Customer Owned Inventory- Setup, steps to receive inventory & invoicing
Customer profile:
Based on the customer profile you can select the company that owns the fuel inventory
Choose the fuel type, and save the selection. This will activate the company's inventory based on the selected fuel type, defaulting on fuel tickets, and allowing the company to receive fuel loads. You can also choose the option "Do not allow inventory to go negative" for fuel tickets to pull from FBO inventory when the customer's inventory is depleted. This helps in managing fuel inventory effectively.
Pricing:
Add a new price rule under the Customers category:
Select the fuel type the customer owns
Set the date when the deal starts
Add the Customer condition specifying the company name
Base the price on the week’s cost
Enter zero in the manual cost section – this is because FBOs do not need to account for owned fuel cost
Enter a value if there is any fee per gallon pumped
To automatically add a line item like a Storage Fee to the invoice in the Add Product section of the price rule, you can follow these steps:
1. Navigate to the Add Product section of the price rule.
2. Add the Storage Fee as a product with the specified value or price.
3. If the fee is per gallon, leave the Quantity box empty so that the fee can be calculated based on the fuel gallons pumped.
By following these steps, you can ensure that the Storage Fee is included in the invoice with the desired value or pricing structure.
Tax exemptions:
Company owned inventory is exempt from cost taxes as the customer paid those when purchasing the fuel. Create a tax exemption for each cost tax at your location under Pricing/Tax Settings/ Tax Exemptions tab.
These steps complete the setup of company owned inventory. Now we can receive inventory, create fuel tickets and invoice.
Inventory:
Receive customer’s inventory by entering a fuel load under Fuel Management placing gallons in the FBO fuel tanks. No BOL needed.
And to deplete from their inventory, simply create a fuel ticket from X-1SinglePoint or desktop entering the company name to drive the owned inventory automatically:
Invoicing:
Suggested reports:
Fuel Customer Sales under Accounting/Reports.
Owned Inventory Report under Fuel Management/Reports.