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Profit Fuel Gauges Discounted Fuel Price OR Receipt Fuel Price

I am signed up for Lets Truck Accounting. I want to enter the full cash price in my profit gauges/fuel gauges, because I want to maximize my expenses to minimize my tax liability. I have receipts to show the full price for audits.

My Comdata weekly statement shows the cash price on one line and the actual discounted price paid below it.

I would like to get a true picture of my actual real fuel spending without entering the discount price in profit/fuel gauges. However, paying less tax is a higher priority.

I'd like to hear how other Owner Operators handle this and if Lets Truck has a solution or workaround, other than entering a periodic total fuel discount. If I did enter a periodic line item for the discount, can that be excluded at year end tax time?

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Russell,

As much as I'd love to say "Yes you can do that" I'm cautioned by the fear of an audit. Even with your receipts showing the retail amount you would have paid without the deductions I know that the Auditors will look there first. It's most likely not their first rodeo and they know that trick.

To be safe and accurate I would enter in your discounted rate at first. Still use FuelGauges and enter the retail number there but do NOT sync. You'll be fine this way.

The only way to enter the Retail into PG and then add a new Subcategory for DISCOUNT in the fuel category. Add that number as a negative so it'll report correctly for taxes but in the business report you'll see both the retail number and the negative number from the discount subcategory.

Hope those ideas help a little.

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Russell will be eternally grateful.
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