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How to handle GST and HST in Wave

Asker123Asker123 Member Posts: 1

I was in Ontario and collecting and remitting HST 13%. So I created one tax in Wave called HST
Now I am in Manitoba and the kind of work I do only applicable tax is GST which is 5%
Now if I select the HST as tax on invoice , I can not modify the tax % on the invoice ( it is defaulted to 13%) .So I have to create a new tax called GST 5% and then I can select it on invoices.
Problem is now it created two different journal accounts .. one is GST and one is HST...
Earlier "HST payable" and "HST receivable" were there . Now Wave also added 2 more journal accounts "GST payable" and "GST Receivable"...
Does any one know how can I do it in such a way that I could rename my previous tax as GST/HST so that accounting entries go to one set of accounts...
Because GST and HST are remitted together , it would be nice to have single journal account to see how much I collected and how much I owe to Government.
Specially as I am using quick method, now when I remit less than what I collect, I would need to pass accounting entires to two set of accounts.

Sorry for long question. I hope it is clear but let me know if not . I will try to again explain what I am trying to do.

in Accounting Technical Support

Comments

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

    Hi, @Asker123.

    I'll start by saying that I can't give advice on matters of tax compliance, as I am in no way a tax specialist. For any question regarding compliance to the rules of your tax administration, you'll have to speak with an accountant. They'll have more insight than I could possibly offer, and will be able to explain why something should or shouldn't be done a certain way. So unless you have the go-ahead from a tax specialist, ideally a local one who's more than familiar with your tax system, I would keep those two taxes separate.

    There's no way to retroactively change the tax on everything elegantly. You can change the tax for most of your transactions in bulk, but you will have to go and change them manually on past invoices. It might be more convenient to create a new combined tax and just use that one from here onwards.

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