Unable to record income
scaramangamp
Member Posts: 4
My business uses the currency RWF. When I try to record income it automatically choose the account as another USD account which I had selected. When I then change to use an RWF account, the denomination is still in USD and I get an error. Further testing has shown another strange symptom, I archived the USD account which it had previously selected and it still select this account (the archived one) and the problem persists. If anybody has the same experience or can suggest a fix I would be very grateful. Thanks
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To confirm this is the same with an expense, seems there is something strange with that account, it is called "Bank Paypal" and is USD denomination.
Hi, @scaramangamp.
Can you show me a few screenshots of the process leading to this? I can't seem to replicate the issue on my end and it'll give me a better idea of what might be happening. The more information you can share with us, the better we'll be able to help out.
Hi, I have submitted a ticket (736863).
I now have a separate issue with sales tax from a USD account. I have income going into a USD account which is recorded in USD. I try to apply the sales tax to this income but it does not calculate it correctly and it does not appear in the sales tax report. The sales tax is calculated correctly for any income recorded in my main currency, RWF.
Thanks, Marcus
Hi, @scaramangamp.
What do you mean by "Not calculated correctly"? Can you show me the numbers involved? What are you getting and what should you be getting?
That'll give me a better idea of how to help you out here.
I have a sales tax of 18% set up and this is attached to all income (whether from USD or RWF). This works perfectly for income stated in RWF. For example, for one line item I received RWF 242,373, in sales tax report I see a credit for RWF 43,627 - this is 18%. All good. However, for one line item going into a USD account I received an income of $891.69, the same sales tax is attached to this income, the revenue report says this is equivalent to RWF 762, 311 (which makes sense as an exchange rate of 854.9 RWF to USD). However, when I look at the VAT report I see a sales tax credit for RWF 116,285, this is 15.25% (not 18% as it should be). All income entries in RWF seem to have a 18% sales tax applied, all income entries in USD have approx a 15.25...% sales tax rate applied. Do you know why this is?
Hi @scaramangamp.
So what's happening here is that Wave isn't calculating the tax on top of that amount of $891.69, but assuming that this amount is the total of your income including taxes.
If you calculate your tax backwards from $891.69, you'll find that the numbers match up. That's how taxes are calculated when added on the Transactions page. You'll have to enter the full amount of that transaction and then add the tax instead.