How to generate report for VAT Return

ElangkElangk Member Posts: 2

Hello,

Under the Reports->Sales Tax Report, I can see the VAT amount I should pay for all the invoices generated including the ones the payments are outstanding as of that date which I don't think is correct. Technically I should see a report with the ones I have received the payment and I have made the payment. Please share your thoughts or a way to do this.

Elan

Comments

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @Elangk.

    If you've made you tax recoverable when you created it, you should be able to see the taxes you've paid calculated on there as well. Can you confirm that you have? You can check this by going to the Sales Tax page in your settings and clicking on the pencil icon next to that particular tax.

  • ElangkElangk Member Posts: 2

    Hi @Alexia ,
    Yes I have created VAT as recoverable, the problem is I see the VAT amount for my outstanding invoices as well in the Report.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Oh, I see what's happening, @Elangk.

    This is because Wave uses accrual accounting, which means income and expenses are calculated at the creation of an invoice or bill rather than when it's paid. You can change that for a few reports if you use cash-based accounting, including the Sales Tax report.

    To do that, just change the "Report Type" on top of the page from "Accrual" to "Cash and cash-equivalent". That should give you the information you're looking for.

    edited August 21, 2018
  • InunuNetInunuNet Member Posts: 4

    Hi Alexia
    I can't seem to find where to change between the report types has this option moved?

  • dmwdmw Member Posts: 1

    I also can't see the option to change the report type. I'm expecting to see it here... what am I doing wrong?

  • SamdSamd Administrator Posts: 358 admin

    @InunuNet @Elangk This recent upgrade is available for all new accounts, and existing accounts are being migrated as soon as possible. Migration takes a bit of time because different people have used different functions in Wave, resulting in more complex data to move over. We can only move an account over when we are absolutely sure we can do so while maintaining the integrity of that data and offering the functions that user might need.

    You'll have access to the new features as soon as possible, but I, unfortunately, cannot provide an ETA. If you want to read more about the thinking behind the upgrade as well as the migration, I recommend this [article] (https://support.waveapps.com/hc/en-us/articles/115005632966). That being said, the general expectation is that this upgrade should be available across the board soon!

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