How to properly withhold money from payroll to pay a sales invoice
travis88
Member Posts: 18
We have an employee that has purchased products from us through a sales invoice generated in Wave.
- This invoice is currently unpaid.
- We have added a one-time after-tax deduction to the employee for payroll in Wave.
How do we properly account for this and mark the invoice as paid? What accounts do we use?
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Comments
See https://community.waveapps.com/discussion/9382/how-to-properly-withhold-money-from-payroll-to-pay-a-sales-invoice#latest
Hi @travis88 , I'll give you my understanding of your situation but I would still advise that you reach out to a CPA to get all of the facts here.
When approving your PR, this amount will show as an uncategorized expense in your PR Journal Transaction (crediting an expense category) which is automatically created. With regards to marking the invoice as paid, because you didn’t really receive the funds you essentially just lost inventory. I'm not exactly sure which bank account you should be using for that reason but a CPA should be able to straighten you out.