--- title: "Trucking & Owner-Operator Bookkeeping: Settlements | MCC" description: "Record gross settlements, factoring fees and costs per truck. Worked settlement example." url: "https://mcc-solutionsnj.com/bookkeeping/guides/bookkeeping-for-trucking-companies" --- Bookkeeping guide · Updated October 12, 2026 # Bookkeeping for Owner-Operators and Trucking Trucking income arrives through settlements, factoring advances and broker payments, while costs are heavy and spread across fuel, repairs, insurance and equipment. The books must follow each truck and each load. By [Matthew Coleman](/about), MCC Solutions **Quick answer.** If you lease onto a carrier, record the gross revenue and each deduction on your settlement statement (fuel advances, insurance, escrow and other charges) rather than only the net deposit. Escrow held by the carrier is an asset until returned. Want this handled for you? Monthly bookkeeping, cleanup and year-end close for small businesses. Start with a free health check of your books. [Free health check](/bookkeeping/health-check)[Get a quote](/bookkeeping/#interest) **Related:** [NJ 1099 contractor rule (ABC test)](/bookkeeping/guides/nj-independent-contractor-rule-abc-test-2026) · [Trial balance explained](/bookkeeping/guides/trial-balance-explained) · [Owner contribution or loan](/bookkeeping/guides/owner-equity-and-capital-contributions) **Free tools:** [What should I charge per hour?](/bookkeeping/freelance-hourly-rate-calculator) · [Depreciation schedule calculator](/bookkeeping/depreciation-calculator) [![Intuit ProAdvisor Gold tier badge](/img/credentials/intuit-proadvisor-gold.png)](https://proadvisor.intuit.com/app/accountant/search?searchId=matthew-coleman77)Gold tier in Intuit's ProAdvisor program. [See my Intuit listing](https://proadvisor.intuit.com/app/accountant/search?searchId=matthew-coleman77) Keeping your own books? Tallyfinch does invoices, bank import and reports on your computer. [See Tallyfinch](/bookkeeping/mcc-books-downloadable-bookkeeping-software) ## Settlement statements are the source document If you lease onto a carrier, you receive settlement statements that show gross pay, deductions for fuel advances, insurance, escrow and other charges. Record the gross revenue and each deduction, rather than the net deposit. Escrow or reserve funds held by the carrier are an asset until returned. If you haul under your own authority, record each load invoice and the broker's payment separately. ## Factoring and quick-pay fees A factoring company advances cash against your invoices, charging a fee. Record the full invoice as revenue, then the fee as a financing expense. Reserve amounts held back are receivables. Make sure your books do not double count the invoice once as a sale and again when the factor deposits money. ## Track costs per truck Use classes or tracking for each unit. Fuel, maintenance, tires, tolls, permits, insurance and truck payments all roll up by truck, so you can calculate cost per mile. Fuel cards produce an itemized statement, which is better than the bank line. IFTA fuel tax reports depend on miles and gallons by jurisdiction, so keep trip records alongside the books. Check current filing rules with your base jurisdiction. ## Per diem and travel Drivers who are away overnight may be able to claim special meal rules, with their own limits that change over time. Do not assume the rules, because employees and owner-operators are treated differently. A CPA familiar with transportation can explain what you can use. Keep a log of days away from home and receipts for lodging and showers. ## Equipment, loans and fixed costs Truck and trailer purchases are capitalized and depreciated, and larger deductions in the first year may be allowed depending on current law. Record loan interest separately from principal. Insurance, base plate fees and the heavy highway use tax are periodic costs worth putting on a calendar. Hold back money for taxes from each settlement, especially for self-employment tax, because no one is withholding it. ## Maintenance reserves and cost per mile Set aside money for tires, major repairs and downtime. A reserve account does not change