This section explains Account Types. For information on assigning Account Types, or changing an account type see ACCOUNT NUMBERS.
The Truckers Helper uses 2 types of accounts.
PAYMENT ACCOUNTS: These are accounts that must be opened before you can use them.
CASH - a cash account. The money in your pocket is you Cash account.
CHECK - your checking account.
CHARGE - any account where you charge items. Credit Cards & store charge accounts.
SAVINGS - a savings account (Escrow accounts are a Savings account)
CHARGE TO ACCOUNTS: These accounts do not need to be "opened". Simply type the name of the new account in the CHARGE TO ACCT box and the program will add the account.
INCOME - this is an account that describes where income comes FROM. The name of the trucking company you're leased to or drive for, for example.
EXPENSE - these accounts describe what your expenses are for. Maintenance, Meals, Fuel are all typical example of Expense accounts.
ASSET - this type of account describes some piece of business property that you own. Your truck for example is an ASSET. Assets are usually only MAJOR items which the business owns. Smaller items are usually written off when they are purchased. An Asset is usually something which must be depreciated over a number of years.
LIABILITY - these accounts describe liabilities which the company has. Your truck loan, for example is a liability. If you are a company and create payroll the outstanding taxes due are a liability.
EQUITY - this type of account is used to describe the owners interest in the company. This is where the value of the company is kept. Typical Equity accounts are OWNER EQUITY, OWNER DRAW, OWNER DEPOSIT. The Truckers Helper uses these 3 accounts for most Equity Transactions.
ACCOUNTS RECEIVABLE - this is the final type used in Truckers Helper. Accounts Receivable apply to Drivers for REIMBURSED EXPENSES ONLY! If you do not do billing and create invoices your INCOME IS NOT A RECEIVABLE. For companies who do billing and invoicing A/R is normally used to show your income. The program will handle Receivables automatically with the RECEIVABLE type transaction and the RECEIVABLE Charge To assignment. Do not create your own account names and assign them to Accounts Receivable!