profit/loss spreedsheet for trucks??
- Thread starter Tuckster
- Start date
Truckster
There are no real P & L spreadsheets for the trucking industry, you can format your own from any accounting software, and add items to the listings yourself
Quicken, is a good basic accounting software, it would give you what you need and a P & L
but it is not just for trucking, or if you do not want the hassels of doing your own you can use any one who does bookkeeping or accounting, naturally you will have to pay monthly fees but if might be worth it in the long run. that is up to yor.
Its the same with doing you tax return with a over the counter software, it does not give you everything if you do not know where to put the income or deduction on the correct line, I know they ask questions. but there are items that you just cannot deduct no matter what,
Most of your accounting software is a double entry system, this means that you have to enter the expense, then the payment for that expense in order for it to balance out.
I have looked for single entry accounting systems over the last 10 years and still have not found one,
there are truck accounting softwares out there, I think the least expensive is between 75 to 100 bucks
there are Online truck accounting systems available, but I do not know there sites.
Frank
There are no real P & L spreadsheets for the trucking industry, you can format your own from any accounting software, and add items to the listings yourself
Quicken, is a good basic accounting software, it would give you what you need and a P & L
but it is not just for trucking, or if you do not want the hassels of doing your own you can use any one who does bookkeeping or accounting, naturally you will have to pay monthly fees but if might be worth it in the long run. that is up to yor.
Its the same with doing you tax return with a over the counter software, it does not give you everything if you do not know where to put the income or deduction on the correct line, I know they ask questions. but there are items that you just cannot deduct no matter what,
Most of your accounting software is a double entry system, this means that you have to enter the expense, then the payment for that expense in order for it to balance out.
I have looked for single entry accounting systems over the last 10 years and still have not found one,
there are truck accounting softwares out there, I think the least expensive is between 75 to 100 bucks
there are Online truck accounting systems available, but I do not know there sites.
Frank
moose
Veteran Expediter
Sory I got off the main point of the spreadsheet,
Quicken Personal and Business will give you a P & L , but you have to adjust it to the business,
Quickbooks I think has transportation industry format within its program, it is basic, you are looking at $200.00 foir the Pro edition.
I use the Accountants edition ($400)
Frank
Quicken Personal and Business will give you a P & L , but you have to adjust it to the business,
Quickbooks I think has transportation industry format within its program, it is basic, you are looking at $200.00 foir the Pro edition.
I use the Accountants edition ($400)
Frank
Thanks Moose,
That will work, but there is only one item on it that the IRS does not like, and that is the line that states MISCELLANOUS, They want to see exactly where you are spending on what. they want it broken down into exact,
THAT LINE IS THE MOST DECEVING OF ALL, I HAD ONE CLEINT WHO GAVE ME AROUND 5,000 IN MISC EXPENSE
I called him and told him it had to be broken down, and found out there were items that he could not take, like self employed health insurance, which naturally is not deductible on the SCH C, it gets
entered on the schedule, but if the software you use doesnt carry it to Page 2, other credits on your 1040,
Another mistake drivers misunderstand is the home office deduction, this is based on a number of items.
Actual size of the room in square footage, total living space of your whole house, and the number of hours per day it is used.
Since you are a OTR you can only take the days that you are home, unless your girlfriend, wife or other person is actually using it for business of trucking.
then your home expenses, mortgage interest, utitilites, insurance etc are a indirect expense, the percentage that carries to the home office form, any balance would be carried to Schedule A
itemized deductions. of the interest and taxes, all other become not deductible, plus you have to take depreciation percentage that its used on your home, Now if you sell your home, that percentage that was depreciated must be recaptured in the calculation of the sale.
if you have any other question please do not hesitate to ask
Franklin Katz, ATP, PA
Franks Tax & Business Service
120 York Rd
Kings Mountain, NC 28086
704-739-4039
That will work, but there is only one item on it that the IRS does not like, and that is the line that states MISCELLANOUS, They want to see exactly where you are spending on what. they want it broken down into exact,
THAT LINE IS THE MOST DECEVING OF ALL, I HAD ONE CLEINT WHO GAVE ME AROUND 5,000 IN MISC EXPENSE
I called him and told him it had to be broken down, and found out there were items that he could not take, like self employed health insurance, which naturally is not deductible on the SCH C, it gets
entered on the schedule, but if the software you use doesnt carry it to Page 2, other credits on your 1040,
Another mistake drivers misunderstand is the home office deduction, this is based on a number of items.
