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Keeping books.

T

theoldprof

Veteran Expediter
What info do you enter in your daily records ledger? For example, if you are waiting this AM and you get dispatched today, what do you record? If you are under a load yesterday and don't deliver until sometime today, what do you record? Do you keep your "trucking" records separate from your "personal" records? That is, do you keep fuel, breakdowns, etc. separate from your food, showers, etc?
Thanks. :+ :+
 
B

Broompilot

Veteran Expediter
I have been doing it by the week not the job but rethinking of doing it by month.

I have a seperate envelope for each week not account. I printed a piece of paper that is taped to the front with colums for each account. Personal (showers) I do not deduct food. Fuel, Office Supplies, Repairs, etc.. Every expense you can think of I have a colum or group them together. Now every colum has 1-24 rows so I have to write that number on each reciept so for example I could have 8 # 1s one for Fuel, Office Expense, etc.. but they are in different colums and I write the amount onto the colums.

As long as I have the reciept in the envelope than I am safe as I add up all the #s at the end of the week. That is why I am thinking of going monthly. If you run alot of tolls you may run out of #s but it may work better for me if I go monthly.

I feel I would be creating to much paperwork to break down each runs profit/loss. I do however keep a book JJ Keller with each run miles pro# pay Fuel Surcharge PU name phone Consiginee name phone weight pcs. etc.. Than I have a dispatch ticket that I save until payment arrives and staple them all together to keep track that I actually was paid. You can ask Frank but we are allowed either $38.00 or $42.00 allowence for food. Now is that taken right from S.S. or just our Federal I honestly do not know. But I think it is both.
 
C

Crazynuff

Veteran Expediter
The food allowance is $40 but you can only claim part of it ( I think 70% ) . I record advances and payments the day they are actually made ,especially at the end of the quarter . All expenses ( tolls , fuel , postage , etc ) are recorded . I don't save meal receipts since I take the 70% of $40 . Record somethings you don't get receipts for like coin operated truck washes or laundramats . I get reimbursed for tolls but save a copy of the receipts and deduct them because reimbursement shows up as income on my 1099 . It's really best to get with an accountant on all this .
 
W

Wolf_Exp

Expert Expediter
This is what I do. I have two seperate books. One trip book-- the other expense book. The trip book i put in the information of city origin-- city destination- how many miles. Then when my pay sheet comes in and i check over everything- I note how much total i made for that run-- then right on the side a break down of linehaul miles, fuel surcharge and any deadhead miles i did for that.

The expense book is easy. I list everything I do-- Fuel, food, showers, truck repairs-- I do this by numbering it- putting the amount of it- a brief description -- like "Fuel- 22.3 Gal $2.23/G" then put the city and date i got it. The receipt i put the number of the entry-- like say its entry number 5- i put a 5 at the top of that receipt. I divide it up by month in my book-- and keep the receipts in envelopes by month.

Now you ask how I figure my taxes with this information? I pile it all up neatly-- figure out for each month the total Fuel prices; repairs; and misc. write it down- and give everything to my accountant :D.

Diesel
Owned By: Wolf Expediting
Leased to: Try Hours
2002 Chevy Ext. 2500 Express
 
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