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Sales Tax Transaction Category

CamulTreeCamulTree Member Posts: 3

Hi - I have made a payment to UK tax authority (HMRC) for sales tax (VAT) due. This is now appearing in Wave as it has been loaded from my bank transactions. I'm not sure how to categorise this correctly so it shows as me paying off my sales tax debt. I can't see a suitable category that I'm meant to use. Any help gratefully received.

in Accounting Technical Support

Comments

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

    Hi, @CamulTree.

    It's nothing too complicated. First, you'll have to delete this transaction. Once that's done create a journal transaction. Debit your Sales tax account for the amount of the payment, and credit your the bank account you've used to pay those taxes.

    Let me know if you have any questions!

  • CamulTreeCamulTree Member Posts: 3

    That's great - thanks very much!

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