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FlyMRB
Level 1

Supplier credits

We purchase jet fuel from a Supplier on contract.

We also have a customer who purchases jet fuel from us on contract with the same Supplier.

The supplier credits our fuel purchases on our bulk fuel purchases.

My question is how do I enter/track the POS sales (which are $0.00) and my fuel inventory?

I've asked the supplier to simply pay me the contract price and NOT apply it to my fuel purchases.

Thanks

V

Solved
Best answer October 01, 2020

Best Answers
john-pero
Community Champion

Supplier credits

Whether you track all fuel inventory, yours and sub, or not will determine how you create a vendor credit memo. If you invoice the customer put of inventory then a c.m.would be for so many inventory gallons and you apply the c.m.when paying your fuel supplier bill. Otherwise your c.m.will be for a generic fuel expense against which your customer is billed at a higher rate. 

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2 Comments
john-pero
Community Champion

Supplier credits

Whether you track all fuel inventory, yours and sub, or not will determine how you create a vendor credit memo. If you invoice the customer put of inventory then a c.m.would be for so many inventory gallons and you apply the c.m.when paying your fuel supplier bill. Otherwise your c.m.will be for a generic fuel expense against which your customer is billed at a higher rate. 

View solution in original post

FlyMRB
Level 1

Supplier credits

I do track the inventory; the price the fuel purchase is a predetermined contract price between the supplier and my customer ( I am just the fuel station so to speak).... so I do think this may work.

This is a new area for me - the aviation accounting - I've never had to deal with inventory what so ever is quite a few years.....never crossed my mind to use a vendor credit...

Thank you!!!

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