your tax picture, but it keeps a single repair from wrecking your cash. Track every repair with the unit number, date and mileage so you can tell whether an older truck has become more expensive than a payment on a newer one. Cost per mile is the number that drives good decisions. Add fuel, maintenance, insurance, truck payment, permits, tolls and your own pay, then divide by total miles driven, including empty miles. Compare it to the rate per mile on offered loads. Without this figure you can stay busy and still lose money on every haul. Keep driver qualification files, inspection reports, permits and insurance certificates in a dated folder. Registration, heavy-use tax and authority renewals can each carry fees that arrive once a year. A calendar for them prevents penalties and lost days of work. ## Worked example with numbers A weekly settlement shows gross revenue $4,200, fuel advances $1,100, factoring fee $84 and a quick-pay fee $42. Net deposit is $4,200 - $1,100 - $84 - $42 = $2,974. Record gross revenue and each deduction, not the net deposit, so cost per mile is accurate. With 2,400 miles, revenue per mile is $1.75 and fuel advance cost $0.46. ## Mistakes that cost money Recording only net settlements. Mixing trucks. Forgetting per diem rules need records. ## Check your work Tie each settlement to the deposit. ## Common questions **Should I keep a separate account for my truck?** Yes. A dedicated business account and card keep fuel, repair and payment records clean. **Do I need a CPA who knows trucking?** It helps a great deal. Rules on depreciation, per diem, and fuel taxes are specific to the industry. This guide is general information, not tax, legal or accounting advice. Rules, fees and due dates change; check with the IRS, the NJ Division of Taxation or a licensed professional for your situation. Let us handle it [### Monthly bookkeeping Categorizing, reconciling and monthly reports, with cleanup, payroll and NJ filings available. Bookkeeping →](/bookkeeping/) [### QuickBooks Online Monthly bookkeeping, cleanup and reconciliation in QuickBooks Online for New Jersey small businesses. Your account stays in your name. QuickBooks →](/bookkeeping/software/quickbooks-online) More guides - [Nonprofit Bookkeeping: Funds, Grants and Reports](/bookkeeping/guides/bookkeeping-for-nonprofits) - [Church Bookkeeping: Offerings, Designated Funds and Pay](/bookkeeping/guides/bookkeeping-for-churches) - [Bookkeeping for Photographers and Videographers](/bookkeeping/guides/bookkeeping-for-photographers) - [Freelancer Bookkeeping: A Simple System That Works](/bookkeeping/guides/bookkeeping-for-freelancers) Free tool - [Bookkeeping health check](/bookkeeping/health-check) [All guides](/bookkeeping/guides) Reach small business owners, freelancers and bookkeepers who read this guide: [advertise here](/advertise#bookkeeping). Do it yourself ### Owner-Operator Trucking Bundle Know your cost per mile, have your records ready for the preparer and see when cash runs tight. [See what's inside ($69)](/toolkits/owner-operator-trucking-bundle)14-day full refund Excel workbook ### Owner-Operator Trucking Income, Expense and Fuel-Tax Log Know your cost per mile, which loads pay, who owes you and the miles and gallons by state for your quarterly return. [See what is inside ($39)](/toolkits/owner-operator-trucking-tracker) [Try the free starter](/toolkits/owner-operator-trucking-tracker#free-starter) Also in the [Owner-Operator Trucking Bundle](/toolkits/owner-operator-trucking-bundle): 3 products for $69 instead of $92 separately. Tallyfinch ### Books you keep on your own computer Tallyfinch does invoices, bills, bank import, reconciliation and the main reports, in a file you own. $99 once, then $5 a month for updates; the app keeps working if you stop the plan. It does not do payroll or sales tax filing. The free download records up to 60 entries. [See Tallyfinch](/bookkeeping/mcc-books-downloadable-bookkeeping-software) [Download it free](/tools/pro/trial/mccBooks) [Compare the three apps](/software) ## Rather have us keep the books? Ask for a quote. [Get a Quote](/bookkeeping/#interest)[Call (908) 444-6373](tel:+19084446373)