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TAX Sales tax not being offset with captured Reciepts tax
OHEC
Member Posts: 3
I have captured all my receipts with your the waves receipt app , VAT has been added to all reciepts.
I have added a sales tax to my invoices and charged to multiple customers
I can see in the reports menu Sales Tax that it is adding up all the invoices where I am charging VAT, the issue comes in as all the reciepts I have captured with VAT added are not show up in the reports menu.
I can only see total of vat of invoices charged out even though I have captured all my receipts with VAT tax.
Please can you help me understand why all my captured reciepts aren't getting added to my sales tax report.
The only way i can see my reciepts is in the reciepts tab but it doesnt give totals.
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Hey @OHEC. In this situation, can you confirm whether or not that the transaction that was created from the Receipts section actually includes the VAT? If so, it would be super helpful if you could include a screenshot in this thread so we can do a bit of further investigating here (perhaps of the transaction, as well as the tax not being properly applied to the reports section).
Tell me if this is correct.
I made a tax initially and then I had to make another sales tax.
Both 15 percent. One labeled Tax(unrecoverable) and the other Taxout(which I made recoverable)
When I sell stuff I put the Tax on. When I buy stuff I put the Taxout on.
Now when I go to my sales tax report I can see that it is making it it show with the taxes offsetting each other.
Did I fix it the right way?
@OHEC To me it sounds like the right way for your business in Wave specifically, but I'm definitely no expert when it comes to tax filings in the UK and how VAT reports should look. Perhaps @MerlinAccounts_UK could weigh in here to give us a bit more insight?
I wander if I just had one tax that is recoverable and apply that to sales and to purchases if it would balance.
It took me so long to ga back and change all the taxes.
So here's hoping that I'm doing it the right way.
Hey @OHEC, thanks for reaching out! As long as you have created and you are applying your taxes correctly they will appear successfully on your Sales Tax report for you! I also recommend having a read through This Help Centre article for more info on recoverable Vs non recoverable taxes!