Looking for tips on book keeping.

Discussion in 'Ask An Owner Operator' started by Dumbitfown4me, Feb 26, 2020.

  1. Dumbitfown4me

    Dumbitfown4me Bobtail Member

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    Hey I'm gonna be a new o/o next week and I am unsure of the best way to go about book keeping. So far I've set up a cloud system of folders for expenses records, load records and a couple of reports by the month. Any help is appreciated :)
     
  2. I glide 47

    I glide 47 Road Train Member

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    What do you mean when you say new owner operator your own authority. ,lease to a carrier. ,lease purchase?
     
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  3. PE_Trans

    PE_Trans Road Train Member

    A lot can be said, but make sure you don’t fall behind. Every week, go over your receipts and notate on them what each item is (if necessary). Send your receipts to your bookkeeper every week or month. Again, don’t fall behind.

    When at Walmart, always separate your business stuff from your personal, so you have two receipts. It’s usually best to notate on the receipt what the item is now that you remember what you purchased. Otherwise, it can be difficult to recall what you purchased a week later. If that happens, use the Walmart app to insert the product barcode number found on the receipt for each item.

    Locate a list of tax deductible items (from ATBS), so you know what you can report as a business expense. Your bookkeeper may have a list of their own.
     
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  4. Dumbitfown4me

    Dumbitfown4me Bobtail Member

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    New o/o, first truck financed, leasing onto a carrier
     
  5. Brandt

    Brandt Road Train Member

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  6. theSoz

    theSoz Light Load Member

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  7. 99kw900

    99kw900 Bobtail Member

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    Make sure you separate your business and personal finances, like a separate checking account and credit cards for each makes keeooke track of everything super easy. I also have QuickBooks online and I really like that. Keeps all my expenses nice and organized.
     
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  8. xsetra

    xsetra Road Train Member

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    Find a tax professional you will hire to set up your business SOP.
    Keep on top of your paperwork weekly.

    Good luck.
     
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  9. PE_Trans

    PE_Trans Road Train Member

    Do you do your own bookkeeping? If so, does QuickBooks help you categorize your trucking business expenses, creating a “Profit and Loss” document for your tax preparer?
     
  10. xsetra

    xsetra Road Train Member

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    I never put anything in the CLOUD. My accounting is on my PC at home. Not connected to the internet.
    Too many security breaches on the web. I would be a little upset if I wanted to get my year end records and the PC locked up from a virus. Just as bad, if a security breach in the cloud made me vulnerable to bank fraud.
    Good luck.
     
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