QuickBooks Pro 2009 Question

[rspangle]

My wife and I started a new trucking bussiness several month ago. We are using QuickBooks Pro for our accounting software.

How do we enter into quickbooks the following transactions.

Weekly revenue check received from lease company.

Check Example:

Weekly Gross = $1000.00
Minus Escrow = $50.00 (Company Equity)
Minus Qualcomm lease fee = $30.00 (Company Expense)
Minus OCC/ACC Insurance = $20.00 (Company Expense)
Weekly Net = $900.00



Barkie

[Fkatz]

QuickBooks Pro 2009 Question

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My wife and I started a new trucking bussiness several month ago. We are using QuickBooks Pro for our accounting software.

How do we enter into quickbooks the following transactions.

Weekly revenue check received from lease company.

Check Example:

Weekly Gross = $1000.00
Minus Escrow = $50.00 (Company Equity)
Minus Qualcomm lease fee = $30.00 (Company Expense)
Minus OCC/ACC Insurance = $20.00 (Company Expense)
Weekly Net = $900.00


1. What chart of accounts are you using in Quickbooks Pro

If you are using the transportation chart of accounts withinthe program find either "Gross Trucking Income" or Settlements

Enter under Deposits

box 1 Received from, Enter Company you drive for. Box 2 from Account Use either "Settlements or Gross Trucking income" Box 6 Amount received you do not have to enter anything in the other boxes unless you would like to.

Box 2 automaticly will calculate total for each monthly, quarterly semi annual or annally in the P & L Statemetn in reports.

your other expenses. that the company deducts have to be set upfor you tax form and under the catergory it would be long to.

Excrow is not deductible at all, it is a advance that the company requires and what ever expense at the end of your contract will to deducted from that,

When I was on with CTX, I had to pay $1000 escrow, when I left in 2005 , I only got back around $400.00 they might give you permits, but you wind up paying for them anyway.

As far as the deductions taken out weekly

you have to make sub accounts under other items

Truck Expense Sub accont Satellite
TRUCK WASHES
TOLLS
Insurance: sub accountS Liability
Cargo
OCC/ACCt
REPAIRS AND MAINTENANCE
MAINTENANCE -GREASE AND oIL CHANGES
REPAIRS - ANY REPAIRS NOT DUE TO MAINTENANCE
aDDITIONAL OIL ONLY- GALLON OR QUARTS PURCHASE
SEPARATELY
tIRES, NEW DOES NOT INCLUDE TIRE REPAIRS,

tHESE ARE ONLY A FEW OF WHAT HAS TO BE DONE IN THIS INDUSTRY.

iF YOU HAVE ANY QUESTION PLEASE DO NOT HESITATE TO ASK.

Franklin Katz, ATP ,PA, PB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934


Providing Professional Accounting Services and Income Tax Preparation

Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.

[pjjjjj]

I love QB!

You can enter it in different ways, and get into however much detail you want. Don't go too hog wild tho, becuz it can become a monster. You want to keep it simple, while being able to easily obtain whatever information you're going to want to look at often.

One way you can do it is like this:

General Journal Entry:

Credit: Revenue (or Sales, or Income, however you have it set up): $1000 (or you can break it down into what type of revenue if you want, ie Linehaul, FSC Revenue, Other Revenue, depending on how detailed you would like to keep your information)

Debit: Prepaid Escrow: $50 (I would set this up as an 'other current asset' account) (This will keep it out of your expenses and keep track of how much the carrier has and when they received it)

Debit: Qualcomm Expense: $30

Debit: Insurance Expense: OCC/ACC Insurance: $20

Debit: Bank Account: $900

-----------------------------------------

You could also do an 'invoice' to your carrier first, and then in your detail you could list where you went, # of miles, etc. (whatever info you think you might like to look up later, easily); then when you receive the money, instead of crediting 'Revenue' as above, you would:

Credit: Accounts Receivable: $1000: Name: You Carrier Name

This will zero out the amount owing in your carrier's receivable account, however, you would still have to link that payment to the invoice at some point.

You can also do the entries at the time you 'receive payment' if you issue an invoice, you receive the entire payment, apply it to the particular invoice, and then make the rest of the entries afterward, when you 'make deposit'.

There are many ways to enter the information, depending on what kind of reports you want to get out of it in the end.

--------------------------
Note: If you enter it as sales via an invoice, QB can make some interesting graphs and easy comparisons for month-to-month/week-to-week/however you want to compare the income to other periods. You kind of have to plan it out ahead of time, so you can be sure to enter the info in the form which will allow you to obtain the reports you want. (Otherwise, you may have to re-enter everything if you discover you can't get certain reports unless things are entered in certain ways)

Is that clear as mud or what?

[greg334]

Pjjjj,
Ever think of writing a book "The Truckers Guide to QuickBooks"?

[pjjjjj]

Pjjjj,
Ever think of writing a book "The Truckers Guide to QuickBooks"?

Do you think the net income might be better than in expediting?

[ezrider]

What is the latest version of QB Pro that is available and where can I find it? I am new owner operator. What percentage of my 1099 revenue should I be saving for taxes, does QB Pro figure this? Also, does it matter if i keep track in the net payments as either Line Haul or FSC- Is it ok to keep them together?

[pjjjjj]

What is the latest version of QB Pro that is available and where can I find it? I am new owner operator. What percentage of my 1099 revenue should I be saving for taxes, does QB Pro figure this? Also, does it matter if i keep track in the net payments as either Line Haul or FSC- Is it ok to keep them together?

The latest version is 2010, but you certainly don't need to have the latest version. You also don't need the 'Pro' version, 'Basic' would be likely be fine. Check it out online what the differences are between the versions to figure out which one meets your needs (unless of course you find a great price on the Pro).
I can't advise you on the percentage saved for taxes, but if you find out a percentage, you can make an entry for it based on that percentage every time you get a settlement (and make it become a 'memorized transaction' to remind you bi-weekly or however frequently your carrier issues settlements. (Might also be a good idea to even take it right out and keep it in a separate bank account or separate place - if it turns out you didn't need to set that much aside, then you have a little R&M account saved).
When you ask about the 'net payments', I wouldn't enter it as a 'net payment', but rather as a 'gross payment', and then put the corresponding expenses in their proper accounts as above. That way you can truly know how much you are paying your carrier for various things. (ie at the end of a year you can look and see, HOLY CR*P, I paid my carrier THIS much for their services!!! (and/or QC, or whatever))
Another benefit to doing it this way is that you can see how much the carrier ends up with compared to how much you end up with. Can be interesting!
You don't need to keep linehaul and FSC separate, just do it however it makes sense for 'you'. Keep in mind though, that if you ever do want that info, if you don't keep track of it at time of entering, it may take more time and calculations later to figure it out. If you don't think there would ever be a need to know this, then it doesn't matter.