Here's a simple guide to help you navigate through the close period operation in X-1FBO:
What is a Close Period?
A Close Period in X-1FBO allows you to reconcile the physical amount of fuel with the amount recorded in the system and make adjustments to book a gain or loss, as needed. We recommend performing a Close Period at the end of each month.
How Does it Work?
During a close period, X-1FBO performs several key operations:
Update System Inventory: The Close Period updates system inventory levels, ensuring that they accurately reflect the physical inventory on hand and makes adjustments for the gains/loss for the period.
GL Movements: If applicable, the system generates the corresponding GL movements to account for the inventory adjustment.
Recommendations: We recommend ensuring all fuel loads have bills assigned, there are no Breaks/Overlaps (Fuel Management>Reports) and that all fueling operations for the month have been entered and invoiced before completing a Close Period.
Options for Close Period:
You have 3 options for how the adjustment is distributed. This setting can be found by visiting FBO Settings > FBO Profile > Inventory Tab:
Default Option: The system calculates the total variance amount and applies it towards the FBO inventory lots.
% by Balance Option: The system calculates a percentage from the total variance and distributes it between FBO and Company inventory lots based on the percentage of the total balance each inventory holds.
Recommended for FBOs managing multiple inventories.
After Last Solved Variance Option: The system applies a percentage from the total amount of gallons accrued in the fuel loads registered after the last solved variance. This variance is then distributed between FBO and Company Inventory lots.
How to Perform a Close Period (Default):
Fuel Management > Fuel Dashboard > Close Period (top right)
Choose the Close in the Past to put in a date/time of closing, otherwise this will record as of the current date/time at the FBO.
Select Fuel Type: Close Period Adjustments must be performed for each fuel type, one at a time.
Enter Physical Balance & Save
How to Perform a Close Period (% by Balance or After Last Solved Variance):
Follow the same steps above, but instead of “Save” you will click on “Next”
At the bottom of the screen, you will have the option to view the default.
% by balance is calculated from the percentage of the total balance each inventory holds.
After Last Solved Variance % is calculated from the percentage of total fuel loads received since last Close Period.
To adjust each inventory manually, click on the Edit Variance by Percentage. This will open the Variance to manually enter per owner:
By following these simple steps, you can effectively reconcile physical and system inventory levels, accurately record fuel gains or losses, and keep your operations running smoothly.