Thank you SO much! This video is extremely helpful. I’ll be keeping up and watching more. We have a oilfield hotshot business (LLC) and leased on to a company. All your tips and details are great! Hope you keep making more videos!
I love your videos, I am learning alot from you. I wish that you would of done an example for an owner operater that is signed on under a company. We are new owners, signed onto an authority. I am new to learning how to keep books for my husbands company, I have been watching a ton of videos on how to do this, Im still lost but slowly finding my way. So here is my question, my husband currently gets a weekly settlement, he receives a percentage of each load, so how do I keep records, do I make an invoice like you just demonstrated but I dont send it? Is that invoice considered the record? Please help, I'm an smart and I know that if i could just get a little help on this I could figure it out.
You can create invoices as shown in the video and reconcile them when you get your settlement. I prefer this method because it is a good way to track the income from each old individually. I actually have the owner ops leased to me send a weekly invoice. That way we're all on the same page about the money owed and it ensures I'm properly notified of accessorial charges for my billing purposes. However, another method is to create a sales receipt when you receive your settlement which basically allows you to skip the invoicing step. I'll do a video on sales receipts in the near future.
When you create the invoice there is a box at the bottom of the screen to add documents. After you upload the files, there is a box you can check for those documents to be sent along with the invoice.
Every broker requires a copy of the signed BOL, I always snap a picture of the BOL with my phone, how do I attach a copy of the bill to a quickbooks invoice?
What if you are an owner operator that books your own loads and has a factoring company that’s pays you directly? Do you still create the invoice? Usually invoices I send to directly to the factoring company not the broker/company
Yes, you will still create an invoice. While you do send your paperwork to your factor, they are invoicing your customer on your behalf. Technically, the money you receive from the factoring company is a loan and your receivable assets are the collateral. In most cases, even non-recourse programs, you are responsible to repay that loan. When your customer pays you, your factor receives the money on your behalf which repays the loan. Since most trucking companies work on a cash basis, keeping the load payable and the account receivable correctly in your bookkeeping will ensure that you pay the proper taxes. For example, if you complete multiple loads in December but your customers don't pay the invoice until January, you would not want to report that income since you only received a loan from your factor, you didn't actually get paid yet. Check out the video I did on how to enter factored invoices. th-cam.com/video/-6kpT3ATdmg/w-d-xo.htmlsi=2rosbK38E3EMApLZ
There are several options for the load number. 1. You can make your invoice number the load number. This keeps the paperwork easy to associate. 2. You can put the load number in the description. 3. Click the settings gear icon on the top right while in the invoice screen and you can add a field for the load number.
I think I’m going with option 1 because adding fields I think QuickBooks only offers that in advanced subscription and I have the simple start one. And for description line I like to put pick up and drop cities. I think is gonna work fine with the invoice same as load number. Thank you for your fast response 😊
How would I handle billing for our company? We have a transportation company that drives special needs people to classes or camps. We get paid from a state run program for each client, at the end of the month
Create an an invoice for your customers for the amount due with the appropriate details. In most of these instances, your client is the customer and the state pays on their behalf. It is still your clients responsibility to pay in the event that the state does not, i.e. they not long qualify for that program. When you receive payment, you apply it against that invoice regardless of where the funds come from.
This might be a silly question but my single person LLC is running almost exclusively through convoy and Amazon instead of individualized brokers. How should I go about invoicing for my records if I’m not sending them a bill directly ?
I recommend following this process even if only working with a couple of brokers. You don't have to send them the invoices. The process of creating the invoice opens an a receivable amount for them. It's been my experience that those you mentioned sometimes short pay an invoice but make up the difference later. By having the open A/R balance, you can track the balance due. Since those customers pay weekly and not on delivery, you are still extending credit and they should reflect a balance due even if only for a short time. However, should you choose to take a shortcut and only enter the balance paid to you upon receipt of the money, check out the Sale Receipt option. This is basically the same entry process as an invoice but it does not create the A/R balance and shows the funds received when you enter it.
I'll get that out this week. I started this series just before the Covid-19 shutdowns and pushed everything off as a result. I've had lot of requests lately, so it's time to get back on the horse. Thanks for your patience.
Hello Kenny! I started using Quickbooks already but didn't start off like this video here. Is there a way that QuickBooks can pull the information about the broker using the rate confirmation, or do I have to type out everything?
Unfortunately, there's no standard for rate confirmations. Therefore, there is no good way to automate the data entry. However, many drivers find it helpful to use a TMS in conjunction with QB. Most of them will integrate and sync the data. This doesn't eliminate the need to manually enter the data as you may still need to enter it into the TMS, but it does eliminate the need for multiple entries.
