Trucking bookkeeping: the document checklist

The defining feature of trucking books is that revenue does not arrive gross. A settlement statement from a carrier or broker shows the linehaul, then deducts fuel advances, insurance, trailer rent, escrow, ELD fees, and often a factoring charge — and only the net hits the bank. Book from the bank feed alone and you will understate both revenue and expenses, sometimes by a lot.

That single fact drives most of this list. If you get nothing else, get the settlement statements.

Request every month

Weekly is better than monthly for settlements — they pile up fast and are much easier to chase in small batches.

• Settlement statements from every carrier, broker or load board (all pages, including deduction detail)
• Bank statements for every account, including any savings or escrow account
• Credit card and fuel card statements — fuel card detail is usually a separate download from the card portal
• Fuel receipts not captured on the fuel card, with gallons and state shown
• Maintenance and repair invoices, separated by truck or unit number
• Tolls, scale, permit and lumper receipts
• Insurance premium statements (liability, cargo, occupational accident)
• Factoring company statements showing advances, reserves and fees
• Driver settlement or payroll reports, and any per diem records
• Trailer or equipment lease and rental invoices
• Loan or equipment finance statements showing principal and interest split

Request quarterly or annually

• Quarterly IFTA filings and the mileage-by-state records behind them — you will need them for fuel tax accruals and they are painful to reconstruct.
• Quarterly: heavy vehicle use tax (Form 2290) filings and payment confirmations.
• Annually: truck and trailer purchase, sale or trade-in documents including any trade-in allowance — these routinely get booked at the wrong cost.
• Annually: W-9s and 1099 details for every owner-operator and contract driver.
• Annually: DOT and licensing renewals, and the depreciation schedule from the tax preparer.

Ask before you onboard

These are the questions that decide whether you have priced the engagement correctly. Ask them on the first call, not in month three.

• How many trucks, and are drivers employees, owner-operators, or both?
• Which carriers or brokers do you haul for, and do you have portal access to download settlements?
• Do you use a factoring company? Which one, and at what rate?
• Which fuel card programme, and can I get read-only access to the transaction portal?
• Is per diem being paid, and on what basis?
• Are any trucks financed, and can I see the amortisation schedules?
• Who files IFTA, and where do the mileage records live?
• Is there a separate escrow or maintenance reserve account?

Traps that catch bookkeepers new to trucking

Booking net deposits as revenue. The most expensive mistake in trucking books. A $4,200 load can land as a $2,800 deposit after fuel advance, insurance and factoring. Revenue, fuel expense and factoring fees all need recording gross from the settlement.

Missing the factoring reserve. Factoring companies often hold a reserve released later. That reserve is a receivable, not lost revenue, and clients rarely mention it exists.

Fuel card transactions arriving twice. If the fuel card feeds the bank and the fuel card portal is also imported, you will double-count. Pick one source per card and document which.

Trade-ins booked at the wrong cost. A truck bought for $101,500 with a $21,500 personal-vehicle trade-in is frequently entered as an $80,000 asset with an $80,000 loan. The trade-in is a contribution and the asset cost is the full amount.

Per diem treated as wages. Per diem has its own treatment and its own substantiation requirements. Get the client's policy in writing early, and confirm with their tax preparer.