets \u2013 kerosene, fuel or \u00a0gas 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 […]<\/p>\n","protected":false},"author":1,"featured_media":202,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quickbooks"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/posts\/1048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/comments?post=1048"}],"version-history":[{"count":1,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/posts\/1048\/revisions"}],"predecessor-version":[{"id":1049,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/posts\/1048\/revisions\/1049"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/media\/202"}],"wp:attachment":[{"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/media?parent=1048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/categories?post=1048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magnetgroupng.com\/Blog\/wp-json\/wp\/v2\/tags?post=1048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n<\/strong>Sales Price<\/strong>: Enter the selling price per unit of\u00a0measure<\/p>\n