The Place of Display of Tax Number should be adjustable. It appears adjacent to the Tax itself on Invoice. Hence it is shown at each Tax Item. It is a Common item which should Appear in Heading of Invoice. Preferably below the word Invoice.
Also there is No Provision to Add and Display Tax Number of the Customer / Client.
@Vishi we appreciate your feedback! One thing that helps our developers build out a product is understanding how this will improve your workflow. If you can provide more context, that will be super helpful!
is it possible to add sales tax amount automatically with importing transactions from cvs file.
after importing editing each transaction possible but it may takes time if you have lots of transactions.
Appreciate your help
@bariskiremitci first off, welcome to Community and hope you're liking it so far! At this point, our CSV uploader doesn't allow for the addition of sales tax to be included but I this idea! Would love to see this made in the future!
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.
I’m following up on this post from @Richard_Wise regarding business purchases that were made on a personal credit card and how to enter them in Wave. I have the same question about sales tax and would like some clarification (the link to the article was broken). If we want to be able to capture the sales tax, are you suggesting to enter the purchase as an expense transaction rather than a journal entry? Is that correct?
I may need a bit more info in understanding the use case scenario here. Could you kindly describe exactly what this transaction looks like, how it was paid and what you're looking to document for the sales tax. Was this a sales tax payment to the government? Any additional info would help us create a sound followup as to whether this can be done.
If I made a purchase for my business on my personal credit card, should I enter this as a transaction or a journal entry? Does it matter? A little confused about the proper way to do this after reading different posts on this topic. When I enter the purchase in Wave I also want to make sure I’m recording the sales tax I’ve paid to the vendor. What is the proper way to make this entry? I’ve got many expense and asset purchases I need to record that were made on my personal credit card before I got my business credit card.
First you'll want to create an equity account called "personal" or "personal checking" (this naming convention is up to you). You can also use our owners equity account which our system adds a default.
If you're recording a business expense made by a personal account you'll want to create an expense transaction on your transactions page and make the account the equity account of your choosing.
Here you should be able to add a sales tax, or categorize it to a bill which you can create under purchases section that allows you attach your vendor to it. I hope this makes sense!
Hi, Ive read these posts, & still not sure if this is possible, Im in Australia we have GST inclusive on income from sales or service or an expense.
Can I enter the total amount (as what would appear on a csv import file), making the expense category eg. Fuel... inclusive of 10% GST, so for each item I'm not having to calculate & deduct the 10% from the end cost to separate the 2?
Or is there another way of entering the total amount inclusive of GST and the tax is deducted and split, rather than added and split?
Hey @Rox! Great question here. At present, there is no way within an invoice or otherwise to have the GST inclusive. I'm sorry for the inconvenience here!
I am creating a tax, but it only give me 2 options: Recoverable Tax or Compound Tax. Which one should I select if If the tax that I am collecting is non-recoverable?
If your tax is non-recoverable, you can uncheck this box! The only mandatory fields are the ones with the red asterisk. Hope this helps but reach out if you need more clarification.
Hello, in my business, part of the fee is service charge and part rental charges. I only tax on the rental portion. How do I keep them separate for my records but just show the client the total charge for all 3 (service, rentals and taxes)? Is there another, internal way I can record this,like in another invoice I keep in-house?
Thanks
When creating an invoice, taxes are applied on a per-item line bases. When you create an invoice to send to your customer, you can include the service charge and rental charge line items separately. Then, you can add the appropriate sales tax to the rental charge line item. This way, your customer will be able to see the invoice breakdown and everything will be accurately recorded on your end. However, if you are looking to have everything recorded in one line item, Wave won't be able support this since the sales tax would be applied to both service and rental charges.
For more information, feel free to check out our Invoice like a pro Help Center article.
Hello, I had created a sales tax at the beginning of my set up in Wave, but didn't select either recoverable/non recoverable option. It doesn't let me do it now, do I need to create an entirely new sales tax to select the recoverable option, so my GST paid on purchases will be reflected on the sales tax report? Then apply it to all the transactions to get an accurate report?
Hey @Vitality_Collective1 , as it turns out, you would need to create a brand new tax that's marked as recoverable and replace all of your older implemented taxes with it. This will allow you to generate accurate reports.
Hello, I need to create an invoice that shows 0% VAT on non-taxable items such as eggs and vegetables in order for me to submit these invoices at the end of the tax year. In other words if my invoice does not indicate "no tax or 0%" then our revenue service does not accept it. It's only possible to create a VAT line once and 0% is not allowed, any idea how I can get around this?
What you can do is create a sales tax with a value of 0% and select this from the Tax drop down on your invoices. To create this tax, head to Settings > Sales Taxes, and click Create a Sales Tax.
Comments
The Place of Display of Tax Number should be adjustable. It appears adjacent to the Tax itself on Invoice. Hence it is shown at each Tax Item. It is a Common item which should Appear in Heading of Invoice. Preferably below the word Invoice.
Also there is No Provision to Add and Display Tax Number of the Customer / Client.
