Fuel cards are the simplest way to track fuel expenses for a trucking company. Programs like Comdata, EFS, or fleet fuel cards from major truck stops automatically record every purchase with the date, location, gallons, price, and vehicle number. This gives you organized data without relying on drivers to turn in receipts.

If you’re not using fuel cards, you need a system to capture the same information manually. At minimum, record the date, state of purchase, gallons, total cost, and which truck made the purchase. The state matters because IFTA requires you to report fuel purchased by state and reconcile it against miles driven in each state.

IFTA compliance is where fuel tracking gets critical. If you run interstate, you file quarterly IFTA reports showing how many gallons you bought in each state versus how many miles you drove there. Sloppy fuel records make these filings a nightmare and can trigger audits. Accurate tracking by state and by vehicle keeps you compliant and makes quarterly filing straightforward.

Set up your accounting software to track fuel by vehicle or unit number. In QuickBooks, you can use classes or custom fields to tag each fuel transaction to a specific truck. This lets you calculate cost per mile for each vehicle, which tells you which trucks are profitable and which are eating into margins.

Keep receipts even if you use fuel cards. Fuel card statements work for most purposes, but receipts provide backup for IFTA audits and tax documentation. Store them digitally organized by quarter.

The real value of tracking fuel expenses goes beyond tax deductions. Fuel is typically the largest variable cost in trucking. Knowing your cost per mile by truck helps you price loads accurately, spot maintenance issues when fuel economy suddenly drops, and identify drivers who might be making unauthorized purchases.

If your current system involves a pile of receipts and a spreadsheet you dread opening, getting your books set up correctly saves significant time. A bookkeeper for small business who understands trucking can configure your chart of accounts so fuel expenses flow directly into useful reports and IFTA prep becomes routine instead of a quarterly scramble.