How to add a new settlement account category in TruckLogics?
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Last modified 11/12/2020 12:18:49 AM EST |
Added by TruckLogics Team
There are four account categories associated with Settlements- Income, Reimbursement, Deduction, and Retained Earnings. The Settlement, a Leased Operator creates in TruckLogics, can have entries from any of the above account categories.
Income
Let's say; the Leased Operator wants to record a new Incentive that's part of the Settlement. A new Income account is to be created. Here's how it is done.
- Log in to your TruckLogics account.
- From the main menu, choose Settlements >> Settlement Accounts.
- Under Income accounts, Click Add settlement account.
- Enter the appropriate Account Name and Description.
- Choose the Tax Category these incentives are to be reported under. Click Save.
When Settlements are created, transactions against the new income account category will be reported under the chosen Tax Category in the year-end tax report.
Reimbursement and Deduction
Reimbursements and deductions in settlements are associated with Expense accounts. Here's how an expense account is created.
- From the main menu, choose Expense >> Expense Accounts.
- Click Add Expense Account.
- Enter the appropriate Account Name and Description.
- Choose the Tax Category the expenses are to be reported under. Click Save.
Retained Earnings
Here's how a new retained earnings account category is created.
- From the main menu, choose Settlements >> Settlement Accounts.
- Under Retained Earnings Accounts, click Add Retained Earning Account.
- Enter the appropriate Account Name and Description.
Note that transactions towards Retained Earnings in Settlements will not be reported in the year-end tax report.
Since the above accounts are mapped to different tax categories, any amount transaction towards these accounts will automatically reflect in the year-end tax report other than the deductions in Settlements towards Retained Earnings. The year-end tax report can be accessed from the menu Reports.