FREE Downloadable EXCEL Accounting Spreadsheet for Truck Drivers in Canada

Introducing the ultimate Excel accounting spreadsheet designed specifically for truck drivers—brought to you by TruckerAccountant.ca. Our powerful tool features a visually appealing dashboard that makes financial management straightforward and intuitive. Effortlessly track your income and expenses, manage and print invoices, and keep a detailed log of vehicle mileage. Seamlessly convert USD expenses and income, ensuring accurate financial tracking across borders. With instant Profit & Loss statements available for printing, you’ll always have a clear view of your financial health. Simplify your accounting tasks and focus more on the road with our tailored solution.

Download Here:
File Type: MS Excel
For: Accounting for Haulers
Cost: FREE!

Trucker Accounting Excel Spreadsheet

How to Use This Free Accounting Software for Canadian Truckers

To get started with our Excel accounting software, first open the program and familiarize yourself with the visually appealing dashboard. Begin by inputting your income and expenses into the designated fields; the software will automatically categorize and track these entries for you. Use the invoicing feature to create and print invoices by entering your client details and services provided. For tracking vehicle mileage, simply input your odometer readings in the mileage tracker section. If you deal with USD transactions, the software will handle conversions automatically. To generate an instant Profit & Loss statement, navigate to the financial reports section and select “Profit & Loss”—your report will be ready for review or printing in moments. With these steps, you’ll efficiently manage your trucking finances and stay on top of your financial game.

Sheet 1: The Dashboard

The Dashboard provides a snapshot of your trucking company’s financial health. Key metrics include:

Net Income: Displays your overall profitability by subtracting total expenses from total revenue.
Total Amounts Invoiced: Shows the total value of all invoices issued.
Invoices Received: Lists the total amount of invoices you’ve received from clients.
Invoices Outstanding: Highlights any unpaid invoices that need attention.
Total Expenses: Shows the cumulative amount spent on business costs.
Exchange Rates: Provides current rates for currency conversion.
Company Info: Displays essential details about your trucking business.
Reporting Period: Indicates the timeframe for the financial data displayed.
Profit Margin: Reveals the percentage of revenue that is profit, providing insight into your business’s efficiency.
Kilometers Driven: Tracks the total mileage driven, important for expense and maintenance tracking.

Use the Dashboard to quickly assess your company’s financial status and make informed decisions.

Sheet 2: The Profit & Loss Statement

The Profit & Loss Statement provides a detailed view of your financial performance over a specific period. It includes:

Gross Income: This is the total revenue generated from your trucking operations before deducting any expenses.
Expenses: This section itemizes all the costs incurred in running your business, such as fuel, maintenance, and operational expenses.
Net Income: Calculated by subtracting total expenses from gross income, this figure represents your actual profit for the reporting period.

To adjust the time frame for the Profit & Loss Statement, navigate to the Dashboard Sheet. In the lower far right corner, you’ll find the "Reporting Period" section. Click here to select the desired period, and the Profit & Loss Statement will automatically update to reflect the chosen dates, providing you with the most relevant financial data for your analysis. This feature allows you to review performance over different periods, aiding in financial planning and decision-making.

Sheet 3: The Transaction Journal

The Transaction Journal is where you record all your business expenses. Here’s how it functions:

Expense Recording: Enter each expense into the Transaction Journal, including details such as date, payee, and expense account. These entries are automatically transferred to the Ledger Sheet and subsequently reflected in the Profit & Loss Statement Sheet.
Currency Conversion: If you have transactions in USD, the journal can convert these amounts to CAD. Enter the current USD to CAD exchange rate in cell M2. For accuracy, it's recommended to use the annual average exchange rate for the year.
Expense Viewing: The journal allows you to view expenses organized by date, payee, or expense account, making it easier to track and manage your spending.
Sorting Options: Expenses can be sorted from largest to smallest, helping you quickly identify major costs and manage your budget effectively.

By using the Transaction Journal, you can efficiently track and manage expenses, ensuring accurate financial reporting and smooth integration with other financial sheets in the software.

