Instructions for Using the Ultimate Driver Expense Tracking Program

INSTRUCTIONS FOR USING THE “ULTIMATE” EXPENSE TRACKING PROGRAM

What is the “Ultimate”?

It is an Excel spreadsheet for you to track all of your pay and all of your expenses.

What are the benefits?

By tracking your pay and expenses, you will become a more successful and profitable businessperson. You will be able to see where your money is going, and hopefully learn to cut back any unnecessary expenses and increase your profits. This file will also help you plan for quarterly tax deposits. It can be a useful tool for you in preparing and planning for your taxes. You will need to edit the tax rates for your state and locality. You may also wish to edit the Federal tax rate to best suit your needs.

How does the file work?

The Ultimate is an Excel Spreadsheet that automatically computes some things for you. You simply enter your information in the colored areas. Areas with a white background are protected and will not allow you to change those areas.

How do I use the program?

1). Turn on and log in to your computer.

2). Open Excel.

3). Left-click on “File” in the upper left-hand corner of the screen.

4). Left-click on “Open”

5). Open the file containing the spreadsheet and read the instructions which are on a separate Word document.

6). Select “Ultimate” as the file to open and left-click on “Open”. The program will then open.

7). In the bottom left hand corner of the screen you will need to left-click on the month for which you wish to enter information. You will see “Tabs” for Jan, Feb, Mar, Apr etc… and Totals. There are really 13 spreadsheets in one program. The “Totals” sheet keeps a running total of all items for the year to date, covering all of the information you enter by month. Information is entered in “fields” which are single cells (areas).

8). In the field labeled “Driver” click on yellow box and type your name. In the field labeled “year”, click on yellow box and type in year. You will see the month in BOLD CAPITAL LETTERS.

You should have your settlement statements (from your checks) and any receipts you have for tolls, maintenance (that you paid for out of pocket) and so on. Put these in date order.

Now, let’s take a look at the columns. Each column has a label heading that tells you what kind of expense or income to enter in that column. At the left hand side of the spreadsheet are numbers for each date of the month. The columns you will be entering data (information) into are colored. The white background columns are protected, and the white background columns are where figures are computed for you. Hit “Tab” key on keyboard to move from column to column. Hit arrow key pointing left to move backward to previous column. “Delete” key will take out or delete anything you have typed in. (You must first click on field or column first. Arrow keys allow you to move right, left up or down.

Following is a description of the labels for each column, and the color of that column. Remember that not all “fields” or “items” will apply to you.

Day – the date
Check Number – the number from your Carrier settlement check or statement (green)

deductions (green)

Purchased Transport/Revenue – is the GROSS amount listed on your settlement statement (green)

Deductions – the total amount of deductions listed on your settlement statement (green)
Company Reimbursement – the amount listed on your settlement statement for things that are reimbursed from your carrier company – say like for trailer maintenance that you might have paid for out of pocket. (green)
Net Amount to Driver – the net amount your check is for. (white) This amount should match your check amount – it is computed automatically.

IF ALL YOU WANT TO DO IS TRACK HOW MUCH YOU MADE, AND HOW MUCH WAS DEDUCTED – GO NO FURTHER.

Now, for those of you who are the “Real Deal”, you will want to break down all of your expenses into detail so you can see where your dollars go! You will do this in the yellow columns. The following is a description of each of the yellow columns:

Truck Payment – enter the amount of your truck payment
Fuel – enter the amount for spent for fuel, excluding reefer fuel
Debit Reimbursable Reefer Fuel – the amount you spent for reefer fuel
Tolls – the total amount spent for tolls that day – all states combined
Insurance – amount deducted or payment made for insurance
Lumpers – amount spent for all lumpers that day
Cash Advance – total amount of cash advances for the day
Check/Cash Advance Fee
Mail Fees – amount spent for mail, express mails, etc for the day
Maintenance – amount deducted from your settlement, or any cash paid out for maintenance that day
Debit Reimbursable Misc. or Trailer Expense – record the amount deduced from your settlement for maintenance done to company owned trailers.
Loading and Unloading Expenses – record any amount deducted from your settlement statement for loading and unloading expenses – such as “pre-loaded” trailers NOT LUMPER EXPENSES.
Miscellaneous Expenses – enter any miscellaneous expenses deducted from your settlement statement OR any miscellaneous expenses you had “out of pocket”
Escrow – the amount deducted from your settlement statement for escrow if you are an independent contractor
Quarterly Fuel Taxes – the amount deducted from your settlement statement for fuel taxes, only for the months listed
Federal Heavy Vehicle Use Tax – enter the amount you paid for the IRS 2290 HVUT tax form – usually $550 for an 80,000lb. vehicle in July only
IRP License Plate Fees – the amount deducted from your settlement, or the amount you paid out of pocket for your license plates