Actual size of the room in square footage, total living space of your whole house, and the number of hours per day it is used.
Since you are a OTR you can only take the days that you are home, unless your girlfriend, wife or other person is actually using it for business of trucking.
then your home expenses, mortgage interest, utitilites, insurance etc are a indirect expense, the percentage that carries to the home office form, any balance would be carried to Schedule A
itemized deductions. of the interest and taxes, all other become not deductible, plus you have to take depreciation percentage that its used on your home, Now if you sell your home, that percentage that was depreciated must be recaptured in the calculation of the sale.
if you have any other question please do not hesitate to ask
Franklin Katz, ATP, PA
Franks Tax & Business Service
120 York Rd
Kings Mountain, NC 28086
704-739-4039
Last edited:
moose
Veteran Expediter
Frankly , Frank , i have always used an accounting and tax preperation firm for my accounting and tax returns .
it costs only 840 $ for the year , and chances are they know the trucking laws better then any spreadsheet.
it is a good return for the money.
probebly saving me thousands a year ...
a P/L or Costs per mil. is the base line for any size business .
i Have to know that before starting the engine in the morning.
one that don't know the Fixed, and variable costs , cannot know if to DH the truck.or making any other business decisions.
Moose.
it costs only 840 $ for the year , and chances are they know the trucking laws better then any spreadsheet.
it is a good return for the money.
probebly saving me thousands a year ...
a P/L or Costs per mil. is the base line for any size business .
i Have to know that before starting the engine in the morning.
one that don't know the Fixed, and variable costs , cannot know if to DH the truck.or making any other business decisions.
Moose.
Senior Member
Join Date: May 2008
Location: Minnesota
Posts: 120
Re: profit/loss spreedsheet for trucks??
--------------------------------------------------------------------------------
Frankly , Frank , i have always used an accounting and tax preperation firm for my accounting and tax returns .
it costs only 840 $ for the year , and chances are they know the trucking laws better then any spreadsheet.
it is a good return for the money.
probebly saving me thousands a year ...
a P/L or Costs per mil. is the base line for any size business .
i Have to know that before starting the engine in the morning.
one that don't know the Fixed, and variable costs , cannot know if to DH the truck.or making any other business decisions.
HI Mosse and fellow truck drivers.
I just got back form the EXPO, SO i COULD NOT ANSWER YOU SOONER.
For the $840 per year does he give you a P & L each month or quarterly included.
Is that for an Cargo Van, Straight truck or Tractor/tralier and are you an individual sole propreiter, LLC, Corporation.
You have to try and figure what it will cost you to run that DH, and if the load is worth the revenue. there is no software that will do that. There are some trucker software out there that might do it for you, but it is very costly like PC miler, Pro Miles. Like I said MIGHT.
FRANK
This email (including any attachments) contains PRIVILEGED AND CONFIDENTIAL INFORMATION protected by federal and/or state law and is intended only for the use of the individual(s) or entity(ies) designated as recipient(s). The information contained within this email should not be construed as tax advice. If you are not an intended recipient of the email, you are hereby notified that any disclosure, copying, distribution, or action taken in reliance on the contents of this email is strictly prohibited. Disclosure to anyone other than the intended recipient does not constitute a waiver of any applicable privilege. If you have received this email in error, please immediately notify us by phone at (704) 739-4039, and then permanently delete the original and any copy of this email (including any attachments) and destroy any printout thereof.
Frank
Join Date: May 2008
Location: Minnesota
Posts: 120
Re: profit/loss spreedsheet for trucks??
--------------------------------------------------------------------------------
Frankly , Frank , i have always used an accounting and tax preperation firm for my accounting and tax returns .
it costs only 840 $ for the year , and chances are they know the trucking laws better then any spreadsheet.
it is a good return for the money.
probebly saving me thousands a year ...
a P/L or Costs per mil. is the base line for any size business .
i Have to know that before starting the engine in the morning.
one that don't know the Fixed, and variable costs , cannot know if to DH the truck.or making any other business decisions.
HI Mosse and fellow truck drivers.
I just got back form the EXPO, SO i COULD NOT ANSWER YOU SOONER.
For the $840 per year does he give you a P & L each month or quarterly included.
Is that for an Cargo Van, Straight truck or Tractor/tralier and are you an individual sole propreiter, LLC, Corporation.
