Sales tax reporting changes
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Sales tax reporting changes
We’ve made some major changes to how sales taxes are handled in Wave to simplify the process of reporting and remitting sales taxes.
All sales tax reporting in Wave starts with creating a sales tax...
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Hello
How do you get the GST from your uploaded receipts into the sales tax report? It seem to only be see the GST I've collected from invoicing and nothing in terms of my out going GST payments. Thank you
Hey @Caskey! As long as you are selecting the GST that you've created under Settings > Sales Taxes and made sure that it's listed as recoverable, you should see the total amount for each transaction listed in the Sales Tax report as well. If you have done this already, I would be happy to further investigate if you would like to share a screenshot of the recoverable tax you've created + that tax being associated with the expense transaction you've created.
Hi, I have a sales tax that i created, however when i did create it in Wave, i did not list it as recoverable when i should have, what is the best way to fix this ? Delete that created sales tax and create a new one as recoverable ? will this upset my current sales tax data ?
Regards
Hey @Jezza1983, I'm afraid due to the implications of recoverability there is no means of changing a Sales Tax once it has been created. You will need to recreate the Sales Tax to ensure it is recoverable and then apply it to the relevant transactions. I also would suggest renaming the old (non-recoverable) Sales Tax to avoid any confusion. You can accomplish this through Settings > Sales Taxes and then applying it on the Transactions page and relevant invoices through SALES > Invoices > All Invoices > edit. I do understand this is a less than ideal situation but to ensure integrity it must be handled in this way.
Hi, I'm looking for a way to include sales tax paid out on a capital item in the sales tax report.
I don't want to put that item into transactions as an expense, since it will be covered under CCA.
I may be missing something obvious but I haven't found it in here yet.
Thanks in advance.
EDIT - found it was already including it from the asset account.
I created a Sales Tax with 10%, filled the amount in a Transaction but on my Tax Report it shows 0 anyways.
What am I doing wrong?
Can anyone tell me, in detail, how to get a sales tax audit report?
Tim
The old Sakes Tax Audit reports had a summary and a detail (Audit) page. The new reports dont. How do I get the detail reports because the new summary report does not provide the correct information required for tax office reporting in Australia.
Hey @Wicked . Please ensure that the Sales Tax that you set up was set up as recoverable otherwise it will not show up in the Report.
@TJ_in_ZA & @Sailajo . The Sales Tax Audit Report was removed but the new Sales Tax Report includes the information previously displayed in the audit report. Additionally, if you head over to the Account Transactions Report and filter for your Sales Tax account, you can supplement this information with transactions.
Feel free to take a look at the following article for more information on the changes we've made to the Sales Tax Report.
https://support.waveapps.com/hc/en-us/articles/115004972126-Sales-tax-reporting-changes
Hi @alexlewiszarkos
Firstly, thanks for taking the trouble to reply.
Please can you explain, in detail, where this is hidden and how to get to it.
Again, please can you explain, in detail, how to do this.
Thanks,
TJ
It seems ludicrous that what was able to be achieved with one report, now needs three or four reports to check the work, and extract the correct information for tax office reports. It makes a big job out of a small one, and would be unsuable for an entity with many transactions.
SOLVED: Recoverable Tax -> that was the problem. Created a new tax and defined it - now the report is summing up the Numbers as should.
I was a bit dissatisfied as I could not change my TAX to a recoverable one so had to change all the Positions! ALso there was no way for me to filter for that non recoverable tax which would have been a huge time saver so I would've known on which positions I have to work on.
As is I had to go from top to bottom .
Hi @TJ_in_ZA . I'll try and be explicit as possible with this. We've taken away the Sales Tax Audit Report in the new version as all of your totals are displayed in the general Sales Tax Report. For example:
In the Audit Report you have the Taxable Amount (Before Tax) and the Tax Payable, as well as the Taxable Amount (Before Tax) and the Tax Receivable.
In the New Sales Tax Report, you have the Purchases Subject to Tax (= Taxable Amount (Before Tax)) and Tax Amount on Sales (= Tax Payable) as well as the Sales Subject to Tax (= Taxable Amount (Before Tax)) and the Tax Amount on Purchases (= Tax Receivable).
The language has changed, but your numbers will remain the exact same. The new report doesn't show each and every transaction, but to see this you can click into the account itself which will pull up another report with all of these details. Either way, all of the amounts that you need are listed in this single report, instead of having it spread out over two pages.
Hi @alexlewiszarkos,
An audit report would detail each and every transaction that was used to calculate the totals.
A report showing only the totals is nothing more than the briefest possible summary. It is in no way an audit report.
You said: "The new report doesn't show each and every transaction, but to see this you can click into the account itself which will pull up another report with all of these details."
If you're able, please could you explain, in detail, how to create and export a full Sales Tax audit report.
Thanks,
TJ
Hey @TJ_in_ZA .
As mentioned above in my previous posts, we've taken away the Sales Tax Audit Report in the new version. The balance totals still exist in the new Sales Tax Report, and the transactions which make up these balances exist in the Account Transactions Report which is linked through the new Sales Tax Report when you click on any of the accounts listed.
As the Sales Tax Audit Report doesn't exist in the new version, I can't give you instructions on how to access it, although my instructions from previous posts will allow you to access the same information, but spread out over two reports. This is the next best way to access this data.
I hope this makes sense, but if you do need me to explain it in a different way let me know.
Yes, please can you explain, step-by-step, click-by-click, how to create the desired report. I couldn't figure it out form your previous posts above.
