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Fuel accountants and managers have a tool to simplify the process and provide an accurate overview of fuel ownership. In addition, they have access to an efficient, accurate and secure method of ExSTARS reporting on a monthly basis. This automation is a more efficient process that gives fuel accountants the time to adequately focus on ensuring any gains or losses outside of tolerances are investigated and better managed.

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Unlike IAS 2, US GAAP allows use of different cost formulas for inventory, despite having similar nature and use to the company. Therefore, each company in a group can categorize its inventory and use contribution margin the cost formula best suited to it. In some cases, NRV of an item of inventory, which has been written down in one period, may subsequently increase.

Inventory accounting systems

The retail book inventory shall be determined initially by a physical inventory of each item in the opening inventory of the store, with the exception of store supplies, at the current retail selling price. The value of the retail book inventory shall be re-established by periodic physical inventories taken as described in Physical Inventory section of this manual. We help streamline the back office data collection and data entry for the aircraft fueling process through near real-time validation and automation at data entry points. Fuel agents can use a touchscreen kiosk or desktop computer for rapid data entry and validation of their manually recorded fuel transactions. The world’s busiest airports have leveraged our products and services to help improve logistics and operational efficiencies across key aviation fuels management areas for over 20 years. These areas include tank farm automation, into-plane fuels automation, fuel inventory accounting, and enterprise systems.

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• It enables you to pinpoint where you will get the best ROI in fuel-saving measures—things like fuel efficiency technology, driver behavior training, and scheduled asset maintenance.
• If a contract can be terminated without incurring a penalty, it is not onerous.
• We help streamline the back office data collection and data entry for the aircraft fueling process through near real-time validation and automation at data entry points.
• Furthermore, you can expand Commander’s functionality with a variety of process automation modules to automate even more tasks.
• Since we cannot track inventory by retail in QuickBooks, the system will post beginning and ending inventory for each day by adding a general entry from the Cost of Goods account to the Inventory account and back.

In such circumstances, IAS 2 requires the increase in value (i.e. the reversal), capped at the original cost, to be recognized. Reversals of writedowns are recognized in profit or loss in the period in which the reversal occurs. The International Accounting Standards Board (IASB® Board) eliminated the use of LIFO because of its lack of representational fuel inventory accounting faithfulness of inventory flows. PwC US Energy practice provides audit and assurance, tax, advisory, and consulting services to help energy businesses address key issues. Simplify your IT ecosystem, maximize your software investment, and reduce risk with our secure hosting options. We’ll provide the technology and expertise to help you run your business more successfully.

Standard Fuel Variance Report

Last-in, first-out or LIFO is an inventory valuation method where the most recent purchases are sold first. However, LIFO is only allowed under the US GAAP and is therefore only used in the United States. Such differences between actual and mistaken stock counts can present a real problem for businesses, potentially costing the bottom-line in lost sales, build-up of surplus stock, and customer dissatisfaction. Accrual basis accounting is compulsory in many countries for businesses of a certain size under the Generally Accepted Accounting Principles (GAAP). It’s predicted that  50% of governments will have moved to accrual basis reporting by 2025.

We’re committed to walking you through the entire process to ensure a smooth transition and to lay the foundation for a supportive, ongoing partnership. This presents a challenge when determining the profitability of goods sold. Income, Cost of Goods Sold and Expense accounts should be set up for the entire company.

In addition, Commander has many jobber-specific abilities including fuel inventory at the tank level, fuel excise tax reporting and single-entry BOL/manifest to customer invoice. Furthermore, you can expand Commander’s functionality with a variety of process automation modules to automate even more tasks. Boosting Commander to meet your unique needs will quickly accelerate your financial and operational efficiencies. The value at retail of purchases shall be based on a customer’s current retail selling prices taken from the Price Book.