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Expenses and business costs not appearing in Sales Tax reports.

giftedmidfieldergiftedmidfielder Member Posts: 5

Hi all,

I have a frustrating problem and hopefully, someone out there can help me out.

All my expenses for my business are inputted into Wave account by uploading bank statements, that have been downloaded from my online bank account.

Once the statements are uploaded I then go through each individual entry and designate as an expense, or paid invoice.

The thing is, when I go to reports, specifically Sales Tax reports, none of my business costs, or expenses, appear. All of my sales entries seem to appear in the report, just none of my costs.

Any ideas what I'm doing wrong, and what I can do to rectify the situation?

Big thanks in advance,

JC

in Using Wave

Comments

  • CalliePCallieP Member Posts: 439 admin

    Hi there @giftedmidfielder , thanks for your post! I'm sorry to hear that you're feeling frustrated here. It's hard to say precisely what is happening without full context into how the transactions are being recorded, but to confirm:

    • was a sales tax added in Settings > Sales Taxes and/or from within a transaction in Accounting > Transactions?
    • were the transactions which are not populating recorded with the sales tax on them?
    • is the sales tax listed as recoverable or non-recoverable? Only recoverable taxes will show on the report - so if they were made as non-recoverable, then a new tax will need to be made, and then re-applied to the relevant transactions (which you can do in bulk).

    This Help Centre article on how to use the sales tax report is also super helpful. Please let us know if you're still having trouble!

  • MikegMikeg Member Posts: 995 ✭✭✭

    @giftedmidfielder,
    When posting items from the transaction journal as expenses they will not show up in Sales Tax Reports. Rather, they will be included in the Profit and Loss Statement. The sales tax report is used to track sales that require you as the vendor to collect sales tax. This function is set up under invoicing. From your description above it sounds like you are looking for the profit and loss statement.

  • VancouveriteVancouverite Member Posts: 2

    Hello, when I include sales tax in expenses do I also need to split the transaction? Or does Wave automatically subtract the sales tax in reporting?

  • giftedmidfieldergiftedmidfielder Member Posts: 5

    @Mikeg said:
    @giftedmidfielder,
    When posting items from the transaction journal as expenses they will not show up in Sales Tax Reports. Rather, they will be included in the Profit and Loss Statement. The sales tax report is used to track sales that require you as the vendor to collect sales tax. This function is set up under invoicing. From your description above it sounds like you are looking for the profit and loss statement.

    Hi Mike, thanks for your response. What is confusing me the most is that the software has been working fine for over a year, and this problem has only started happening recently. I haven't changed any settings as far as I'm aware. I was wondering of this issue was being caused by an update created at the developer end?

  • giftedmidfieldergiftedmidfielder Member Posts: 5

    Hi Callie, thanks for replying to my query.

    I have answered you questions below.

    @CallieP said:
    Hi there @giftedmidfielder , thanks for your post! I'm sorry to hear that you're feeling frustrated here. It's hard to say precisely what is happening without full context into how the transactions are being recorded, but to confirm:

    • was a sales tax added in Settings > Sales Taxes and/or from within a transaction in Accounting > Transactions?
    • were the transactions which are not populating recorded with the sales tax on them?
    • is the sales tax listed as recoverable or non-recoverable? Only recoverable taxes will show on the report - so if they were made as non-recoverable, then a new tax will need to be made, and then re-applied to the relevant transactions (which you can do in bulk).

    This Help Centre article on how to use the sales tax report is also super helpful. Please let us know if you're still having trouble!

    was a sales tax added in Settings > Sales Taxes and/or from within a transaction in Accounting > Transactions?

    YES

    were the transactions which are not populating recorded with the sales tax on them?

    YES

    is the sales tax listed as recoverable or non-recoverable? Only recoverable taxes will show on the report - so if they were made as non-recoverable, then a new tax will need to be made, and then re-applied to the relevant transactions (which you can do in bulk).

    The 'This tax is recoverable' box is greyed out and I am unable to tick it?

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