Tank Inventory Reconciliation Formula
The formula for reconciling the transfer, removal and inventory of product for a tank each day is:
1. Day 1:
2. Day 2, 3, 4 ... 31: Repeat every day.
3. End of The Month: All daily reconciliations shall be added together at the end of each month. If the total of the daily reconciliations is a negative value, and this value exceeds 0.5% of the total throughput of the tank for one month it shall be considered a loss for that month.
4. Two Months in a Row > 0.5%: If two consecutive months exhibit losses greater than 0.5% of the total throughput then a precision tightness test must be performed on the failing tank (refer to the section on Precision Tightness Testing).
Calculating Losses & Gains
The amount that you are over (gain) or short (loss) day-to-day is determined as follows:
1. (Day 1: Reconciled Volume) - (Day 2: Net Inventory)
2. The loss or gain for the 1st day of each month is calculated as follows:
a. Last day of the prior month: Reconciled Volume - Day 1 of the current month: Net Inventory