How to enter Excise Tax (sales tax) payment?
JeffersonVisuals
Member Posts: 4
I have to pay excise tax payments quarterly and I was wondering what is the best way to enter my payment to the state in wave? Thanks so much!
0
JeffersonVisuals
Member Posts: 4
I have to pay excise tax payments quarterly and I was wondering what is the best way to enter my payment to the state in wave? Thanks so much!
Comments
Hey @JeffersonVisuals, to account for excise tax payments in Wave, I'd recommend heading over to Accounting > Chart of Accounts, and generate a new expense account specifically for Excise Tax. If you have your bank account connected that draws in transactions, you can categorize these payments as they come in. Otherwise, you should be able to create an expense transaction manually and have it categorized as Excise Tax.