Entering monthly expenses
At the top of the monthly expense entry page you will see your truck name (or My Company if you have multiple trucks and are entering the company expenses) along with the month and year that you are working on. The line below will show a summary of the miles, Per Diem, and personal vehicle miles that you entered on the previous screen.
As you scroll down the page, you will see all of the main expense categories. Before entering your monthly expenses, you'll want to organize all your receipts by category. If you use the 21-pocket folder method mentioned in a previous lesson, your receipts will already be organized. Once you have your receipts separated, you will add up the total for each category.
Now that you have your totals for each category, it's time to enter in the numbers. Go to the category you want to enter and click on 'Select'. This will bring up a drop-down menu for that category. If you already have subcategories created for that category, select the one you need.
If you need to create the subcategory, click on 'Add New' from the drop-down menu, type in the name of subcategory you wish to create, and then click the green 'Add' button. Going forward, that subcategory will appear in the drop-down menu.
When creating subcategories for your truck and trailer payment, you need to select whether it is a Lease or a Loan. This is to make sure that the expense is accounted for correctly on your Tax Report.
When creating your subcategories, you can be as detailed or broad as you like. What matters is how you want to see your numbers on your reports. If you want a subcategory under the Office category for pens and another for paper, go for it. Or, simply create one subcategory for Office Supplies.
Once you have your subcategory, click in the box to the right of the subcategory name and enter the monthly total. Do this for all of your of your expenses until you have everything entered. When you are finished, click on the green 'Save Month' button.
And there you have it! That is all you need to do for your monthly expenses, how simple was that?