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Old 02-05-2013, 01:09 PM
rnicholson2 rnicholson2 is offline
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Join Date: Oct 2011
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Truck Driver Settlements - Need Suggestions

What is the best way to reflect truck driver settlement deductions like gas, insurance, permits, etc. so that they show up correctly on both the 1099 as well as the balance sheet?

For example:

Gross settlment is $1000
Escrow deduction is -$100
Fuel Deduction is -$200
Insurance deduction is -$20

Total Net Settlment to driver is $680.

Currently I have set up all of our truck drivers as vendors. There is an account called driver settlements that is an expense account. Escrow is set up as individual accounts for each driver as "Other Current Liability" since we owe that to the driver if he quits. But fuel is paid by us over the course of business, so it is deducted from the driver's pay. We pay fuel via a credit card account which is set up in QB. Should I direct the driver deductions to this fuel account? Would I do the same for the insurance account?
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Old 02-06-2013, 02:24 AM
Joe Williams Joe Williams is offline
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Join Date: Jan 2006
Location: Oklahoma
Posts: 9,380
If you are deducting the Fuel cost from the driver, then that amount should be on their 1099 because you are being reimbursed for the fuel cost by the driver.
If the insurance is for the truck and you own it the same is true.
Joe Williams
Piedmont, Ok
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