The Carrier I drive for holds back some amount as Escrow. Will it be tracked in the year-end tax report?
209 views | 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.

https://s3.amazonaws.com/expresssupport/11-11-2020/8edf6b45-072d-4132-b360-76f3dda44444.png

  • Enter the appropriate Account Name and Description.
  • Click Save Button

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