Crunching Numbers

[Evotrucker]

So I started working on my taxes and doing my expenses and stuff, getting it ready for my tax guy.

Could anyone give me a templet on their excel sheet of how they keep track of expenses and money coming in and out?

I’m looking for one that’s better then the one I made for my self lol.

Accounting isn’t one of my favorite things but I’ve been slowly reading up on how to and what not to.

[Magard]

I use quick books. More than just trucking going on so it a great tool for me. Might be overkill for a one man show.

[Rawze]

this is all I do. works for me.
http://rawze.com/forums/showthread.php?t...99#pid1699

[SquareOne]

^^--- I've read that thread probably 10 times since I've been on this forum lol. Good info. Overcomplicating typically gets people into trouble, so you're looking for simplicity. I always find it funny when I get to the part about a people claiming they made '0' year in and year out. I have plenty friends who do this with commercial fishing because of 'how good their tax person is,' yet those same friends have many toys, nice home, and drive vehicles with big notes... (that 35k side by side on 40in tires is NOT being used for you business lmao!)

Of coarse, there's no use trying to explain or give any advice to someone with ^that^ mentality. The bottom line really is this--- If you earn more than your expenses at the end of the year (profit), Uncle Sam wants his portion of that profit!

- Evo, are you leased to a company or an independent O/O? Do you keep track/pay your own IFTA, your fuel, etc.?

I decided to use a software which works for me for not only keeping a tight PnL ship, but also greatly helps with IFTA as well as invoice creating. Being this is still only 9.5 months into my first year of O/O, I wanted to use a program which would cover as much as my needs as possible. I wanted to be sure the accounting side was up to par so I could focus on the compliance side of things. <------ Figured I wouldn't have any numbers to input anyway if I get put OOS because of my compliance ignorance...

[Evotrucker]

(01-18-2020 )Rawze Wrote:  this is all I do. works for me.
http://rawze.com/forums/showthread.php?t...99#pid1699

As far as keeping tabs on the papers and receipts, i keep em organized. months to days. I think ive got that down to a fine degree if i say so my self.

It's pretty simple and nothing difficult at all.

just my excel sheet could use some work lol... accounting was never one my strong suits.

[Evotrucker]

(01-18-2020 )SquareOne Wrote:  ^^--- I've read that thread probably 10 times since I've been on this forum lol. Good info. Overcomplicating typically gets people into trouble, so you're looking for simplicity. I always find it funny when I get to the part about a people claiming they made '0' year in and year out. I have plenty friends who do this with commercial fishing because of 'how good their tax person is,' yet those same friends have many toys, nice home, and drive vehicles with big notes... (that 35k side by side on 40in tires is NOT being used for you business lmao!)

Of coarse, there's no use trying to explain or give any advice to someone with ^that^ mentality. The bottom line really is this--- If you earn more than your expenses at the end of the year (profit), Uncle Sam wants his portion of that profit!

- Evo, are you leased to a company or an independent O/O? Do you keep track/pay your own IFTA, your fuel, etc.?

I decided to use a software which works for me for not only keeping a tight PnL ship, but also greatly helps with IFTA as well as invoice creating. Being this is still only 9.5 months into my first year of O/O, I wanted to use a program which would cover as much as my needs as possible. I wanted to be sure the accounting side was up to par so I could focus on the compliance side of things. <------ Figured I wouldn't have any numbers to input anyway if I get put OOS because of my compliance ignorance...

Yeah i don't want to f$%k with uncle sams moneys. the man WILL send a mob of top notch attorneys and in the end take stuff away from you lol. he lets you slide with some things and in the end says " that was mine and now is mine ". you can pay in cash or in a cell LOL!!! >.<.

i'm leased to a company currently, i worked with containers and ports for a year. that paid pretty damn good n then it just tanked and i got back out to OTR work. this current and last company keeps track of IFTA and everything else for me. I do keep records of it my self just incase for w.e reason.

What kind of software are you using for keeping track of PnL? send me a pm if youd like " not sure if posting it publicly is allowed or not ". right now i'm just using excel, made it up my self. looks janky a/f and a 10 year old probably could make it look nicer but hey lol. when i just got to this forum rawze told me the truck is a POS from the junk yard or was from the junk yard lol " i did not take that to heart by any means". noop some junk yard trucks were/are probably better taken care of. this thing was abused and neglected majority of its life, im probably the only owner who has put this much effort and time into the truck.

I've heard peachtree is a good software for accounting but you gotta pay for it. not sure if its worth it for a one truck operation or not.