How do I add a Carrier Settlement in TruckLogics?
1.3k views | Last modified 11/11/2020 1:07:37 AM EST | Added by TruckLogics Team

A leased Operator can record their Carrier Settlements in TruckLogics. The option to record both Trip and Non-Trip settlements are available. For Trip Settlements, one can record Income, Reimbursement, and Deductions.  For Non-Trips, Retained Earnings can also be recorded along with the other three.

Here’s how to add a Carrier Settlement in TruckLogics

• Log in to your TruckLogics account.
• From the main menu, Choose Settlements >> Add Settlement.

Choose the Carrier name from the drop-down, enter the settlement period, and the settlement date.

Trip Settlement

If trips are part of the settlement, provide the Settlement ID,  Origin & Destination, and the miles traveled. For a Trip Settlement, you can record Income, Reimbursement, and Deductions.

Let’s assume you want to record $50 for Fuel Surcharge under Income

• Click Add Income.
• Choose the income category from the drop-down, provide an appropriate description for the category, enter the amount, and click Save.

In case you want to record this under a new income category, 

• Click Add New Income Category
• Provide a name and description. 
• Map to the appropriate tax category. Click Save.

Follow the same steps to record Reimbursements and Deductions.  Reimbursable expenses recorded as fuel-ups or other expenses can be pulled up automatically using the Look-Up option under Reimbursements.

To record trip settlements for multiple trips, click on ‘Add Another Settlement’.

Non-Trip Settlement

Not all income and deductions in a settlement are part of trips. It could be an Orientation or a Training program and the carrier is paying you for that. Record them under ‘Other Income’. 

For deductions not related to trips, record them under ‘Other Deductions’. Choose the appropriate category from the drop-down list and record the date & amount.

Retained Earnings

Retained Earnings are usually not settled as part of a trip. Choose the appropriate category from the drop-down list and record the date & amount.

However, If you choose to add a new category based on your business preference, follow the below steps:

• Choose Settlements >> Settlement Accounts.
• Under Retained Earnings Accounts, click  Add Retained Earning Account.
• Enter Account Name & Description. Click Save.

Do note that Retained Earnings will NOT be reported in the year-end tax report.

View the transaction listing of Settlements under Settlements >> Settlement Transactions. With the settlement accounts mapped to tax categories by default, the year-end tax report is automatically generated and will help in the tax filing.