@@YouDriveUSuccess Hi, thank you for this information. Can you do a video demonstrating how to integrate the TMS with QB and the functionality? Also, is there a way to electronically sign the invoice you've created? And can you show how to add additional fields?
@You Drive U / TWA ft. Kenny Long Hi, thank you for this information. Can you do a video demonstrating how to integrate the TMS with QB and the functionality? Also, is there a way to electronically sign the invoice you've created? And can you show how to add additional fields?
Integration with any third party apps like a TMS is usually setup by those companies. Typically, once they are integrated you simply click a sync button or run a small program that transfers everything to QB. Some have two-way sync so paid invoices and dates, etc can be tracked in both. Others have a one-way sync that just pushes the invoices into QB and all of your accounting is done there. Check with your TMS company to see what level of information can be synced.
As for electronic signatures What are you trying to accomplish with this? Invoices usually don't require a signature so I don't know if what you're trying to do is possible with QB itself. However, you can always create a PDF version of the invoice and use a 3rd party program like Adobe to sign it electronically.
Hey, how can I edit the Income Account after an Invoice has already been marked paid? I have 115 invoices that just went into a Service Income account with a product description i gave it , but I want to move them to show your suggested "trucking income"Income account, then sub account "line haul/flat rate. I did create the new Income account now, but when I try to edit these invoices, it shows the payment in the negative. So if it was paid with a payment in full of $5000. It now shows -$5000! I can't win. This QB is not User friendly!! Help. Please. Or should I just leave them all as they are now, then when I create new invoices put them where I want them? I just want my P & L reports to looks clean.
Thank you SO much! This video is extremely helpful. I’ll be keeping up and watching more. We have a oilfield hotshot business (LLC) and leased on to a company. All your tips and details are great! Hope you keep making more videos!
This an amazing video. Please keep doing these!!!!!!!!!!!!!
Thank you for the ongoing education, Kenny.
Thanks you for all videos
How about a video for desktop?
As always big thanks Kenny
Thank you for this information!
I love your videos, I am learning alot from you. I wish that you would of done an example for an owner operater that is signed on under a company. We are new owners, signed onto an authority. I am new to learning how to keep books for my husbands company, I have been watching a ton of videos on how to do this, Im still lost but slowly finding my way. So here is my question, my husband currently gets a weekly settlement, he receives a percentage of each load, so how do I keep records, do I make an invoice like you just demonstrated but I dont send it? Is that invoice considered the record? Please help, I'm an smart and I know that if i could just get a little help on this I could figure it out.
You can create invoices as shown in the video and reconcile them when you get your settlement. I prefer this method because it is a good way to track the income from each old individually. I actually have the owner ops leased to me send a weekly invoice. That way we're all on the same page about the money owed and it ensures I'm properly notified of accessorial charges for my billing purposes.
However, another method is to create a sales receipt when you receive your settlement which basically allows you to skip the invoicing step. I'll do a video on sales receipts in the near future.
How to send Rate Confirmation BOL and Invoice in one pdf file to the broker in quickbooks?
When you create the invoice there is a box at the bottom of the screen to add documents. After you upload the files, there is a box you can check for those documents to be sent along with the invoice.
Every broker requires a copy of the signed BOL, I always snap a picture of the BOL with my phone, how do I attach a copy of the bill to a quickbooks invoice?
Can I send two more attachments with that invoice 🧾?
Yes. You can send multiple files. The limit is 20mb total. This is a limit of most email servers not a QB limit.
What if you are an owner operator that books your own loads and has a factoring company that’s pays you directly? Do you still create the invoice? Usually invoices I send to directly to the factoring company not the broker/company
Yes, you will still create an invoice. While you do send your paperwork to your factor, they are invoicing your customer on your behalf. Technically, the money you receive from the factoring company is a loan and your receivable assets are the collateral. In most cases, even non-recourse programs, you are responsible to repay that loan. When your customer pays you, your factor receives the money on your behalf which repays the loan.
Since most trucking companies work on a cash basis, keeping the load payable and the account receivable correctly in your bookkeeping will ensure that you pay the proper taxes. For example, if you complete multiple loads in December but your customers don't pay the invoice until January, you would not want to report that income since you only received a loan from your factor, you didn't actually get paid yet.
Check out the video I did on how to enter factored invoices.
th-cam.com/video/-6kpT3ATdmg/w-d-xo.htmlsi=2rosbK38E3EMApLZ
Where would you put load number????
