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Tax in Transaction Portal

DhenDhen Member Posts: 1

Hi,

Is there a way in Transaction that I can categorize an entry as tax? Basically, the bank statement I link to it segregates the bank charges from associated vat. For example, a bank charge of AED 200 will show on the next line an amount of AED 10 as it's VAT (recoverable tax). What I usually do is I create a monthly bill and pay it. This way it will show in the tax receivable once I generate a tax audit. But wondering if there's a shortcut to it, i.e, categorizing them.

Many thanks.

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi @Dhen.

    Wave doesn't really have a way to deal with taxes as separate transactions. The simplest option would be for you to combine both of these transactions manually (so following your example, making a single transaction for AED 210), and apply your recoverable sales tax to that transactions.

    It'll be the only way to make it show up at tax receivable in your tax report.

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