Vat & Credit card account payments
motorbykcourier
Member Posts: 3
Hi,
Just wondered if someone could please shed some light on my conundrum....
I have been using a credit card, but not able to pay it all off - so when I make payments to credit card, how does wave calculate vat?
eg total transactions £500, but making payment of £250, conversely there could be the reverse ie £250 transactions and £500 payment.
We are set up for cash accounting.
Look forward to hearing back - thanks in advance
PS - I'm a relative newbie in using WAVE and totally hopeless with accounting 
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Comments
Hey @motorbykcourier! Great question here. With the way that VAT works, I don't believe it would apply to credit card payments that you've made. VAT is calculated and charged during a sale. I'd recommend reaching out to a local tax professional in order to determine a workflow that would work best for you here, as Wave does not automatically calculate VAT in your account at any time.
Hi @ConnorM. Many thanks for taking to time to respond to me, that's much appreciated - I'd eventually deduced, having read other similar Q&A's
I'm really trying to make Wave work for me - coming from purely spreadsheet accounting for many years and as for double accounting, yeh well......
Keep up the good work, I feel a few more 'questions' will be coming forward very soon.
Thanks again.
Hi @motorbykcourier
Wow, I read your post and got to the part where you come from spreadsheet accounting background. I understand totally, I've dealt with quite a few clients who took the brave step and transitioned. If you want one and one coaching give me a shout - head on over to my site and send me a message, let's talk. I can coach you in the specific area's you are concerned about.
Thanks!