Home› Accounting› Accounting Technical Support

Sales tax for UK VAT

kookoo Member Posts: 2

I am setting up my first VAT registered company on Wave and, coming from Sage, I have a question about the various codes I used to use on there. I had the standard T1 for 20% VAT, T0 for 0% VAT and T9 for transactions that were left off the VAT return completely, such as journal transactions and certain financial transactions. Do I need to create all 3 of these in Wave? I there a risk that journal transactions will appear on the sales tax report?

in Accounting Technical Support

Comments

  • kookoo Member Posts: 2

    Thank you for that. I have done this but when I have a zero-rated transaction and I want to mark it with the ZR tax code, I can't post the receipt to accounting as it will not accept a £0.00 figure in the sales tax field...

  • Ryan_WRyan_W Member Posts: 452 ✭✭✭

    Hey @koo I have notified our developers of this issue and they will have to look into the cause. For now, you should be able to edit the resulting transaction that is created on your Accounting>Transactions page and add the zero-rated tax onto it after the fact.

Sign In or Register to comment.