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Substracting tax from subtotal on invoice not possible?
Shogunlexus
Member Posts: 1
Currently operating in Spain, and invoices sent to other companies, have to include a sales tax, but also substract a state/country tax. In all other accounting software and sites that i used, this could be easily done by making the % number a negative (for ex, add a second tax, -7%). This gives an error in Wave. Is there any work around for this?
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Hi, @Shogunlexus.
There's currently no way handle taxes like these in Wave. But you aren't the first person to bring it up recently, however.
You could set up your negative tax as a line item on your invoice for the amount of the taxes, but negative. It won't show up on your tax report, but if you categorize that line item to its own income category, finding the total amount come tax time won't be difficult.
OH NO!!!
I was very confident Wave was the right choice for me, until I discovered it can't handle Withhold Taxes!! That's a real problem, and will possibly force me to choose another system...
I'm operating in Spain too, and when paying my rent to the landlord of the premises, the bill comes with a withhold tax; amount that I will have to pay to the authority on the owner's behalf.
It works about like this:
Invoice (Bill) received example:
Monthly rent = 1000€
Base = 1000€
VAT (21%) = +210€
IRPF(-19%) = -190€
TOTAL = 1000+210-190 = 1020 €
I would need a way to track/log all IRPF amounts, in a similar way than with VAT, since it needs to be declared to the Tax department every quarter.
Researching this community forum, I realise I'm not the only one suffering from the absence of this essential feature.
Any update/comment on a potential fix?
Thanks.
Hello again @Dedric! I replied to your other Comment regarding this kind of product enhancement.