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GST Included in payment but showing as liability?

CurtinpsjodienCurtinpsjodien Member Posts: 1

Hi, I have processed a vendor invoice, paid $535.62 which included 10% GST of $48.69. I have paid the full amount and marked the invoice as paid $535.62 however, Wave is showing $48.69 the GST element as a liability? Does anyone know if I am doing something wrong? Seems wierd...would be grateful for any advice, thanks

in Accounting Technical Support

Comments

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @Curtinpsjodien . Any of your Sales Tax accounts will be created as a Liability account as a sales tax is money owed to the government. This is why you're seeing the GST tax listed as a liability.

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