Hey @Bryansxviper! It sounds like that same functionality should be available in Wave, albeit perhaps with a little more manual effort. What I might suggest doing here would be to create an account within your Chart of Accounts that would let you track these PST liabilities. With that said, though, the support staff here at Wave are not accountants, so it's very possible there are some better ways to track this! You might want to reach out to a local tax professional for some help, or perhaps consider posting in the 'Find a Wave Pro' section of the Community forums here
OK thanks, Thats what i kinda thought as well. I created an account under liabilities called PST - Purchases. I then make a journal entry for the PST amount as a debit and credit the same amount to the account that the purchase applies to. This still makes the entry balanced and allows to track how much i need to pay at the end of the year.
I agree with earlier comments that we need a little more support for handling multiple destination-based sales tax rates for professional invoice creation. Personally, I can manage setting up the individual tax rate accounts, but I would like to choose the label that shows up on the final invoice. Currently, the name and abbreviation field are unique for each sales tax account; I think adding a simple non-unique label field for invoice display can solve the trick
I’m going to try to explain this the best I can haha.
So I’m in Canada and each province has different sales tax amounts. I don’t add each sale individually to Wave as most times the amounts from sales get transferred to my account in a group.
So say I had 5 sales on 1 day and 3 sales were in Ontario and 2 were in Manitoba. Then the next day all 5 sales get transferred to my account as one deposit. On my bank statement it would show as a single deposit, say from stripe. How would I add the HST collected from my Ontario sales and the PST collected from the Manitoba sales into wave. If the 5 sales equaled $1,000 not all of it would be the same tax.
I usually upload my bank statements once a month and go through them and reconcile etc, but I need a way to track the different taxes I am collecting. I wouldn’t be able to choose “include tax” option as there’s multiple taxes on one transaction.
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Hey @Bryansxviper! It sounds like that same functionality should be available in Wave, albeit perhaps with a little more manual effort. What I might suggest doing here would be to create an account within your Chart of Accounts that would let you track these PST liabilities. With that said, though, the support staff here at Wave are not accountants, so it's very possible there are some better ways to track this! You might want to reach out to a local tax professional for some help, or perhaps consider posting in the 'Find a Wave Pro' section of the Community forums here
OK thanks, Thats what i kinda thought as well. I created an account under liabilities called PST - Purchases. I then make a journal entry for the PST amount as a debit and credit the same amount to the account that the purchase applies to. This still makes the entry balanced and allows to track how much i need to pay at the end of the year.
I agree with earlier comments that we need a little more support for handling multiple destination-based sales tax rates for professional invoice creation. Personally, I can manage setting up the individual tax rate accounts, but I would like to choose the label that shows up on the final invoice. Currently, the name and abbreviation field are unique for each sales tax account; I think adding a simple non-unique label field for invoice display can solve the trick
So I’m in Canada and each province has different sales tax amounts. I don’t add each sale individually to Wave as most times the amounts from sales get transferred to my account in a group.
So say I had 5 sales on 1 day and 3 sales were in Ontario and 2 were in Manitoba. Then the next day all 5 sales get transferred to my account as one deposit.
On my bank statement it would show as a single deposit, say from stripe. How would I add the HST collected from my Ontario sales and the PST collected from the Manitoba sales into wave. If the 5 sales equaled $1,000 not all of it would be the same tax.
I usually upload my bank statements once a month and go through them and reconcile etc, but I need a way to track the different taxes I am collecting. I wouldn’t be able to choose “include tax” option as there’s multiple taxes on one transaction.
Hope that makes sense!