If you are an employee or business owner, this is very necessary to keep a mileage log template excel. So you may have the information which you need for either finish your industry mileage or determining the deduction. No doubt it will help you to keep mileage tracker excel for a good record.
There are so many purposes for keeping the mileage log. Eventually, the logo of mileage is used by companies if they want to keep track of business.
The business and its recordings are supportive of getting the amount of tax, compensation and many more. This is the simplest idea to count mileage of your personal as well as business sheet. You may also check mis report format in excel.
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A mileage log is a meticulous record of the vehicle that how many miles did it travel for the business over a certain period. It could be kept in a spreadsheet, form, logbook, or online application form. It is used for claiming a tax deduction or gathering reimbursement from your employer.
Let us discuss step-by-step how you can create a mileage log in MS Excel;
Open the MS excel on your desktop screen. Then, click on the ‘file’ and select ‘new’ and search ‘mileage’ in the research box, and then press enter. Next, click the ‘template’ and have a look at the templates, select the template that you want to use. Click on the ‘create’ to open a new workbook.
When a new workbook appeared with the template that you choose enter the detailed information about your trip. It contains multiple columns in which you add all the important information related to your trips such as the date, location you traveled to and from, time, and other details.
Almost all the templates have separate columns for odometer readings where you can calculate your mileage for each trip based on the difference between of the two columns’ values.
If you want to add other travel costs such as meals, automotive expenses, and lodging then insert a new column. Then, right-click the column next to which you want to add columns and then select ‘insert’.
If you want to change the theme of the worksheet, click on the ‘page layout’ tab and select the different colors or font themes that you like and then change the color and font in the worksheet.
Some templates don’t do the calculations of reimbursement. Enter the mileage rate in one cell and select the cell in which you display the reimbursement amount and click inside the formula bar.
Enter the formula= cell containing mileage- cell containing rate
You can calculate the other expenses if needed.
For tax purposes, mileage tracking requirements are very limited by IRS (internal revenue service). In mileage logging, you have to enlist the mileage of each trip for each vehicle. For claiming mileage, IRS has eligibility requirements like the type of business.
During the personal use of vehicles, you can’t claim the mileage. It can be confusing for fleet drivers as they take vehicles home every day. You have to make a difference between the miles that you put for work and commuting miles. With the mileage, you should also record the trip date, trip mileage, business purpose, and location you traveled to and from.
A long time ago, you had to always keep a notebook and pen with you for tracking mileage. But now we live in a modern where there is an app for everything. Also, there are a lot of apps such as Hurdlr, Stride, trip log, etc. that track mileage for you.
Best Collection of Mileage Log Templates
Mileage log template for self-employed also include a worksheet that easy to print. You can use it as a record for the start and end reading. Such as the business aims whenever you use for business purposes.
Mileage Log Templates for Office Employees
The log is also using by office employees with preparing expense report. Purpose of the employees to use this mileage are tracking sheet to let the industry fully expense. Including they can also apply for the settlement in business. You may also like punch card template.
Employees ought to use this log carefully as the company may conduct all inquiries to see when they count the mileage right or not. Usually, some of the staff is used as part of an expense report to prepare a different log. The conditions are, basic things may define to an employee if asking for compensation.
One of the main targets of preparing a mileage sheet template is compensation. The settlement is very necessary for any industry. It demands some documents and expenses to show as proof, before the employer.
It also needs to retain the mileage if employee use vehicle for doing some office work. Eventually, the starting value of mileage and details of the place and purpose of work has to define. These all are compensation of all expenses would be done. You may also see payroll template.
The compensation of all expenses depends on the figure which are defines in mileage log. Besides, a calculation ought to be done with full right by the log. Usually, it should be kept in mind that the staff/employee doesn’t have any right to deduct the expense.
Printable Mileage Log Templates Free
For instance, if you are connected with bank application your application will automatically log your all expenses. This is a way you can avoid hanging onto the end of the month, scramble to enter your data into sheet. Additionally, by keeping all your mileage tracking sheet and expense is a record in one place. It allows you to track with automotive expenses.
This is very helpful to calculate a complete mileage deduction that is based on actual expenses. With more and more details that are recorded to keep everything from an oil change to repair? Additionally, the method needs more particular record. It would be very lucrative for different people to keep appropriately. You may also check daily checklist template.
The complete detail allows you to decide that idea which is best for you. In the end mileage expense report template or notebook, it may get most of the mileage deduction.