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.
Click Add Expense Account.
Add an Expense
Next, let's add the expenses incurred towards furniture purchases.
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.
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.