Setting up Mortgage info, and guide me on some issues (BC, Canada)

AltonAlton Member Posts: 3

Been using Wave for about a year now for expense and income tracking, and looking to set up the initial vendor takeback financing on a property purchase, as well as the legals fees, etc that started the business. Also looking for some guidance or tips on how to handle the GST aspect of things. You don't need to be located in BC, but need to be familiar with Canadian tax regs.

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  • JulianPJulianP Administrator Posts: 1,002 admin

    Hey @Alton !

    This one's a bit tricky. We here at Wave Support are able to provide technical support, but because we aren't accountants, we aren't able to provide accounting advice. While we are able to tell you how to do something in Wave, we aren't able to necessarily tell you the right way of doing it when it comes to the principles of accounting.

    I would highly recommend reaching out to a registered CPA to ensure that you don't get incorrect advice on how to do your accounting for your property. We'd also recommend checking out our Fearless Accounting Guide PDF for more information on the basics of accounting. This may come in handy.

    Also, to learn more about sales tax like GST in Wave, feel free to check out this Help Center article for some more information.

    edited April 9, 2021
  • AltonAlton Member Posts: 3

    Thanks. I was hoping to find a Wave pro to give a hand with the setup.

    I tried using the guide to account for a GST refund that I received, but all it has done is add to my taxes owing. -$92.46 in the "owing to government" was the value of a refund cheque I received in March 2021 for GST refund for 2020. It turns out that after I submitted the paperwork, I found another $10ish bucks that I missed, which is why the values do not match between 2020 and the refund amount. How do I properly attribute this cheque to the 2020 refund? Do I need to change the transaction date to Dec 31 2020?

  • Gabriel_KrozkinGabriel_Krozkin Member Posts: 16 ✭✭

    Hi @Alton,

    If you need a hand, we can help with the setup of the Vendor Take Back on the sale of the property as well as properly recording the HST refund.

    My firm is experienced with these issues. And we are based in Canada.
    google us and read the reviews.

    Thanks.

    Sincerely,

    Gabriel.

  • AltonAlton Member Posts: 3

    I'm still attempting to find someone. No one I have reached out to has returned calls, and the WaveAdvisor appointment I set up never actually called me. I wonder how much of the North American economy is stunted due to the lack of access to book keeping and adequate financial support?

  • Gabriel_KrozkinGabriel_Krozkin Member Posts: 16 ✭✭
    Hi @Alton

    I am a Wave proadvisor, Canadian CPA and can help with this. You can book your initial free consultation here https://calendly.com/krozkin

    Or look my profile, google me and check the google reviews.

    Looking forward to hearing from you.

    Sincerely,

    Gabriel.
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