How to create a new expense account category and track them in the year-end report?
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Last modified 11/11/2020 1:43:42 AM EST |
Added by TruckLogics Team
TruckLogics has the option for a Leased Operator to create custom account categories and map them to the relevant tax categories for year-end reporting. Let's say the user wants to record the furniture expenses incurred for setting up their business and track them. Here's how it's done.
Create Expense Account
First, create a new expense account to track all furniture expenses for the business.
- Log in to your TruckLogics account.
- From the main menu, choose Expenses >> Expense Accounts.
Click Add Expense Account.
- Enter 'Furniture Expenses' as the Account Name and appropriate Description.
- Choose the Tax Category you want the expenses to be reported under. Click Save.
Add an Expense
Next, let's add the expenses incurred towards furniture purchases.
- From the main menu, choose Expenses >> Add Expense.
- Pick the Expense Date.
- Choose the newly created expense account 'Furniture Expenses' from the Expense Category dropdown.
- Enter the expense amount. Use 'Add Another' option to enter multiple expenses.
- Enter the payment information under Additional Details. Click Save.
Check Year-End Report
By mapping the new expense account to a tax category in the earlier step, any expenses added towards this account will automatically reflect in the year-end tax report.
- From the main menu, choose Reports.
- Select the Year-End Tax Report.
- Scroll down to section Other Expenses.
- The expenses under Furniture Expenses will be reported.
Similar to the above expense account, the Leased Operator can add income and Retained Earnings accounts, and have them tracked in the year-end tax report. When the Leased Operator creates a Settlements, any reimbursements and deductions from the Carrier are reported against the expense accounts.
One of the key points to note is that deductions in Settlements towards Retained Earnings will not be reported in the Year-End Tax report.