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transaction categories: accounting versus tax filing

plutekplutek Member Posts: 20

hi there! i'm new to Wave and am trying to sort out how to organize reports for tax purposes (i'm in Canada, and file both income tax and HST myself). the issue i'm running up against is that the CRA tax form has expense categories which are different from what i want to use in Wave. so, once i have all my expenses recorded and categorized in Wave (using categories which are informative from a business point of view, but which don't correspond to the CRA categories), how do i generate a report which re-assigns those expenses to the CRA categories? is there no way to have an alternate category in Wave for each transaction, and to generate a report for tax purposes only, using those alternate categories? or some other solution? ...or is it really a matter of having to pick through the normal detailed Wave report, and reassign/re-total everything under the CRA categories by hand? also, there's an expense category which is only 50% allowable by the CRA, as a business expense (meals & entertainment); obviously, i want to have those expenses accounted for 100% for my purposes. but then is there a way of having that category pro-rated in a report for tax purposes?

...basically, it's unclear to me how to generate a report from Wave which really makes sense vis-a-vis tax filing. any guidance would be most welcome! :)

cheers, all!

in Using Wave

Comments

  • plutekplutek Member Posts: 20

    ok, i've just found this other thread:

    Sub-categories, classes and "tags"

    ...which addresses the sorts of things i'm concerned about, with a possible workaround as well as strong indications that there's no anticipated development for this kind of function.

    :(

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey @plutek

    Thanks for updating this thread with your finding. As you mentioned you are correct in that Wave's current transaction based chart of accounts setup will likely remain. My apologies as I understand you're looking for a more project based tool that allows for sub-categories/sub-accounts.

    We appreciate your feedback in our community and hope that you continue to reach out if you have any ideas on how Wave can improve to best suit your business's needs :smile:

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