O/O set up and payment in Quickbooks

Discussion in 'Trucker Taxes and Truck Financing' started by MWE, Dec 20, 2017.

  1. MWE

    MWE Bobtail Member

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    My knowledge with QB does not go far. It took me sometimes, but I figured out most of it. There is one thing that I have been trying for little while, unsuccessful. That is setting up o/o driving under my authority and paying him through QB. Currently I'm using Excel and just writing check to the driver based of that spreadsheet that contains all payments and deductions; then, in QB that written check is put under my expensed for independent contractor. I figured out that I can probably set up o/o as vendor, create bill and use payment term option to deduct 10% for dispatch service. I can create separate bill for things like detention or TONU (for which I don't deduct 10% ) and pay those bills with single check. TROUBLE, that I have no idea how to is, for example, deducting for insurance premium from that pay check and setting everything up where that premium will not be showing as my income. I'm just basically collecting premium from driver and forwarding it to insurance company. Thanks for all responses ahead of time and please let me know if there is possible way to to this in Quickbooks.
     
  2. Bean Jr.

    Bean Jr. Road Train Member

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    Setup the insurance as an expense. When you deduct the insurance, qb will show it as a negative number in the expenses on your p&l.
     
  3. Ridgeline

    Ridgeline Road Train Member

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  4. wichris

    wichris Road Train Member

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    Journal entry. Credit one account, debit the other.
     
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  5. MWE

    MWE Bobtail Member

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    I'm not charging for insurance, I forward O/Os ins. premium to insurance company and it's done through paycheck deduction.
     
  6. Ridgeline

    Ridgeline Road Train Member

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    I guess I am reading this - they are under my insurance and I am passing the costs to them.

    Am I wrong?

    I think that's a bad idea if my thinking that is correct. I would let them deal with their own general liability and bobtail on their own, you have to deal with cargo insurance and that's it.
     
  7. Bean Jr.

    Bean Jr. Road Train Member

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    The liability and cargo insurance are always in the carrier's name. Sometimes small carriers instead of taking 25% and not charging for insurance, they take only 10%, and pass the insurance cost on to the o/o. It's not the bobtail and physical damage that he's talking about.
     
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  8. MWE

    MWE Bobtail Member

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    That's is correct.
     
    Bean Jr. Thanks this.
  9. Gearjammer79

    Gearjammer79 Road Train Member

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    Oh brother here I sit confused as usual.
     
  10. MWE

    MWE Bobtail Member

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    I need it to be showing on paycheck. Journal entry would balance and that's what I used while I was using excel but I think I figured it out now.
     
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