If someone can help with that I would really appreciate it!
There are several options for the load number.
1. You can make your invoice number the load number. This keeps the paperwork easy to associate.
2. You can put the load number in the description.
3. Click the settings gear icon on the top right while in the invoice screen and you can add a field for the load number.
I think I’m going with option 1 because adding fields I think QuickBooks only offers that in advanced subscription and I have the simple start one. And for description line I like to put pick up and drop cities. I think is gonna work fine with the invoice same as load number. Thank you for your fast response 😊
how i will select supplier in invoice.
How would I handle billing for our company? We have a transportation company that drives special needs people to classes or camps. We get paid from a state run program for each client, at the end of the month
Create an an invoice for your customers for the amount due with the appropriate details. In most of these instances, your client is the customer and the state pays on their behalf. It is still your clients responsibility to pay in the event that the state does not, i.e. they not long qualify for that program. When you receive payment, you apply it against that invoice regardless of where the funds come from.
how do i input the expense for factoring? under expenses? thanks
I have a video about how to enter factored invoices here:
th-cam.com/video/-6kpT3ATdmg/w-d-xo.html
This might be a silly question but my single person LLC is running almost exclusively through convoy and Amazon instead of individualized brokers. How should I go about invoicing for my records if I’m not sending them a bill directly ?
I recommend following this process even if only working with a couple of brokers. You don't have to send them the invoices. The process of creating the invoice opens an a receivable amount for them. It's been my experience that those you mentioned sometimes short pay an invoice but make up the difference later. By having the open A/R balance, you can track the balance due. Since those customers pay weekly and not on delivery, you are still extending credit and they should reflect a balance due even if only for a short time.
However, should you choose to take a shortcut and only enter the balance paid to you upon receipt of the money, check out the Sale Receipt option. This is basically the same entry process as an invoice but it does not create the A/R balance and shows the funds received when you enter it.
My question exactly. So helpful
Hi! When are you posting the video on recording factoring invoices in quickbooks online? It's been a couple of months since you said you'd do it.
I'll get that out this week. I started this series just before the Covid-19 shutdowns and pushed everything off as a result. I've had lot of requests lately, so it's time to get back on the horse. Thanks for your patience.
Hello Kenny! I started using Quickbooks already but didn't start off like this video here. Is there a way that QuickBooks can pull the information about the broker using the rate confirmation, or do I have to type out everything?
Unfortunately, there's no standard for rate confirmations. Therefore, there is no good way to automate the data entry. However, many drivers find it helpful to use a TMS in conjunction with QB. Most of them will integrate and sync the data. This doesn't eliminate the need to manually enter the data as you may still need to enter it into the TMS, but it does eliminate the need for multiple entries.
@@YouDriveUSuccess Hi, thank you for this information. Can you do a video demonstrating how to integrate the TMS with QB and the functionality? Also, is there a way to electronically sign the invoice you've created? And can you show how to add additional fields?
@You Drive U / TWA ft. Kenny Long Hi, thank you for this information. Can you do a video demonstrating how to integrate the TMS with QB and the functionality? Also, is there a way to electronically sign the invoice you've created? And can you show how to add additional fields?
Integration with any third party apps like a TMS is usually setup by those companies. Typically, once they are integrated you simply click a sync button or run a small program that transfers everything to QB. Some have two-way sync so paid invoices and dates, etc can be tracked in both. Others have a one-way sync that just pushes the invoices into QB and all of your accounting is done there. Check with your TMS company to see what level of information can be synced.
As for electronic signatures What are you trying to accomplish with this? Invoices usually don't require a signature so I don't know if what you're trying to do is possible with QB itself. However, you can always create a PDF version of the invoice and use a 3rd party program like Adobe to sign it electronically.
Hey, how can I edit the Income Account after an Invoice has already been marked paid? I have 115 invoices that just went into a Service Income account with a product description i gave it , but I want to move them to show your suggested "trucking income"Income account, then sub account "line haul/flat rate. I did create the new Income account now, but when I try to edit these invoices, it shows the payment in the negative. So if it was paid with a payment in full of $5000. It now shows -$5000!
I can't win. This QB is not User friendly!! Help. Please. Or should I just leave them all as they are now, then when I create new invoices put them where I want them? I just want my P & L reports to looks clean.
I think I figured it out, it removed my rate when editing, and then when I added it back and refreshed it balanced out. Lol. Ugh!!!
Which is the best TMS for small fleets ?
I recommend Trucklogics.com
This to much for on video I'm lost