Properly Categorizing Expenses that are to be claimed when you file taxes
DMartin
Member Posts: 6
Hello,
I am wondering how to properly categorize expenses in Wave where the GST/HST is best claimed when you file your taxes as there is a personal component to them and you can only claim a percentage.
An example would be our Gas/Fuel expenses for our vehicle. I have been advised it is best to wait to claim these. Unfortunately when I run the sales tax report it includes all of these expenses. Any ideas on how to do this properly?
I really want to like wave for tracking expenses but I am about to go back to a spreadsheet...
Cheers!
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Hey @DMartin! Thanks for reaching out here! Can you give us a little more context as per what you're seeing here, and what your ideal workflow would be? I'd love to work together on this to see if we can find a solution!
> Hey @DMartin! Thanks for reaching out here! Can you give us a little more context as per what you're seeing here, and what your ideal workflow would be? I'd love to work together on this to see if we can find a solution!
Hi @ConnorM my ideal workflow would be the example given above. I would like to keep certain receipts HST/GST from showing up in a quarterly sales tax report. Any expenses that are percentage based are easier to claim when you file your taxes at the end of the year. At least that is what I have been told. An example is gas/fuel for car.
Hello @ConnorM I wanted to follow up on this and also for some reason my other post that you were helping me on is no longer found? Any help you can offer with that?
Hi @DMartin! I'm afraid there isn't a way to do this in Wave. If a recoverable tax is applied to an invoice/transaction etc in Wave it will be accounted for in the Sales Tax report at that time. If you did need to keep taxes from certain receipts from showing up this would be best accounted for outside of Wave to ensure accuracy.