Because the IRS sees semi-trucks as qualified nonpersonal use vehicles, you must deduct your actual auto costs instead of using the standard mileage method. Keep records of each purchase’s amount, date, location, and business purpose. It’s often even more difficult for truck drivers, whose gas and food expenses could easily be personal costs if they occurred outside of a trucking trip. Bookkeeping and accounting are closely related business functions.

Finding the right accounting software for your trucking business can seem daunting but choosing the right one will save time and money in the long run. Every time I made a payment from my bank account to the credit card (also linked to QBO from the start) I matched that to the transaction so not sure why there would be a QuickBooks balance. I show a small balance in my bank balance which is the outstanding amount I owe on the credit card – so that part makes sense. If you’re ready to take bookkeeping off your plate and delegate this task to someone else, it can be hard to know where to look.

What is a chart of accounts?

Ask for testimonials from people who have utilized your services in the past and spread the word about your offerings through a website or social media. Bookkeeping tasks provide the records necessary to understand a business’s finances as well as recognize any monetary issues that may need to be addressed. Proper planning and scheduling is key since staying on top of records on a weekly or monthly basis will provide a clear overview of an organization’s financial health. While they seem similar at first glance, bookkeeping and accounting are two very different mediums. Bookkeeping serves as more of a preliminary function through the straightforward recording and organizing of financial information.

• If you receive free shipping from the supplier that's the time you have income.
• Outsourced accounting lets you select only the specialized accounting services you need, keeping your costs down.
• IFTA reporting is also easy thanks to Rigbooks importing the latest fuel tax rates for all jurisdictions automatically.

The cash basis involves recognizing revenues when you receive payments and deducting expenses when you pay them. Because it’s easy to implement, many small businesses favor this method. In broad terms, bookkeeping liabilities in accounting involves maintaining financial records of your trucking business’s day-to-day transactions in a general ledger. It’s a routine, administrative process that requires relatively little critical thinking.

How to Remove Speed Limiter on International Truck

Axon is a trucking management system that handles everything from invoicing to dispatching and tax reporting. The software targets larger trucking businesses that want to minimize their office staffing. Businesses may also need to pair multiple software solutions together.

Kevin’s Trucking Company: Balance Sheet, January 1, 2020

Instead, take advantage of your accounting software’s sub-accounts. Each time you add or remove an account from your business, it’s important to record it into the correct account. Read on to learn how to create and utilize the chart to keep better track of your business’s accounts. TruckLogics streamlines bookkeeping by limiting manual record entry and delivering one-click financial reports. This includes finding work on load boards, driver and maintenance management, invoicing, and expense tracking.

Chart of Accounts issue

ProTransport modules cover all of the major accounting needs, as well as dispatching and maintenance management. Fleet management offerings are also robust with features like live GPS tracking, two-way messaging, and maintenance reminder alerts. This gives the option to manually fill out a report when you need to save on admin costs or you can use the automatic report feature when you’d prefer to save on time. One of the most useful features of TruckLogic is its integration with other trucking industry tools. These include Motive, DAT, ProMiles, Quickbooks, ExpressTruckTax, and ExpressIFTA.

How do I account properly for all these in QuickBooks 2014 for desktop? The company does not have inventory; materials are ordered as needed for each sales order. Once done, create an invoice for the remaining 85% which will be given to your customer. You'll then be given an option to add the billable expense to the invoice.

Online bookkeeping services might be the exact solution you need to save both time and money. The service you decide to use depends on the needs of your business and may include extra features such as payroll or tax documents. In addition, ignoring your accounting for more than a couple of months means you’ll likely miss one or more tax due dates. If you fail to make estimated tax payments, submit your IFTA reports, or file Form 2290 on time, you’ll face penalties and interest. All business owners must make quarterly estimated tax payments to cover their income and self-employment taxes, and truck drivers are no exception.