TruckSmarter provides powerful financial tools to help you track the money moving in and out of your business. With spending insights, you can quickly observe the profit and loss of your TruckSmarter account, as well as review and categorize your TruckSmarter transactions for business tax purposes.
Viewing profit and loss
First, open the Factoring tab, navigate to the Banking pane, and tap the Spending insights button. From the graph view, you can observe the monthly revenue and profit for the past 6 months. Beneath the graphs, spending insights will break down your revenue, business profit/expenses, and total profit.
Reviewing and categorizing transactions
TruckSmarter will automatically categorize most of your transactions for you, but you may have to update some transactions from a select list of categories. To review your transactions, select a month where you have transactions that have not been reviewed and tap the Categorize transactions button. In the example below, we have 80 transactions in the month of June that must be reviewed and categorized:
In this example, we begin by selecting the "TA # 139 JEFFERSONV" transaction. This transaction is currently marked as a Business transaction with the category Fuel. We are happy with this category, so we will tap Accept and next to review the next transaction in the list.
|💡 If you need to select a different Business category, tap the It's something else button!|
For this second transaction, "LOWES #02776", TruckSmarter has automatically categorized the transaction as Fuel. We want to recategorize the transaction so that it is categorized as Personal. To do so, we can tap the Personal button. Once we are satisfied with this transaction categorization, we can tap the Accept and next button to repeat the process for the remaining transactions.
|💡 Remember that you will have to review the categories for any future transactions!|
Editing transaction categories
If a reviewed transaction has an incorrect category, you can easily change the transaction's category. In this example, our list of business expenses includes a Fuel transaction titled "SHELL OIL" that we would like to recategorize to Truck equipment. By selecting the specific transaction, we can tap the Edit button and select the new category.
After tapping the Accept button, the transaction's category will be updated accordingly. If necessary, you can repeat this process for any number of reviewed transactions!