Thank you, for all your videos. I'm a new L/P driver. I have my own truck company. I'm gonna setup my quickbooks account. Your very informative and I appreciate your knowledge.
Hi Kenny. Thank you for the video. It's very informative. I am wondering how you would categorize the following expenses: Cargo Damage Claims? CDL School Tuition? Dispatch Expenses? Drug Consortium (Program annual fee)? Membership subscription (OOIDA)? Retirement Plan (Admin fee and Contributions)? Truck Wash?
Thank you so much for this, I have been looking for this since I started my business. I do my own business accounting on QB therefore, it ws so hard to categorize and account for all categories in the correct format. So once again, thank you!
Thanks for all you do, when I started listening to you on Lets Truck I knew your business would take off. Your channel is a treasure trove of information. Hope to apply to Patriot Star next year, have a great local gig but its end is almost near, just making sure I am in a position to succeed when I pull the trigger. Keep the vids coming. Thanks again.
Thank you for doing these videos. I'm looking forward to becoming an owner operater later this yr and this really helps. My cousin has his own authority and think I'll lease to him but it helps to have an idea ahead of time
Thanks for your detailed explanation. All the information is very useful. Could you help me with two questions? When the truck breaks down and you use towing services to tow it, how do you put it in quickbook? When you pay for the Lumper, what expense account do you take it to? I would appreciate if you could help me. thanks
Personal Car Expenses do they go under Auto? That is where I put them. I am just not 100% sure on how to categorize these. You said Factoring fee go under commissions and fees. I can not find Commissions and Fees under the Expenses Category. Fuel, Oil and Additives - Does this go as Auto or Travel or another? Does IFTA go under the same or is it under a different category like Tax Expense or Tax Paid? What about when you have to stop a Permit. I.E. the first 2 times I went through New Mexico I had to buy my trip IFTA permit at the Port. The first time because I hadn’t got set weights and distance account set up and the second because I had it set up but didn’t know to add a vehicle. Also what about the fees I paid to set this account up and to add a vehicle. How do you know the amount of IFTA tax you paid at the pump also? I know how to split a transaction and categorize each part of the transaction. What about the drug and alcohol consortium fees if you hire a company to help keep you compliant? Would that go under the Legal and Professional? I would think that you would categorize it separately from the actual fees if you get a Physical, random or pre-employment drug screen. As you can see I am lost on exactly how to set this up. Once I get all these set up correctly then I know how to go through and categorize each transaction so they are tracked correctly. It is just getting my chart of account set up correct that I am lost on. Do you have another video where you go more in depth on how to set each one up. Like you do in your Invoicing Video. You actually show us how to set each one up not just tell us about them. Do you have anything you sell that goes more into depth that I could purchase? Sorry it is so long but I would really appreciate any extra help that you have to give. Even if you can just recommend a great trucking CPA or Accountant that will be willing to help me get this all set up. They are extremely hard to find. Thank you so much for all of the hard work you have put into helping us out. I have really learned a lot from your videos.
Anything you buy that has a useful life over 1 year should be categorized as an asset and depreciated rather than expensed. There is no minimum cost for the item to be an asset, but most accountants use $500 as a rule of thumb. Your welder is likely a depreciable asset as you may have it for many years. Other things like computers, and an office desk would also be depreciable assets. There are some items which fall into a grey area, such as tires. You should get more than a year of use out of a set of tires, but an argument can be made that they're an expendable wear item that could need replacement much sooner under some conditions. Consult your tax preparer for further advice.
Mileage taxes, state use taxes, weight distance taxes, and any other similar taxes all go in the tax and license account. Oregon New Mexico Kentucky and New York all have those types of use taxes. Some States also charge ad valorem tax which also goes in the tax and license account.
IFTA is the only tax that goes into the fuel expense category. That's because you pay IFTA at the pump when you buy fuel. If you owe more it's because you didn't pay enough at the pump. If you get a refund it's because you overpaid at the pump. Since it is tied tonyournfuel purchases it is a fuel expense
How would you setup permit account if you pay a permit service company who charges fees? Would you split the transaction? What categories would you use then?
Setup a subaccount for permits under tax and licensing. You will put your permit expense here. Then setup a subaccount for your permit service under legal and professional. The fees charged by the permit service goes here.
