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Thread: fuel purchase book keeping?

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    Platinum Member SilverNodashi's Avatar
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    fuel purchase book keeping?

    Hi everyone,

    Since I'm without an accountant right now, and trying to redo my books. Can someone please tell me in which set of books should I log my pertrol & diesel purchases? FNB Accounting has the entries unmarked.

    In XERO accounts, I have a "Motor Vehicle Expenses" "set of books" / "chart of accounts" (I know Quickooks use the term chart of accounts).

    I presume the "Motor Vehicle Expenses" chart of accounts is for services, tires, etc. Or can I use this?
    Or, is the norm to create a new set of books, for example "fuel purchases" or "fuel usage", or something like that? I couldn't find anything on this topic, on the internet.

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    Site Caretaker Dave A's Avatar
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    Under Vehicle expenses, I have sub accounts for Fuel and for Vehicle Maintenance.
    From a management point of view you want to track these two numbers separately.
    For ordinary reporting purposes they'll be combined.
    And if you ever have the pleasure of an audit and have to account for what you claimed VAT on and what you didn't in a VAT recon, you'll really appreciate that you separated the two!
    The trouble with opportunity is it normally comes dressed up as work.

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    Platinum Member SilverNodashi's Avatar
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    Quote Originally Posted by Dave A View Post
    Under Vehicle expenses, I have sub accounts for Fuel and for Vehicle Maintenance.
    From a management point of view you want to track these two numbers separately.
    For ordinary reporting purposes they'll be combined.
    And if you ever have the pleasure of an audit and have to account for what you claimed VAT on and what you didn't in a VAT recon, you'll really appreciate that you separated the two!
    Thanx Dave. This makes a lot of sense and I had the idea that it would be fine todo this as well, just wanted to know since I couldn't find details on these extra chart of accounts from previous financials.

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