Trucker’s Payday

Thursday is payday for a lot of truckers.  GetAlong is paid electronically using 2 accounts setup by his lease company.  One is for the “truck” and one is for the “house”.  When GetAlong books a load, a certain amount of the pay for that load is put into his “truck” account.  This money is supposed to pay for his fuel and some other incidentals for the duration of the trip.  On the first Thursday following the completion of the load the remainder of the pay, less deductions for insurance, trailer lease, etc., is put into the “house” account, provided GetAlong has done his paperwork and submitted it to the lease company on time.  As soon as the funds hit the “house” account, I draw it out to deposit into the business checking account at our bank.  This is used to pay the truck note, cell phone bill and other business expenses that are not handled by the lease company.  Then he gets “paid” and the household expenses are taken care of.  Are you with me?

Now, GetAlong also has a Flying J discount card that is used like a debit card to purchase fuel at discount prices.  He transfers money from his “truck” account to the Flying J card by phone.  He also uses this for other business related purchases.  He can also pay for fuel using Comchecks that are written on the “truck” account.  Truck stops other than Flying J give discounts for cash purchases so sometimes he cashes a Comcheck and uses the cash to purchase fuel.   Comchecks are really drafts that are filled out and given to a clerk who must call it in and get an authorization number before accepting it.  This takes time folks.  Are you still with me? 

Now, I’m a bookkeeper by trade.  The trained accountant in me keeps all this in line.  If you’re up with me, we are talking about 4 business accounts to reconcile each month – for one truck driver.  To make matters worse, the statements I get for these accounts are cryptic to say the least.  The Flying J account, which by the way covers the 18th of the month through the 17th of the following month, only gives the address where the transaction occurred.  If GetAlong loses a receipt it becomes a memory game.  Were the executives at Flying J drinking when they set this up?  Did they not know they were creating this for a business that must track expenses and uses the calendar month to do its books?  The “truck” account weekly statement will usually say if the purchase was for fuel but it lists the street price less the discount.  The corresponding receipt will show only the net price.  No wonder I procrastinate with the books. 

My point is this – operating a truck is complicated business, not for the faint at heart.  So many think that it is easy work.  If you think you want to be an owner operator, think twice.  If you’re not a diligent record keeper, you better have a wife who is.

Marue