Hey kenny, I run owner operators using my Authority, I guess they are vendors or contractors, were do I need to record them in QB, is it under the payroll section or I can just use Vendor section of the QB. Thank you
@@YouDriveUSuccess , Thank you so much for answering my question. My other question is I deduct some expenses I paid them in advance like Fuel for they use during the week, Trailer i leased for them, IFTA, Insurance and so on. How do Record those and they also want claim all the deductions I did at end of the year's tax, how can that be worked out? We always appreciate your knowledge in the trucking industry
@@omeralin1717 technically, the amount you deduct from their settlements is income to you, so that is how it should be shown in your QB. When you advance them money for fuel and other items you are opening a loan for them. When you deduct it from their settlement they repay that loan amount.
I have been using online for the last 2 years but always used the default categories they have there when you sign up. are these new categories added to the defaults or can you replace them? If replacing how do you go about that?
The subscription service and an inexpensive device can be categorized under "communications" If it is an expensive device, more than $500 for the hardware, it's appropriate to categorize the actual unit as an asset under office equipment. You should ask your accountant about possibly depreciation on the expense.
Pro is the computer based version. I'll do some tutorial videos in the near future. First I have a series of videos coming for QB online. There are some small differences in the interface but the basics are the same. Keep an eye on this channel and if you have any questions let me know and I'll try to give as many specific details as possible.
I'm leased on as a owner operator with my LLC. I'm leasing the truck from the carrier. I pay for my own fuel with my card, should I give the company I'm leased on to my fuel receipts? They asking me for the receipts.
If the carrier handles your IFTA, they're required to have copies of the receipts. You can make copies of them for your records as well or QB Online allows you to take a photo and attach it to the transaction when you enter it. That is sufficient for your records.
I would categorize this under office equipment just like a computer. Your tax preparer may advise you to depreciate it depending on the cost but an argument can be made that they don't always last longer than a year, so that will need to be looked at on a case-by-case basis.
I’m a single o/o I’ve learned that this shit right here is a headache , something that should be so simple is really not . Qb is not for us single member llc . I purchased the desktop disk for 220.00 . Regretted not researching what goes into this . Waste of money . I realized qb offer a Self-Employed app that seems easier and a lot cheaper . This shit Is for people who’s experienced in accounting no matter if it says no accounting experience is needed , that’s bullshit . Also when you make a video explaining a lot of people researching this need hands on experience, like showing exactly what you’re talking about but good video . You do have fees for bank transactions with quickbooks so just know on top of your purchase you will be paying them more money every transaction you do .
Thank you, for all your videos. I'm a new L/P driver. I have my own truck company. I'm gonna setup my quickbooks account. Your very informative and I appreciate your knowledge.
Thank you for this very detailed video. I'm a trucker wife helping my husband get better organized with his business and this is a big help.
I’m excited to see your new videos. Your channel is very informative!
Thanks for sharing such a video. Much needed. It was so convincing. Nice work.
Thank you for this video. Cleared up a lot of questions I had concerning QBO and the Chart of Accounts.
So happy I found this channel. Thank you!!!!!!!!!!!!!!!!!!!
Hi Kenny. Thank you for the video. It's very informative. I am wondering how you would categorize the following expenses: Cargo Damage Claims? CDL School Tuition? Dispatch Expenses? Drug Consortium (Program annual fee)? Membership subscription (OOIDA)? Retirement Plan (Admin fee and Contributions)? Truck Wash?
A huge Thank You! For all the knowledge you put out on your channel. As a new O/O, I really appreciate it! Thanks again!
This was really good information. I feel all companies that have a lease program for new drivers should teach this.
Excellent video....
Thank you so much for this, I have been looking for this since I started my business. I do my own business accounting on QB therefore, it ws so hard to categorize and account for all categories in the correct format. So once again, thank you!
Great...great video.
New follower finally this is what I ve been looking for thanks
Thank you brother for this clear describing
Kenny do you have a chart of account already made that could be imported into QB?
Thanks for all you do, when I started listening to you on Lets Truck I knew your business would take off. Your channel is a treasure trove of information. Hope to apply to Patriot Star next year, have a great local gig but its end is almost near, just making sure I am in a position to succeed when I pull the trigger. Keep the vids coming. Thanks again.