@Vishi we appreciate your feedback! One thing that helps our developers build out a product is understanding how this will improve your workflow. If you can provide more context, that will be super helpful!
is it possible to add sales tax amount automatically with importing transactions from cvs file.
after importing editing each transaction possible but it may takes time if you have lots of transactions.
Appreciate your help
@bariskiremitci first off, welcome to Community and hope you're liking it so far! At this point, our CSV uploader doesn't allow for the addition of sales tax to be included but I
this idea! Would love to see this made in the future!
Hi @EmmaP
I’m following up on this post from @Richard_Wise regarding business purchases that were made on a personal credit card and how to enter them in Wave. I have the same question about sales tax and would like some clarification (the link to the article was broken). If we want to be able to capture the sales tax, are you suggesting to enter the purchase as an expense transaction rather than a journal entry? Is that correct?
Hey there @MariaM
I may need a bit more info in understanding the use case scenario here. Could you kindly describe exactly what this transaction looks like, how it was paid and what you're looking to document for the sales tax. Was this a sales tax payment to the government? Any additional info would help us create a sound followup as to whether this can be done.
Thanks @BarsinA
If I made a purchase for my business on my personal credit card, should I enter this as a transaction or a journal entry? Does it matter? A little confused about the proper way to do this after reading different posts on this topic. When I enter the purchase in Wave I also want to make sure I’m recording the sales tax I’ve paid to the vendor. What is the proper way to make this entry? I’ve got many expense and asset purchases I need to record that were made on my personal credit card before I got my business credit card.
hey again @MariaM
First you'll want to create an equity account called "personal" or "personal checking" (this naming convention is up to you). You can also use our owners equity account which our system adds a default.
If you're recording a business expense made by a personal account you'll want to create an expense transaction on your transactions page and make the account the equity account of your choosing.
Here you should be able to add a sales tax, or categorize it to a bill which you can create under purchases section that allows you attach your vendor to it. I hope this makes sense!
Thank you! That’s how I thought it should be done, but just wanted to make sure.
Hey @HBHarvest! That can be done from Settings > Sales Taxes within your Wave account.
Hi, Ive read these posts, & still not sure if this is possible, Im in Australia we have GST inclusive on income from sales or service or an expense.
Can I enter the total amount (as what would appear on a csv import file), making the expense category eg. Fuel... inclusive of 10% GST, so for each item I'm not having to calculate & deduct the 10% from the end cost to separate the 2?
Or is there another way of entering the total amount inclusive of GST and the tax is deducted and split, rather than added and split?
Thanks Deb
Hey @Rox! Great question here. At present, there is no way within an invoice or otherwise to have the GST inclusive. I'm sorry for the inconvenience here!
I am creating a tax, but it only give me 2 options: Recoverable Tax or Compound Tax. Which one should I select if If the tax that I am collecting is non-recoverable?
Hey there @DianaGhersy
If your tax is non-recoverable, you can uncheck this box! The only mandatory fields are the ones with the red asterisk. Hope this helps but reach out if you need more clarification.
Is it possible to add a sales tax on multiple transactions at once?
Hey @Vlad !
You sure can! We have a great Help Center article with a guide. Feel free to check it out here. Please refer to the Bulk Tax Application header.
Hello, in my business, part of the fee is service charge and part rental charges. I only tax on the rental portion. How do I keep them separate for my records but just show the client the total charge for all 3 (service, rentals and taxes)? Is there another, internal way I can record this,like in another invoice I keep in-house?
Thanks
Hey @acc9901 !
When creating an invoice, taxes are applied on a per-item line bases. When you create an invoice to send to your customer, you can include the service charge and rental charge line items separately. Then, you can add the appropriate sales tax to the rental charge line item. This way, your customer will be able to see the invoice breakdown and everything will be accurately recorded on your end. However, if you are looking to have everything recorded in one line item, Wave won't be able support this since the sales tax would be applied to both service and rental charges.
For more information, feel free to check out our Invoice like a pro Help Center article.
Hello, I had created a sales tax at the beginning of my set up in Wave, but didn't select either recoverable/non recoverable option. It doesn't let me do it now, do I need to create an entirely new sales tax to select the recoverable option, so my GST paid on purchases will be reflected on the sales tax report? Then apply it to all the transactions to get an accurate report?
Hey @Vitality_Collective1 , as it turns out, you would need to create a brand new tax that's marked as recoverable and replace all of your older implemented taxes with it. This will allow you to generate accurate reports.
Hello, I need to create an invoice that shows 0% VAT on non-taxable items such as eggs and vegetables in order for me to submit these invoices at the end of the tax year. In other words if my invoice does not indicate "no tax or 0%" then our revenue service does not accept it. It's only possible to create a VAT line once and 0% is not allowed, any idea how I can get around this?
Hey @Johann_Laubser1 !
What you can do is create a sales tax with a value of 0% and select this from the Tax drop down on your invoices. To create this tax, head to Settings > Sales Taxes, and click Create a Sales Tax.