Sheet 4: Entering Income

The Entering Income sheet is where you record all your income transactions. Here’s a breakdown of its features and functionality:

Income Recording: Input each income entry with details such as date, amount, and category. This data is automatically integrated into the Invoice Sheet, which is the next tab in the software.
Invoice Tracking: The sheet tracks which invoices have been paid and which remain unpaid. This helps you manage cash flow and follow up on outstanding payments.
Category Types: You can classify income into three different categories, allowing for more detailed financial analysis and reporting.
Currency Options: Record income in either CAD or USD. The sheet supports both currencies, and for USD transactions, the currency is automatically converted to CAD based on the rate you enter in cell M2 on the Dashboard Sheet.
Profit & Loss Integration: Paid invoices are automatically reflected in the Profit & Loss Statement Sheet, ensuring that your financial reports are updated with the latest income data.
Automatic Currency Conversion: The Entering Income sheet uses the exchange rate from the Dashboard Tab to automatically convert USD income to your working currency (CAD), simplifying multi-currency transactions.

Using the Entering Income sheet, you can efficiently record and categorize your income, track invoice status, and ensure seamless integration with other financial reports.

Sheet 5: Printable Invoices

The Printable Invoices sheet is designed for generating and managing professional invoices based on the data you’ve entered in the Entering Income sheet. Here’s how it works:

Data Integration: This sheet pulls data directly from the Entering Income sheet. All relevant details, including amounts, charges, and recipient information, are automatically populated here.
Invoice Selection: Use the drop-down menu located under the date field on the right-hand side of the invoice template to select the specific invoice you want to view or print. This menu lists all the invoices you've recorded, making it easy to choose the one you need.
Invoice Details: The Printable Invoices sheet displays comprehensive information for each selected invoice. This includes a detailed breakdown of all charges, the total amount due, and the company or individual the invoice is addressed to.
Professional Formatting: The sheet is formatted to create clean, professional-looking invoices ready for printing or digital distribution. This ensures that your invoices meet business standards and make a positive impression on your clients.

By using the Printable Invoices sheet, you streamline the process of generating and managing invoices, ensuring that all essential details are included and easily accessible.

Sheet 6: Mileage Tracker

The Mileage Tracker sheet is a crucial tool for managing and documenting your vehicle mileage, particularly for business purposes. Here’s how it functions:

Business Trip Recording: Enter details of each business trip into the table provided. The sheet requires information such as the date, start and stop locations, total mileage for each trip, and the purpose of the trip.
Personal Mileage Calculation: The sheet automatically calculates the personal portion of mileage based on the start and stop points you provide. This ensures that only the business-related mileage is used for expense deductions and reporting on the Profit & Loss Statement (P&L).
CRA Compliance: The Mileage Tracker contains all the necessary information required by the Canada Revenue Agency (CRA) in the event of a vehicle audit. This includes detailed records of business trips and personal mileage splits, ensuring that you have all the documentation needed to substantiate your mileage claims.
Expense Reporting: The sheet integrates with your Profit & Loss Statement, providing accurate mileage-related expense data for tax reporting and financial analysis.

By diligently filling out the Mileage Tracker, you ensure precise documentation of your vehicle use, facilitating accurate tax reporting and compliance with CRA regulations.

Conclusion

The remaining sheets in the Excel accounting program contain static or foundational information that should remain unchanged to ensure the accuracy and integrity of your financial data. These sheets include default settings, templates, and calculated fields essential for the proper functioning of the software. Modifying these elements could disrupt the overall accuracy of your financial reports and calculations.

This Excel accounting program is specifically designed to assist sole proprietors in managing their trucking business finances. It provides key functionalities such as:

Income and Expense Tracking: Effortlessly monitor and record your income and expenses to keep a clear view of your financial situation.
Invoice Creation and Printing: Generate and print professional invoices to streamline billing and payment processes.
Mileage Tracking: Keep accurate records of business mileage to support expense claims and optimize tax deductions.
Profit & Loss Statement: Produce a basic Profit & Loss statement to assess profitability and track financial performance over time.

However, this program is tailored for sole proprietors and does not include features for tracking corporate assets or generating a balance sheet. Corporations will require more comprehensive accounting solutions that include asset management and balance sheet functionalities to meet their complex financial reporting needs.

Need Further Accounting Services for Truck Drivers?

We offer bookkeeping, tax preparation, GST filing, and a full range of accounting services for trucking companies in Canada. Please contact us for further information.