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Partners in Business tip: Carry a notebook with your receipt envelope

Partners in Business is sponsored by Ryder and Goodyear.

Partners in Business is sponsored by Ryder and Goodyear.

This notebook — or alternately, a log kept in a document on your smartphone or other mobile device — will be used to record those expenses for which you cannot obtain a receipt, such as when you wash your truck at a coin-operated facility or personal use of your auto, so you can deduct the expenses at tax time. Forward this record to your business services provider monthly with your other receipts. You must track the date, location, amount and reason for each expense in your log in order to meet IRS regulations.

The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm. It is sponsored by Ryder and Goodyear.

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3 comments
Tetra Capital
Tetra Capital

What an important tip. Working with a freight factoring company can also help you track your expenses and manage your bookkeeping with things like free fuel cards.

MW33
MW33

I use 6x9 inch manila envelopes to keep track of my expenses. I use one per week. A box of these from Staples will last you well over a year. On the front of the envelope I record the week ending date, my loads and dollar amount the load paid. I also record my fuel costs, gallons and location on the opposite side of the front of the envelope. Below that I record my expenses for the week. If I have a non receipt expense, this goes there too, like laundry. I put my receipts, logs and pro bills for the week inside the envelope, and at the end of the week I start a new envelope. 

If I believe I have a pay discrepancy, I have my envelope to fall back on, as I recorded all of that info there. 

I keep a notebook on the dash to record my mileage when I stop to load/unload and state line crossings, so that I have a record of all of that.

I record my IFTA mileage on a separate sheet each time I purchase fuel, which is sent in to my lease company weekly. 

Come tax time, it takes me all of a few minutes to record these expenses to send off to the CPA. 

I have tried using the phone, or other devices to do this recording, but something always happens to the data. Never fails and I am left playing forensic detective or just flat out guessing. I went back to this old school method of paper and pen and find it works flawlessly. I have a neat bundle of envelops with a record of all of my transactions and history at the end of the quarter and end of the year. It makes my life, and my CPA's life much easier.  

MW33
MW33

I use 6x9 inch manila envelopes to keep track of my expenses. I use one per week. A box of these from Staples will last you well over a year. On the front of the envelope I record the week ending, my loads and dollar amount the load paid. I also record my fuel costs, gallons and location on the opposite side of the front of the envelope. Below that I record my expenses for the week. If I have a non receipt expense, this goes there too, like laundry. I put my receipts for the week inside the envelope and at the end of the week I start a new envelope.  If I believe I have a pay discrepancy, I have my envelope to fall back on, as I recorded all of that info there.  I keep a notebook on the dash to record my stops and state line crossings, so that I have a record of all of that. Come tax time, it takes me all of a few minutes to record these expenses to send off to the CPA.  I record my IFTA mileage on a separate sheet each time I purchase fuel, which is sent in to my lease company weekly.  I have tried using the phone, or other devices to do this recording, but something always happens to the data. Never fails and I am left playing forensic detective or just flat out guessing. I went back to this old school method of paper and pen and find it works flawlessly. I have a neat bundle of envelops with a record of all of my transactions and history at the end of the quarter and end of the year. It makes my life, and my CPA's life much easier.