Now that you’ve completed the pay info and your itemized deductions info, you need to add back some of the deductions which are actually taxable income, or other deductions before the program can “ESTIMATE” taxes due for you. This information will be entered in the dark green and the red columns. Following is a description of each of these columns:

Credit Reimbursable Reefer Fuel – enter the amount listed on your settlement statement as a CREDIT for the reefer fuel being reimbursed. DO NOT ENTER IN AMOUNTS THAT SHOULD BE LISTED IN THE DEDUCTIONS (YELLOW) COLUMN “DEBIT REIMBURSABLE REEFER FUEL”. DO THESE AS THEY APPEAR ON YOUR STATEMENT – THESE MAY NOT ALWAYS BE BOTH DEBITED, THEN CREDITED ON THE SAME STATEMENT! (dark green)
Credit Reimbursable Miscellaneous or Trailer Expenses – enter the amount listed on your settlement statement as a CREDIT for purchases or maintenance done on Seagate trailers. AGAIN, ENTER THESE FIGURES AS THEY SHOW ON YOUR SETTLEMENT AS A CREDIT. (dark green)
Cash Advance – the “RED” column. Re-enter the total amount you took for cash advances for the day, in the yellow column cash advances, on the same day you deducted them as expenses. It is crucial that you re-enter these cash advances as they are taxable income. You will probably learn to control this RED column after a few months of using this program.
Per Diem – enter $38, or the current amount allowed by the IRS, for each day you are away from home overnight. This is the amount the government allows you as a “write-off” for the costs of being away (dark green)
Pre-Tax Adjusted Gross – this figure is automatically computed for you. It will appear at the bottom of the column (white)
Approximate Federal Withholding Tax @ 20% - the amount you would owe the government for Federal Withholding tax at 20% for the information you entered. Twenty percent is the HIGH END of what you would owe. Many people pay between 10 and 15%. Change the formulas in your program to fit the percentage you are accustomed to paying. The figure appears at the bottom of the column (white)
Approximate Self-Employment Tax (See Formula) – the amount you would owe the government for Self-Employment Tax (Social Security). The figure appears at the bottom of the column (white)
Approximate State Taxes (Ohio) @ 4% - the amount you would owe the state of Ohio if you are an Ohio resident. If your reside in another state, you can change the formula to reflect your state’s tax rate. The figure appears at the bottom of the column (white)
Approximate Local Taxes (Toledo) @ 2.5% - the amount you would owe the City of Toledo, if you are a resident of Toledo, Ohio. Again, this formula can be modified for your city tax rate. The figure appears at the bottom of the column (white)
Approximate Amount to Put Away for Taxes – the program automatically totals all of the taxes for you at the bottom of the column (white)

The remaining two columns will help you track how much you are making per mile. This is always crucial information to drivers that are paid on a percentage basis.

Total Miles Traveled This Period – for each day, enter the total miles you traveled. In all fairness, you should enter the mileages from dispatch as they come from the carriers mileage program (PC Miler/Rand McNally or whatever applies), rather than your odometer. No company pays drivers from odometer readings, so you can’t compare if you have apples and oranges. This is the final yellow column.
Revenue per Mile – The last column of the spreadsheet is automatically computed for you at the bottom of the column.

Once you are done with January’s sheet, you will need to move onto February and repeat the process. Keep up with by entering information on a daily, or even weekly basis, and this program will be a great tool for you.

When you have completed entering information for the day, you will want to SAVE your work.

You’re done!

NO WARRANTY

THE PROGRAM IS DISTRIBUTED IN THE HOPE THAT IT WILL BE USEFUL, BUT WITHOUT ANY WARRANTY. IT IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE PROGRAM IS WITH YOU. SHOULD THE PROGRAM PROVE DEFECTIVE, YOU ASSUME THE COST OF ALL NECESSARY SERVICING, REPAIR OR CORRECTION.

IN NO EVENT UNLESS REQUIRED BY APPLICABLE LAW THE AUTHOR WILL BE LIABLE TO YOU FOR DAMAGES, INCLUDING ANY GENERAL, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OR INABILITY TO USE THE PROGRAM (INCLUDING BUT NOT LIMITED TO LOSS OF DATA OR DATA BEING RENDERED INACCURATE OR LOSSES SUSTAINED BY YOU OR THIRD PARTIES OR A FAILURE OF THE PROGRAM TO OPERATE WITH ANY OTHER PROGRAMS), EVEN IF THE AUTHOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

This spreadsheet is offered to assist to truck drivers and owner operators. User accepts all responsibility with use. Please feel free to alter for your personal use.