A necessary condition for high-fidelity dynamic simulation of belt-drives is to accurately predict the belt stresses, pulley angular velocities, belt slip, and belt-drive energy efficiency. In previous papers, those quantities were predicted using thin shell, beam, or truss elements along with a Coulomb friction model. However, flat rubber belts have a finite thickness and the reinforcements are typically located near the top surface of the belt. In this paper, the effect of the belt thickness on the aforementioned response quantities is studied using a two-pulley belt-drive. The belt rubber matrix is modeled using three-dimensional brick elements. Belt reinforcements are modeled using one-dimensional truss elements at the top surface of the belt. Friction between the belt and the pulleys is modeled using an asperity-based Coulomb friction model. The pulleys are modeled as cylindrical rigid bodies. The equations of motion are integrated using a time-accurate explicit solution procedure.