Thanks,
Tim
@TJ_in_ZA Hey Tim! Thanks for getting back to us. The reports that Alex is referring to can be found on your Reports page. Both the Sales Tax report and the Account Transactions report, can be found there. You can access the Reports page on the left had side of your account, just below the Banking tab.
Hi Zoe,
I have no problem finding the Sales Tax report or any of the other reports that Wave offers.
The problem is that there is no Sales Tax Audit report.
In other words, a report that details each and every transaction that goes into the calculation of the Sales Tax report.
Alex (and I think someone else too) has said that it is possible to combine, manipulate and massage other reports in order to create a Sales Tax Audit report.
However, no one seems willing to actually explain, in detail, how to do this.
Perhaps you or Alex would be kind enough to do that. I know I am far from being the only person keen to know how to do it.
Thanks,
TJ
@TJ_in_ZA I'll reiterate Alex's instructions with as many details as possible. Like Alex said, Audit Reports in full are no longer accessible in the new version of Wave. However, here are the detailed steps to see the detailed transactional breakdown of the summative balances posted in your current Sales Tax Report.
1) Head to Reports > Sales Tax Report
2) From here, you will see all of your tax accounts. I've provided a screenshot of my own test account:
3) Click on the account you'd like to see a detailed transactional breakdown for (i.e in the screenshot above, I'd select the HST 13% account in blue).
4) After clicking on the Account, you will be linked to the detailed breakdown of transactions within the sales tax account. See the screenshot of my own test account below (don't mind, my test account is for a candy store so I've sold a lot of lollipops!). While clicking on the tax account in step 3 links you to this report, this same page, the detailed transactional breakdown of what's in your tax liability account can also be found by heading to Reports > Account Transactions > select for HST 13%.
Like Alex said, there is no one report that combines the summary and detailed transactional breakdown like the Audit report did in the older version. However, by using the steps above, you can combine the two reports to have the same information that you did in the Audit Report. I hope that clears things up!
Hi there,
Thank you for your explanation, it's the first time someone has actually given a complete answer to my question.
Regrettably, that report is very scant on detail and still doesn't provide all the information required when our tax authority requests a Sales Tax Audit Report.
I think I have to accept that this is one of Wave's numerous deficiencies.
But a proper Sales Tax Audit Report is very much on my wish list, along with the glaring omission of the ability to create credit notes and the inability to include discounts on invoices.
TJ
Same here - I used to have to use the Sales Tax Audit Report since the Sales Tax Summary doesn't provide information required for Singapore businesses. Bl**dy annoying that my account gets upgraded to this new 'feature' just a few days before a sales tax return is due. NOT helpful 😡
To explain my exact problem now:
We import goods. We pay for them in a foreign currency but when we import them we must pay sales tax (GST).
The import tax transaction in wave in local currency is 100% GST; it does not include the value of the goods (since these were paid in a foreign currency).
We are required to declare the total value of taxable purchases - but the wave sales tax summary does not include the transaction for the purchase of the foreign goods since this was a transaction in a foreign currency.
I used to use the Sales Tax Audit report to spot those discrepancies and add in the value of the foreign purchases. Not possible any longer.
Grrrrrr
I dont get it.
The new report is not ordered clearly by invoice no. but by item in the invoice.
This does not do it for me. Can we have the old sales tax audit back please?
Dear wave team. For Canadian TAX report we must see and report at least 3 numbers.
101 - Sales and other revenue
105 - Total GST/HST and adjustments for period
108 - Total ITCs and adjustments
Unfortunately for 101 - Sales and other revenue, we have to build additional report P&L. It is OK but is it uncomfortable.
Hey @VikTH0R . Wave is used globally, and therefore it is geared for the general needs of a user. As much as we try to make the site fully functional for every single one of our users, it may not address all the compliance and tax needs that everyone needs. Regardless, thanks for bringing this up and putting it on our radar.
Well, I spend hour with 2 support team to build or see how to build similar to "The Sales Tax Audit Report"
WOW great "improvement".
"Ah, I see what Tom was directing you to do earlier. In this case, if you need to see both the transaction and the tax as separate items in the report, you would need to export the accounting data, then open it in the spreadsheet software. From there, you would need to use the software to filter for the correct dates you need (since the data will stretch back to 2016) and you should have the information you need there. Otherwise, we wouldn't have this information available in Wave as a report.
That being said, while we don't have this available right now, I'd be happy to pass this along to the product team as a feature request, if you'd like."
Dear WAVE developers team.
Do you have approximately date from Road Map when you will put back "The Sales Tax Audit Report"?
I am not understand reason why you take out this report but workaround doesn't work for me.
Hi Alex, I sow you make similar comment in a different topics. "Wave is used globally,..."
I have to disagree with you. Royal Bank of Canada promoted WAVE and recommended WAVE for Canadian customers.
http://www.rbcroyalbank.com/business/campaign/ecosystem/fall2017/wave/index.html
I like this "Better financial software means better business." realy??? Did any RBC product manager read forums and how many problem after update customers have?
New Version is chaos and frustration.
Hi @VikTH0R . Just a heads up, I did send you a DM to follow up directly with you. I'll quote what I said above and if you have any further specific questions about the Sales Tax Audit Report, feel free to ask
Hey Wave,
I noticed that my sales tax report has completely different items for the accrual and cash options. Shouldn't they essentially overlap, given that there is only one invoice that I have not collected on? Sales tax deadline is coming up in NYC so I would appreciate a speedy answer! Thank you