How to add a sales tax
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How to add a sales tax
Perhaps you're the kind of person who likes to get everything set up and organized in advance, or maybe you prefer to tackle tasks as they come up. Either way, we've got you covered.
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How to make item price sales tax inclusive? I see no option.
Hey @Reddy. As of right now, there isn't a way to add a tax to the total of the invoice -- only for each specific line item. This could be something that's available in the future, but we don't have any immediate plans in doing so just yet.
Hi Jamie, We've been looking for this option too. Prices we usually give customers are inclusive of VAT, as much as we love WaveApps, I think this is one of the features that it's lacking. If this can be added for future plans then it will be awesome. Thank you and keep up the great work
Hey @MatthewW , @ReubenR , thanks for chiming in on this, as you know this is not feature right now and is not on our immediate roadmap, but enough user feedback and context definitely is a step in the right direction to change that.
Is there a way to auto add tax to line items perhaps? So it eliminated the need to click the (Add Tax) button for each line item but instead adds the tax automatically?
Hey @Markde -- Not currently.. taxes will need to be added manually to the line items on invoices. This could be something that's implemented or changed in the future (we're currently exploring improving our invoicing feature) but I can't guarantee that this is something that will be added to a roadmap.
Hi, It would be great if the tax code comes from the customer information. We run a small import business and sell our items across canada. Taxes differ from one province to the next. I'm trying to move from Quick Books to Waveapp and I hate to compare because I really like Wave but QB simply uses a value I enter in the customer's details. I enter this when I created the customer. I don't always remember that Alberta for example has 5% GST and Ontario has 13%HST. We have some customers that are first nations that are tax exempt.
It also makes the "create invoice" UI less busy. I just select my items and taxes are calculated at the end. less input boxes means less possible mistakes
Hey @DecorSense, thanks for reaching out! I do agree that this feature would be super helpful! Unfortunately it is not available in Wave currently and I can't say that it is on our immediate roadmap. I know that you are not the first person to ask for this functionality, so I hope that we will be able to add customizable taxes to customers at some point, in the meantime I hope manually adding them is not too time consuming!
Hello and thank you for all your work! I have a question. In France, we have a tax at 5.50% (yes, we make it simple ...). But I do not see any possibility of putting a tax that is not a complete number. Do you see a solution?
Hey @ArthurK . When adding your tax under Settings > Sales Tax, you can add the tax at 5.5% which should work in the system. If you're seeing any error messages, feel free to attach them as a screenshot to this thread so I can take a further look!
Thank you very much for your answer @AlexL . It works perfectly! Thanks again to all the team for your hard work!
Hi. I'm just beginning to use Wave, I have set up the sales tax already. But I was wondering if Wave is able to automatically calculate the sales tax on the receipts. It seems I need to select the proper sales tax for each receipt and then have to fill in the amount manually.
Hi @GPD . That's correct. At the moment, you have to select the tax amount and then add the amount of the tax.
I am a bit confused. As a Tupperware consultant I charge 13% HST on orders I receive. When I place my order to Tupperware I pay 13% HST so is that recoverable or non-recoverable (I am in Canada)?
Hey @Pepsigal . Looks like you were able to solve this over chat with the help of our support team!
No on chat we were discussing another issue I had questions on.
Hey @Pepsigal! Unfortunately, since this has to do with local taxes (and whether or not they're recoverable), you're going to want to reach out to a local tax professional on this. The last thing we'd want to do is give you advice that might get you in hot water!
I would like GST to be automatically added to every invoice I create. I'd hate to forget sometime. How can I do this?
Hey @Leadership_Ninja1 . Although you can't have tax automatically added to every invoice, taxes can be associated to the product itself so that when you add it to an invoice, the tax is added as well. WHen creating a product under "Products & Services", ensure to add your GST tax to it as well.
Hi @NSP2020 . You'd have to verify whether or not it's recoverable as we can't advise on specific taxes. I'd recommend reaching out to an accountant or CPA who should be able to advise you on this. In regards to the amount of the product, if you add the tax to the product in the invoice, you should be able to play with the price of the product to determine what numbers works.
Thanks that will work
I have been using Wave for a few years to track all my credit card payments. No issue works great and I can track my recoverable and payable GST no problem. Recently though I had to invoice someone for multiple things and I can't seem to figure out how to track the GST part of the invoice in the transactions. I need to track it because this is how I determine how much GST to pay the government. If the GST from this invoice doesn't show as incoming then what I think I owe will be incorrect.
HI
I don't think this is possible, but maybe there is another way to transact it....
I use a journal entry to show purchases for the business I have made on my Personal Credit Card (e.g. online). the journal entry allocates the expense to the right category (e.g. stationary) and balances to the "Shareholder drawings" account. That is all fine to show the expense, but I can't find a way to register that journal expense for Sales Tax (GST).
Can I account for the GST component of a journal expense (reimbursement to shareholder in fact) and have that applied to the Sales Tax account. Is there some other journal entry I could/should make to effect the GST component of the cost?
Note: I do aim to remove the use of personal credit card for business, but there are a few lagging small transactions from start-up (and my business debit/credit card is not yet available) that I would like to collect the GST on.
Thanks in advance
Richard Wise
Is there a way to apply a sales tax automatically to a specific account everytime?
Hi @roslyn! Thanks for reaching out! Take a look at this Wave guide on Sales Taxes to see how to add a specific sales tax to a transaction so you can track it!
Hey @Richard_Wise! Could you create the transaction on the 'Transactions' page with the account as 'Shareholder Loan' and the category as 'stationary'. Then you can use the steps in this Wave guide to add a sales tax to the transaction so you can track the tax - Sales Taxes.
Hi @JoePublic! At the moment this type of automated feature is not available in Wave.
Some of my work is contract base which includes sales tax.
When i enter the amount less sales tax, the sales tax rounds up by 1 cent. Is there a way to manually adjust the sales tax amount?
Hi @sd96112 , I'm afraid there isn't. What you can do is add an extra product/service line in the amount of -/+ $0.01 which will even it out for you.
For some reason I can't check the box that says "This tax is recoverable" . It is blanked out for me. Is there a way to change that? thanks!
Hey @BlueCroftFarmer!
The recoverable tax box will be greyed out for all Sales Taxes that have already been created and saved. In other words, you cannot change the recoverable/non-recoverable status for Sales Taxes that have already been saved. Instead, you'll need to create a new Sales Tax and save it as needed!
If you are doing so retroactively, that means you'll also need to delete the old, non-recoverable Sales Tax, and then reapply the new, recoverable Sales Tax to past invoices, bills, etc. as necessary. You can learn more about recoverable vs. non-recoverable taxes here.