Hi, can anyone tell me how I can create a tax invoice with Wave, as opposed to a regular invoice? I have never created one before, but a government contract requires one to pay my fees.
While creating invoicing, I can see the tax component for every item where I choose to add the tax. But in the actual invoice, the tax is only mentioned at the very ended. This proves to be confusing for my clients sometimes because I also have to deduct advance payments (which means tax gets deducted as well)
Is there any way I can show the tax breakdown of every item in the invoice?
Hi, I need to do exactly the same, so adding this to hopefully add some traction.
I also need to see a column "tax per item" so to speak next to quantity/rate etc as in my case, some items are subject to VAT, some aren't. Thanks!
Yes, please - add me in too.. I have some items that have VAT and some items that do not. My clients are finding this very confusing when trying to figure out what items include VAT.
That's a good point. The invoice's total shows the calculated tax at the bottom even though it's applied at the item level. I think the best course of action would be to add it to the Product's Description. If you made the change through SALES > Products & Services you could have it set up to automatically show the tax rate when you add it to an invoice (i.e. "ITEM - subject to X% VAT"). Being more granular there (in terms of tax calculation and its application) is something I hope is implemented some day.
Hey @virtuallycass and welcome to Wave's Community Forum!
From my understanding, tax invoices differ between jurisdictions, so I can't speak to the nuances of what your specific area restrictions would include, but I can speak to how Wave invoices work on a high level. Perhaps if you could leave us with further information about what requirements you would have in your area, I might be able to further clarify if specific features are available in order to use Wave for tax invoices.
Correct me if I'm wrong, but I believe that a tax invoice would require a break-out of sales tax on each item that is on the invoice. If this is the case, within Wave the invoices you will apply a sales tax to each item individually added to the invoice. In saying that, I can say that Wave wasn't created specifically with tax invoices in mind, however, with your insight and potentially the insight of any other Wavers, I may be able to find a way to assist in making it work for this specific case.
Essentially when you create an item and allot a tax to it, you have a tax invoice.
You ABN or other jurisdiction supplier number comes up (the one entered in settings) on the invoice under the INVOICE title, and next to the GST 10% summary total line.
I created a new tax called GST (it could be VAT etc where you are), then this comes up automatically when the items / services I sell are selected on an invoice.
I also export some goods, so created a tax called Export with 0% tax, you can select this when the items / services are entered without creating a new tax free item, the new invoice shows 0% tax.
Now, if you're asking for a TITLE of the document to be TAX INVOICE, well I'm not sure this can be changed permanently, but when making up an invoice, you can click on the drop down arrow on the (wait for it) 'Business address and contact details, title, summary, and logo' window, and manually add 'TAX ', to the front of 'INVOICE'.
I seem to recall invoices here in Australia SHOULD be titled Tax Invoice, but I don't worry about it with mine . . . unless the ATO decide to discuss the matter with me sometime in the future
Does that help with your inquiry ?