You have to try and figure what it will cost you to run that DH, and if the load is worth the revenue. there is no software that will do that. There are some trucker software out there that might do it for you, but it is very costly like PC miler, Pro Miles. Like I said MIGHT.
FRANK
This email (including any attachments) contains PRIVILEGED AND CONFIDENTIAL INFORMATION protected by federal and/or state law and is intended only for the use of the individual(s) or entity(ies) designated as recipient(s). The information contained within this email should not be construed as tax advice. If you are not an intended recipient of the email, you are hereby notified that any disclosure, copying, distribution, or action taken in reliance on the contents of this email is strictly prohibited. Disclosure to anyone other than the intended recipient does not constitute a waiver of any applicable privilege. If you have received this email in error, please immediately notify us by phone at (704) 739-4039, and then permanently delete the original and any copy of this email (including any attachments) and destroy any printout thereof.
Frank
moose
Veteran Expediter
For that 840 I USED to get :
a tax preparation (lets not go into detail) , a monthly P/L ,a hwy used and fuel tax preparation .
i was told that most's of that money is going for tax filing fees anyway.
at that time i found that running at a pace of over 200k M/Y ,a monthly statements is not enough to keep up with accounting , so i had my own weekly P/L spreadsheet .
it was for a Solo O/O lease to a carrier , with a TT
the input for Costs of DH, will very from one O/O to the next .
in my book i take in only the Extra costs of moving the truck ,
AKA : fuel (ex tax) , and an estimated maintenance
last week it was .52$
last month it was .56$
then i take the DH% in the Load offered to find out the costs of running that load.
Moose.
Moose,
Your cost is correct between 50 and 60 cent per mile net. with a tractor/trailer
Straight truck is between 45 and 55 cent per mile
Cargo Van is between 40 and 45 cents per mile
this is all based on all expenses. fuel, tolls, fuel tax, insurance, repairs, etc.
and thanks for your answer,
Frank
Your cost is correct between 50 and 60 cent per mile net. with a tractor/trailer
Straight truck is between 45 and 55 cent per mile
Cargo Van is between 40 and 45 cents per mile
this is all based on all expenses. fuel, tolls, fuel tax, insurance, repairs, etc.
and thanks for your answer,
Frank
I have one I can send you. It has monthly tabs rolling over to a year total sheet. Each month you enter each runs revenue, cost and it will show you month to date and year to date. I'll put it in a PM to you. At the very least it will give you an idea of how it is laid out.
Steady Eddie,
Can you send me one also, so I can see what your using. that is if you do not mind, I would Appreciate it.
if you are going to mail it,
Frank's Tax & Business Service
120 York Rd
Kings Mountain, NC 28086
or attach and to e-mail to [email protected]
Thank You,
Frank
This email (including any attachments) contains PRIVILEGED AND CONFIDENTIAL INFORMATION protected by federal and/or state law and is intended only for the use of the individual(s) or entity(ies) designated as recipient(s). The information contained within this email should not be construed as tax advice. If you are not an intended recipient of the email, you are hereby notified that any disclosure, copying, distribution, or action taken in reliance on the contents of this email is strictly prohibited. Disclosure to anyone other than the intended recipient does not constitute a waiver of any applicable privilege. If you have received this email in error, please immediately notify us by phone at (704) 739-4039or by email at [email protected] and then permanently delete the original and any copy of this email (including any attachments) and destroy any printout thereof
Can you send me one also, so I can see what your using. that is if you do not mind, I would Appreciate it.
if you are going to mail it,
Frank's Tax & Business Service
120 York Rd
Kings Mountain, NC 28086
or attach and to e-mail to [email protected]
Thank You,
Frank
This email (including any attachments) contains PRIVILEGED AND CONFIDENTIAL INFORMATION protected by federal and/or state law and is intended only for the use of the individual(s) or entity(ies) designated as recipient(s). The information contained within this email should not be construed as tax advice. If you are not an intended recipient of the email, you are hereby notified that any disclosure, copying, distribution, or action taken in reliance on the contents of this email is strictly prohibited. Disclosure to anyone other than the intended recipient does not constitute a waiver of any applicable privilege. If you have received this email in error, please immediately notify us by phone at (704) 739-4039or by email at [email protected] and then permanently delete the original and any copy of this email (including any attachments) and destroy any printout thereof
Last edited:
TonyG
Seasoned Expediter
has anyone used or heard of HammerLane Bookkeeping software, just curious.
Truck Driver Bookkeeping Software
Truck Driver Bookkeeping Software