mercer transportation

Congratulations pete

 

Hello, I am an accountant currently working on a first year Mercer driver's return, and the statement is mildly confusing as compared to others I've seen. Would anyone mind explaining what is considered out of pocket expenses on the settlement sheets or is any of it? The driver's escrow account is through the company if that info helps. Thank you for your time and any insight you can provide.

 

If you are an accountant it should be extremely simple to figure out. You got income and deductions. It doesn't get any more straight forward.

 

Sounds to me like the owner dropped a years worth of statements and receipts on someone's desk in stead of keeping track of there expenses

 

Congrats Pete!

 

That is exactly the situation. And it is definitely not as simple as income and deductions.

 

Ok can you be more specific as to what you don't understand. The drive can not deduct any money he put into the Mercer escrow account until he uses it at which time he should have a receipt. Insurance, leases and the such are deductible. Revenue is broken out for you at the top. You really only need the total rev number. Just about everything in the deductible section is deductible except pay and reserve accounts.

 

He should have printouts of fuel purchases, maint., hotels and the like. Also he should get a per deim credit if he has a home. More then that you need to ask my accountant as that's what I pay him for.

 

Thank you very much. That is exactly what I needed to know about the statements

 

When Mercer went to taking the deductions out by the day it made everything complicated from understanding the statement to bookkeeping.

That's why I kept mine simple. What ever I owed Mercer, I had them take it out of one settlement 100% when due, insurance, pre pass, what ever. License and permits I wrote a check to Mercer when due.

I agree with @KinWats those statements with daily deductions are hard to read. I only got a couple of them and called my pay girl and had her set mine up the old way. keep it simple