Month-end close is where a fuel jobber finds out whether the numbers are real. It is the routine of finalizing the books: every load billed, every account reconciled, every statement matching what actually happened. Done well it is a quick review. Done loosely it is a week of chasing ghosts. Below is a plain checklist and how to make close boring, in the best way.
The close checklist
- Tie out fuel. Purchases, sales, and inventory should reconcile gallon for gallon.
- Bill every BOL. Confirm every load that shipped got billed.
- Review AR and AP. Age receivables and payables; catch anything stuck.
- Reconcile fuel tax. Match the tax recorded against the period's gallons.
- Reconcile bank and cards. Every deposit and fee accounted for.
- Post accruals and adjustments. Recognize what belongs to the month.
- Review the financials. Look for anything that does not make sense.
Why fuel inventory is the hard part
Fuel moves in enormous volume, the price changes daily, and gross versus net gallons plus shrink all push the number around. If purchases, sales, and the physical tank do not tie out, your cost of goods and margin are wrong. The fix is to reconcile through the month, not at the end: wet stock reconciliation done daily makes the month-end inventory figure trustworthy.
The biggest lever: stop re-keying
Most slow closes come from the same root cause: the same numbers entered in several places that then have to be reconciled back together. When the BOL flows straight to the invoice, the tax, and the inventory, the reconciliation is largely done before you ever start close. The less hand-keying, the shorter and calmer the close.
Where this meets FastDragon
FastDragon Books keeps the subledgers tied to the general ledger as the month happens, so close is a review instead of a rebuild, and it integrates with QuickBooks and the accounting systems you or your accountant already use.
Frequently asked
What is month-end close for a fuel jobber?
Month-end close is the process of finalizing the books for the month: making sure every transaction is recorded, every account is reconciled, and the financial statements reflect reality. For a fuel jobber it means tying out fuel volumes, inventory, receivables, payables, fuel tax, and the bank before you call the month done.
What should be on a fuel jobber close checklist?
At minimum: reconcile fuel purchased and sold against inventory, confirm all BOLs are billed, age and review accounts receivable and payable, reconcile fuel tax for the period, reconcile bank and card accounts, post accruals and adjustments, and review the financials for anything that looks off. The point is that nothing is left hanging.
Why is fuel inventory the hard part of close?
Because fuel moves in huge volume, prices change constantly, and gross-versus-net gallons and shrink all affect the number. If purchases, sales, and physical inventory do not tie out, your cost of goods and your margin are wrong. Daily wet stock reconciliation through the month makes the month-end number trustworthy instead of a guess.
How long should month-end close take?
It depends on how clean the month was. Shops that reconcile as they go can close in a few days; shops that leave everything for the end can lose a week or more chasing problems. The fastest way to shorten close is to stop re-keying data and to reconcile continuously rather than all at once.
Can month-end close be automated?
Much of it can. When your system carries each BOL straight into billing, tax, and inventory, most of the reconciliation is already done by the time you close. Software built for fuel removes the double entry and keeps the subledgers tied to the general ledger, so close becomes a review rather than a rebuild.