My first settlement details.

Hi all, I have said I would keep the forum up to date on my experiences (good and bad) as a new O/O. Here is the details of my first income settlement. Keep in mind that I am leased on with a carrier and they pay for all insurances, permits, highway taxes etc. All I pay for is my fuel, maintenance and IFTA taxes. This settlement is for April 16 to April 30.

REVENUE
Total miles for the period : 5939.40
Gross mileage revenue : $ 7424.26
Fuel surcharge for the period: $ 858.90
Gross other revenue: $ 357.70
Total gross revenue for the period: $ 8460.66
Gross revenue per mile: $ 1.45

FUEL COST
Total gallons bought in the period: 1037.40
Total fuel cost for the period: $4034.66
Average mpg: 5.75
Fuel cost per mile: $ 0.67

This is a basic rundown of the settlement. The "gross other revenue" is pick and drop pay, detention pay and some hourly for a bit of city work i did at the end of one trip. As you all can see the fuel cost is a big percentage of the cost of running a truck. I hope this gives some aspiring or new O/O's something to compare there own situations to or an insight into the basic cost of running the truck. Also keep in mind that i just dropped a bit over 2 grand into the truck for a new water pump. I am keeping 10 cents a mile aside for maintenance and basically whats left after fuel (and IFTA taxes) and maintenance is mine. As I am just getting started I am actually putting every little bit i can into the bank and saving it all as best I can.

 

I am not too sure what my IFTA tax will be. Its one of the things I am waiting to see how it works out. I am still learning alot about these things as i go. When i get the IFTA statement i will be sure to put it up here.