Thanks for sharing you really know trucking a alot of accountant dont know trucking it like a nightmare
Thank you for doing these videos. I'm looking forward to becoming an owner operater later this yr and this really helps. My cousin has his own authority and think I'll lease to him but it helps to have an idea ahead of time
Even if you lease to a carrier, you need to do your recordkeeping with these same accounts.
Did you do it??😁
Excellent! Thank you!
This was so helpful
Thanks for your detailed explanation. All the information is very useful. Could you help me with two questions? When the truck breaks down and you use towing services to tow it, how do you put it in quickbook? When you pay for the Lumper, what expense account do you take it to? I would appreciate if you could help me.
thanks
Great, break down
Man. Thank you for your time
Really like this videos. Very informative. Just hope I don't screw it up.
This information was very helpful and detailed thanks again
Do you have a video on budgeting for the truck business?
Very useful and informative video. Thank you soon much
Thank you!!!
I loveee your video , Where would you classify DOT Inspections?
That is a repair/maintenance expense.
thank you very much, very huge help, God bless
Personal Car Expenses do they go under Auto? That is where I put them. I am just not 100% sure on how to categorize these.
You said Factoring fee go under commissions and fees. I can not find Commissions and Fees under the Expenses Category.
Fuel, Oil and Additives - Does this go as Auto or Travel or another? Does IFTA go under the same or is it under a different category like Tax Expense or Tax Paid?
What about when you have to stop a Permit. I.E. the first 2 times I went through New Mexico I had to buy my trip IFTA permit at the Port. The first time because I hadn’t got set weights and distance account set up and the second because I had it set up but didn’t know to add a vehicle. Also what about the fees I paid to set this account up and to add a vehicle. How do you know the amount of IFTA tax you paid at the pump also? I know how to split a transaction and categorize each part of the transaction.
What about the drug and alcohol consortium fees if you hire a company to help keep you compliant? Would that go under the Legal and Professional? I would think that you would categorize it separately from the actual fees if you get a Physical, random or pre-employment drug screen.
As you can see I am lost on exactly how to set this up. Once I get all these set up correctly then I know how to go through and categorize each transaction so they are tracked correctly. It is just getting my chart of account set up correct that I am lost on. Do you have another video where you go more in depth on how to set each one up. Like you do in your Invoicing Video. You actually show us how to set each one up not just tell us about them. Do you have anything you sell that goes more into depth that I could purchase? Sorry it is so long but I would really appreciate any extra help that you have to give. Even if you can just recommend a great trucking CPA or Accountant that will be willing to help me get this all set up. They are extremely hard to find. Thank you so much for all of the hard work you have put into helping us out. I have really learned a lot from your videos.
Where would you suggest adding larger tools like a welder if you plan on doing some things yourself? Would that be under assets?
Anything you buy that has a useful life over 1 year should be categorized as an asset and depreciated rather than expensed. There is no minimum cost for the item to be an asset, but most accountants use $500 as a rule of thumb. Your welder is likely a depreciable asset as you may have it for many years. Other things like computers, and an office desk would also be depreciable assets.
There are some items which fall into a grey area, such as tires. You should get more than a year of use out of a set of tires, but an argument can be made that they're an expendable wear item that could need replacement much sooner under some conditions. Consult your tax preparer for further advice.
I wonder if you're supposed to go on duty if you go by Parts in your personal vehicle on the weekend.
Since Oregon does not include IFTA in their fuel, we pay $.20/mi. Where would that go? Thank you. Great video.
Mileage taxes, state use taxes, weight distance taxes, and any other similar taxes all go in the tax and license account. Oregon New Mexico Kentucky and New York all have those types of use taxes. Some States also charge ad valorem tax which also goes in the tax and license account.
IFTA is the only tax that goes into the fuel expense category. That's because you pay IFTA at the pump when you buy fuel. If you owe more it's because you didn't pay enough at the pump. If you get a refund it's because you overpaid at the pump. Since it is tied tonyournfuel purchases it is a fuel expense
I was wondering what category I would put parts and accessories (items purchased to enhance and bring up to code truck and trailer)
This would go under repairs and maintenance. You could create a subcategory for the parts you buy for repairs you do yourself vs at a shop.
How would you setup permit account if you pay a permit service company who charges fees? Would you split the transaction? What categories would you use then?
Setup a subaccount for permits under tax and licensing. You will put your permit expense here. Then setup a subaccount for your permit service under legal and professional. The fees charged by the permit service goes here.
