How we think about trucking and logistics
A carrier's books should answer one question every month: which trucks made money. Abbotsford sits on the Highway 1 corridor, with the Abbotsford–Huntingdon crossing to Sumas, Washington on its southern edge. A local carrier may run Lower Mainland, Interior and cross-border loads in the same week. Fuel bought in several provinces and states, broker settlements and equipment payments all land in one bank account. We sort them by truck and trip, so each unit's profit is visible.
Our work is the bookkeeping and the records. In BC, IFTA is administered by the BC Ministry of Finance. Questions about licensing or filing go to the Ministry and to your CPA.
What makes the books different
- Profit per truck, not just per company. Each tractor gets its own class or tracking category, so revenue, fuel, repairs, insurance and financing are reported unit by unit. A truck that looks fine inside a fleet total often shows its problem here.
- Fuel and distance records that hold up. Under IFTA, a carrier files one fuel tax return each quarter with its base jurisdiction. For BC-based carriers, returns are due April 30, July 31, October 31 and January 31, a return is required even in a quarter with no travel, and records must be kept for four years. We match fuel receipts to card statements and trip distances each month. Fuel bought on the Sumas side stays in US dollars with the exchange rate recorded.
- Trucks go into the right capital cost class. Class 16 (40%) covers a truck or tractor designed for hauling freight, acquired after December 6, 1991, used primarily in a business that includes hauling freight, and with a gross vehicle weight rating over 11,788 kg. Other automotive equipment generally falls in Class 10 (30%). We keep each unit's rating and purchase papers so your CPA can confirm the class.
- Owner-operators and fleets need different setups. An owner-operator leased onto a carrier needs each settlement broken into gross pay, fuel advances and chargebacks. A small fleet running out of Abbotsford needs driver payroll, cost by unit and equipment loans tracked by truck. A sole proprietor files a personal return by June 15 but owes any balance by April 30, so we close the year in time for both.
What a monthly close looks like for you
Last month is closed by the 10th. Bank accounts, fuel cards, loans and any factoring account are reconciled, settlements are matched to loads, and fuel and distance are summarized by jurisdiction toward the quarter. Driver payroll deductions are remitted by the 15th if you are a regular remitter.
You get profit by truck, cost per kilometre, and a short note on what moved and what we need from you. At quarter-end, the fuel and distance totals are ready for whoever files the IFTA return.
Tools we commonly use for trucking and logistics clients
QuickBooks Online or Xero as the ledger, with a class or tracking category for every unit. Dext to capture fuel receipts and repair invoices photographed in the cab. Plooto to pay suppliers and contracted drivers with your approval. Wagepoint for driver payroll. Fuel card statements and trip reports from electronic logging or GPS systems feed the distance records, and we reconcile them to the ledger rather than replace them.
Partners we work with
We work alongside CPAs who know trucking, equipment lenders and leasing companies, commercial insurance brokers, and customs brokers for cross-border loads. The CPA files the returns and advises on capital cost allowance and structure. We keep the records that support both. If a busy hauling season has left the books months behind, catch-up bookkeeping brings them current before the next quarter is due.
A good fit if
- You drive your own truck or run a small fleet out of Abbotsford or elsewhere in the Fraser Valley
- You haul along Highway 1 or across the border and need fuel records by jurisdiction
- You want profit by truck each month, not once a year