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VAT Receivable Account

sugeeshasugeesha Member Posts: 1

Hi,

I can see VAT payable in my balance sheet but my VAT receivable account do not show any transactions even I have inputted VAT on invoices paid to supplies which are recoverable. Can you please help?

in Technical Support

Comments

  • Petra_BPetra_B Member Posts: 37

    Is it possible that you didn't set your tax as recoverable when you created it, @sugeesha? I did that when I got started and it was a SUPER annoying mistake to fix.

    You can check that out in settings, on Sales tax. There's a box that you would've checked if you set it up right. And you can't change that after the tax is created. If you didn't set it as recoverable, you'll have to make a new tax, check the right box, and go change the tax on everything you have in Wave. That'll mean going through invoices, bills and transactions, one-by-one, for anything with a tax. Once you've changed everything you'll be able to clear the tax that was set up wrong.

    I'd also recommend renaming the old one, just to make it easier to tell them apart. I had renamed mine "GST - CHANGE ME".

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