Sales Tax issue

Jezza1983

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

Samd

Hey @Jezza1983! That would be the best option. Depending on how far back it goes, you could replace the old tax on your transactions so that they are now classified as recoverable. If that is too tedious or manual though, instead you'll want to head to Reports > Account Transactions, and then filter down to the tax liability account that was created for this non-recoverable tax. This should give you the current value. Make note of that, and then head to Accounting > Transactions, where you can create a Journal Transaction. You'll want to move the balance of your current tax liability account, to the new one that was created when you generated a new, recoverable sales tax.