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VAT on Outward Transactions

DJQBDJQB Member Posts: 1

How do I show the VAT on an outward transaction (e.g. a payment for a product) that has been imported into Wave from my bank account.

I can see the payment / transaction in >> Accounting > Transactions >.

It is a single line with a name (e.g. Rymans), a value (e.g. £12.00) and a category (e.g. Office Supplies).

But somehow I need to to flag it as a VAT-able purchase so that it is reported as a payment of £10.00 for the product + VAT of £2.00.

Splitting the transaction doesn't seem to work.

I need to do this for hundreds of imported transactions!

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @DJQB.

    First, you're going to have to add your VAT as a sales tax. You can do this by following the instructions here..

    Once that done, go to each of those transactions on the transactions page, click on Show Details for that transaction and add your tax there. Wave will calculate the amount automatically.

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