The Carrier I drive for holds back some amount as Escrow. Will it be tracked in the year-end tax report?
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Last modified 11/11/2020 2:25:52 AM EST
No. Though any amount withheld by the Carrier towards Escrow payment during a Settlement can be tracked in TruckLogics, these are not tracked in the year-end tax report. These Escrow related transactions are categorized under Retained Earnings in Settlements.
Though TruckLogics has few accounts by default, the Leased Operator can create a custom account category. Here’s how it’s done.
- From the main menu, choose Settlements >> Settlement Accounts.
- Under Retained Earnings Accounts, click Add Retained Earning Account.
- Enter the appropriate Account Name and Description.
- Click Save Button