Sales Tax
Debbie_G1
Member Posts: 1
Hi, have set up Sales Tax and followed the steps as per instruction however it's not showing up on my Report for sales tax.
in Using Wave
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Debbie_G1
Member Posts: 1
Hi, have set up Sales Tax and followed the steps as per instruction however it's not showing up on my Report for sales tax.
Comments
Hi @Debbie_G1 . After adding a Sales Tax to your account, you should then apply these to your invoices and transactions so that this information appears in your Sales Tax Report. Because this doesn't have a retroactive effect, if you have invoices and transactions that were already created before adding your Sales Tax, you will have to go back into them and apply the Sales Tax so that this appears in your Reports.
Additionally, please ensure that your Sales Tax is set to 'recoverable' otherwise the tax information will not appear in the Sales Tax Report.
@alexlewiszarkos My sales tax is NOT set to recoverable, but it won't allow me to change that now. I'm afraid if I delete this sales tax, it will mess up all the transactions I've already done. Can you help me?
Thanks!
Tatia
Hey @tatiav, thank you for getting back to us on this one! As Alex mentioned above, you must apply sales taxes to your transactions & invoices manually and your sales taxes must be set to recoverable to be included on your Sales Tax Report. If your Sales Tax is not set to recoverable - this means it will not generate in the "receivable" field of the Sales Tax Report. Due to the implications of recoverability there is no means of changing this once the Sales Tax 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 would also 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.
Thank you, @Zoe_caff ! I actually have a call tomorrow morning with the Accounting Specialists and I'm sure he'll walk me through all that.