Tax Retention
solusync
Member Posts: 1
Some clients retain a % of tax from the total payment, and I have that retention as pending payments, how can I remove it without saying it's a payment.
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solusync
Member Posts: 1
Some clients retain a % of tax from the total payment, and I have that retention as pending payments, how can I remove it without saying it's a payment.
Comments
Hey Solusync!
How you handle these retained amounts depends a lot on how the tax works in the real world. If you are still remitting the full tax amount to the government, then marking these invoices as paid could be as easy as adding an item with a negative amount equal to the amount remaining, and then applying payment to the invoice.
With that being said, the last thing I want to do is give you the wrong advice, and end up making your sales tax reporting incorrect. It's always best to start with the advice of an accountant before trying to tackle complex tax issues in Wave. With an accountant's advice as to which accounts and adjustments should be involved, someone in the community should definitely be able to help plug that knowledge into Wave!