Necessary to apply sales tax to invoice payment?
motorambler
Member Posts: 53 ✭✭
Under Accounting > Transactions, regarding funds that came in for an invoice payment, do I need to apply sales tax to this transaction line if I use the "Payment received for an invoice in Wave" method (assuming the invoice has sales tax), or does Wave handle apply any applicable sales tax automatically in this case?
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Anyone...?
@motorambler , hi there! Thanks for your message. As long as the Sales tax exists on the invoice when you mark it as paid via Transactions > categorize as 'Payment received for an invoice in Wave', you don't need to also add it on the Transactions page - great question!
Hey there @motorambler
If your tax was appropriately added to the invoice (or bill in the purchases section) then when you mark it as paid the tax should apply!
Feel free to mark an invoice as paid and check for yourself! You can always delete the invoice payment transaction from the transactions page which will free up your invoice as unpaid again.
Thank you @CallieP and @BarsinA