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Report showing VAT

RubelRubel Member Posts: 1

Hi,
Could you please advise on how I can generate a report to show all purchases that are subject to VAT, between two given dates.

edited November 8, 2019 in Accounting Technical Support

Comments

  • MitchellGillespieMitchellGillespie Member Posts: 17 admin

    Hi @Rubel. Thanks for your question!

    Wave offers a Sales Tax report to help business owners understand all purchases that are subject to VAT for a given date range. When you log into Wave, do the following:

    1. Click on 'Reports' in the left navigation
    2. Click on "Sales Tax Report"
    3. On this page you can choose the date range you desire.

    The report will generate and share: Sales subject to Tax, Purchases subject to Tax, and Net Tax Owing.

    Thank you for asking, and I hope you have a great day,

  • stonelynkorganicsstonelynkorganics Member Posts: 4

    Hi @MitchellGillespie.

    Thank you for your response to Rubel's question. However, I am encountering problems trying to view my purchases subject to VAT.

    When I follow your instructions, the report generated is empty, as if I haven't made any purchases subject to VAT for the period inputted, whereas I know for a fact that I have made dozens. Could you give any reason why the generation of my VAT Sales Report may not be working?

    Many thanks
    Stephen

  • JamesLJamesL Member Posts: 2

    Hi there,

    I'm having the same problem as @stonelynkorganics.

    I should add I've added the VAT when processing the receipts.

    Has anybody resolved this please?

    Thanks in advance :smile:

  • MarioMario Member Posts: 4

    Having just started using this software unfortunately i dont see any capability for Purchase VAT. There is nowhere to set Purchase Vat Rate's or to record them. I cannot see any Purchase VAT Settings, either at GL Account Level or Vendor Level. This system is therefore NOT COMPATIBLE with UK Vat Reporting for Purchases.

    If someone at WAVE can prove me wrong i'd be very pleased to know......

  • MarioMario Member Posts: 4

    Hi @MitchellGillespie can you comment on above please?
    thanks in advance
    Mario

  • MarioMario Member Posts: 4

    Hi JamesL and @stonelynkorganics

    I've done some further playing around, i think ive worked out how its meant to work.

    In order to trigger 20% Vat on Sales AND Purchases you must first set up a (Universal) Vat Rate:
    Settings --> Sales Tax --> Create a Sales Tax
    I named mine "UK VAT 20%" and selected both 'Show tax number on invoices' and 'this tax is recoverable'. I inserted my Vat Number in the 'Your Tax Number' field.

    In order to record Input Vat on Purchases you must enter every Vendor invoice as a Bill (Purchases --> Bills) and select the 20% Vat during processing. This creates the Vendor entry and the Expense, including Vat. If you then run the "Sales Tax Report" it will pick up the Purchases VAT

    I could not work out a way to enter VAT on cash purchases, i suspect I will have to create a Cash Purchase Vendor and process as above, but make sure to Pay/Clear these "Vendor" items immediately. It's an end to a means for getting all VAT on the report. If you want to be more accurate you would need to create individual Vendors for every purchase, this might be more time consuming.

    I hope this helps

    Regards

    Mario

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey @stonelynkorganics @Mario @JamesL

    Just wanted to ask if you've set your VAT to recoverable? I have a feeling this might be the reason why you're not seeing the amount show up in your report. Can you try creating a VAT tax in your settings and set it to recoverable then attach it to a transaction and see if this appears?

    Let us know!

  • MarioMario Member Posts: 4

    Hi @BarsinA @JamesL @stonelynkorganics

    I have created a VAT tax as recoverable and it is showing correctly on Sales and Purchases transactions and the Vat report.

    thanks!

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Glad to hear it! @Mario

    Don't forget you can bulk categorize your transactions with a new sales tax by selecting the checkboxes beside the transactions and selecting the edit tool at the top to bulk add tax.

  • JamesLJamesL Member Posts: 2

    @BrsinA - thanks for the reply. I have checked in the settings and the box "This tax is recoverable" is greyed out. Any ideas? Thanks again.

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    @JamesL Sounds like the Sales Tax was created without being marked as recoverable. Once a tax has been created, you can't change whether it's recoverable or not. The best way to handle this moving forward would be to recreate the tax as recoverable, and apply it to the necessary transactions.

    As Barsin mentioned above, you can bulk change the sales tax on transactions to make this easier for you.

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