Daily Fuel Account Reconciliation - A Critical Component for Managing Fuel Accounts Effectively
FuelsManager Aviation Accounting provides up to the minute, accurate overviews of fuel ownership and fueling transactions with reduced manual data entry. It is an integral part of an automated aviation fuel management system and performs the following critical tasks:
- Meter reconciliation and daily closeout with a full audit trail and transaction reporting on a daily basis
- Accurate comparisons of fueling transactions (book) and inventory stocks (physical) to identify daily gain/loss
- Efficient, accurate and secure method of ExSTARS reporting on a monthly basis
Daily Fuel Transaction Journal
FuelsManager Aviation feeds data from FuelsManager Aviation IntoPlane and FuelsManager Oil & Gas to populate the Accounting Transaction Journal. Your fuel accountants are able to sort book inventories by date range, product or customer. They are also able to filter the overview by receipts, issues, defuels or reloads/top-offs and track book inventory movements, such as transfers and adjustments.
The transaction journal requires little or no manual data entry before the fuel accounts can be reconciled, as all data has already been input or automatically captured elsewhere in the FuelsManager Aviation system. Any tickets not entered into the system, entry errors or fuel meter skips can be easily identified and corrected by authorized users.
Perform Daily Closeout - Every Day
Your fuel accountant can perform a meter reconciliation, closeout and report book fuel inventory vs. physical (stored) inventory with a single, easy-to-use interface. The comparison results in a gain or loss, which allows you to “balance” your accounts on a daily, weekly or monthly basis.
Reduced IT Support Requirements
Operating as an application service, FuelsManager Aviation Accounting does not require software to be installed locally. It can be accessed from any standard office desktop or mobile computer with an internet and VPN connection.
Identifying the Sources of Fuel Gain or Loss
With an accurate automated fuel management system in place, you will be able to see trends in recorded fuel gains/losses. This, in turn, may provide an understanding to the source of these discrepancies - fuel receipts, tank or pipeline leaks, theft, inaccurate physical inventory measurement or fuel meter skips.
Automating ExSTARS Submissions
Have the confidence of knowing your ExSTARS report is accurately submitted to the IRS on time, each and every month! The required EDI file is automatically calculated and includes a daily summary of all receipts and issues, product returns/credits, book adjustments, daily net totals and end-of-month physical inventories.
