Why trucking companies need different books
Fuel bought in many states or provinces, loads paid weeks later through factoring or brokers, meals on the road, a truck worth more than the rest of the business, and fuel tax returns every quarter. Trucking books are mostly about fuel and distance.
What a bookkeeper for trucking companies keeps track of
- Fuel by state or province, for IFTA
- Distance by jurisdiction
- Loads billed and paid
- Meals on the road
- Truck and trailer costs and depreciation
In the US
- IFTA returns are due each quarter, from fuel bought and miles driven in each state.
- Drivers under DOT hours-of-service rules can deduct 80% of meals on the road, not 50%.
- Heavy trucks of 55,000 pounds or more need Form 2290 each year.
In Canada
- IFTA returns are due each quarter, from fuel bought and distance driven in each province and state.
- Long-haul drivers can claim 80% of meals on eligible trips, not 50%.
- Trucks are claimed through capital cost allowance (CCA).
What SumSwift does for owner-operators and trucking companies
- IFTA returns worked out from your fuel receipts and ELD or GPS files
- Meals at 80% for long-haul trips
- Fuel receipts read for litres or gallons and the place you bought them
- Big purchases get one question, "Is this equipment?", so they're written off over the right years
- Every statement checked against the balances your bank printed, to the cent, with personal spending kept off your profit
- A year-end package and free access for your accountant