THANK YOU!!!
Hey kenny, I run owner operators using my Authority, I guess they are vendors or contractors, were do I need to record them in QB, is it under the payroll section or I can just use Vendor section of the QB. Thank you
They are vendors.
@@YouDriveUSuccess , Thank you so much for answering my question. My other question is I deduct some expenses I paid them in advance like Fuel for they use during the week, Trailer i leased for them, IFTA, Insurance and so on. How do Record those and they also want claim all the deductions I did at end of the year's tax, how can that be worked out? We always appreciate your knowledge in the trucking industry
@@omeralin1717 technically, the amount you deduct from their settlements is income to you, so that is how it should be shown in your QB. When you advance them money for fuel and other items you are opening a loan for them. When you deduct it from their settlement they repay that loan amount.
I like this thank you
I have been using online for the last 2 years but always used the default categories they have there when you sign up. are these new categories added to the defaults or can you replace them? If replacing how do you go about that?
Great video. 1 question. My wife and I will be team owner operator. Do we double the per diem since it's 2 of us?
Yes, you each get to take a per diem deduction.
@@YouDriveUSuccess great. Thank you
Do you know anyone that does the bookkeeping and tax prep specifically for owner operators?
I do reach out
Where would you categorize an electronic logging device? Thank you!
The subscription service and an inexpensive device can be categorized under "communications"
If it is an expensive device, more than $500 for the hardware, it's appropriate to categorize the actual unit as an asset under office equipment. You should ask your accountant about possibly depreciation on the expense.
What if any are cost of goods sold in the trucking industry? Items like fuel and insurance should be, correct?
Fuel is the Cost of Goods expense in trucking. Insurance falls under it's own category.
doe's anyone know what category to put your security dog?
What account does truck wash go under?
That is a maintenance item.
@@YouDriveUSuccess That's what I was thinking, but I wasn't sure. Thank you. Your video was very informative. Very much appreciated.
just got quickbooks pro, im so lost. I've been doing it manually forever
Pro is the computer based version. I'll do some tutorial videos in the near future. First I have a series of videos coming for QB online. There are some small differences in the interface but the basics are the same. Keep an eye on this channel and if you have any questions let me know and I'll try to give as many specific details as possible.
Flatbed Trucker same here 😂
You Drive U I would to learn how to use the pro, how to enter my data like load infos ,from and to, rates, etc how to pay drivers I’m lost!!!
I'm leased on as a owner operator with my LLC. I'm leasing the truck from the carrier. I pay for my own fuel with my card, should I give the company I'm leased on to my fuel receipts? They asking me for the receipts.
If the carrier handles your IFTA, they're required to have copies of the receipts. You can make copies of them for your records as well or QB Online allows you to take a photo and attach it to the transaction when you enter it. That is sufficient for your records.
Much Love and Respect Kenny, I am truly grateful.
Hi! I am a bookkeeper using QuickBooks Online. Do you use classes to track expenses & revenue for each trucks?
New follower here and new to Quickbooks Online. Can you please tell me in my list of accounts where would I put dispatch fees and truck washes?
Truck washes are a maintenance item. Dispatch can go under professional services.
Hello, I purchased a GPS system for my truck. How to I categorize it in quickbooks?
I would categorize this under office equipment just like a computer. Your tax preparer may advise you to depreciate it depending on the cost but an argument can be made that they don't always last longer than a year, so that will need to be looked at on a case-by-case basis.
Thank you for your help.@@YouDriveUSuccess
One follow up question. This will go under expenses and not assets.@@YouDriveUSuccess
!!!!
I’m a single o/o I’ve learned that this shit right here is a headache , something that should be so simple is really not . Qb is not for us single member llc . I purchased the desktop disk for 220.00 . Regretted not researching what goes into this . Waste of money . I realized qb offer a Self-Employed app that seems easier and a lot cheaper . This shit Is for people who’s experienced in accounting no matter if it says no accounting experience is needed , that’s bullshit . Also when you make a video explaining a lot of people researching this need hands on experience, like showing exactly what you’re talking about but good video . You do have fees for bank transactions with quickbooks so just know on top of your purchase you will be paying them more money every transaction you do .
Thank you for this valuable information 💪🎉🎉👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏
Excellent video....
New follower finally this is what I ve been looking for thanks