Is it possible to create an invoice with an item price already inclusive sales tax (in the following way) ?
Hey @Orkhan! Thanks for reaching out! In Wave when you add an item to an invoice, it will show the amount ($) and any taxes added will show below on separate lines. It will not show an item total inclusive of the tax, but it can be calculate there. At the bottom of the invoice it will show a subtotal, tax totals and the overall total (taxes included). You could enter in the price of the item with the VAT tax included, but this means the tax won't be automatically calculated and accounted for from the invoice. Is this a standard policy your business has to follow? As Wave can be used worldwide, we try to make it a useable as possible across the board, but in some cases there are set rules or regulations that we aren't always able to accommodate. If this is the case, let us know where you are from! We love to hear about our customers and any feature ideas you have for us!
Dear @EmmaP thank you for your kind clarifications, however I'm from UAE, and the mentioned is mandatory requirement from UAE Federal Taxes Authority. Is it possible to add the option to specify an item price inclusive of sales tax, as per given template? And definitely sales tax should be automatically calculated and accounted for from an invoice.
@Orkhan I'm afraid that Wave is not built for specific jurisdictional requirements like this one. I am however interested in understanding more about the mandatory requirement, since this would likely effect other users from UAE. Are you able to provide me with the site where you have seen this information? This will help me to ensure that our team knows about this, and while I can't promise any sort of immediate change, the documentation will help support the need for this type of functionality.
@JordanD here you go: https://tax.gov.ae/en/legislation - Cabinet Decision No. 52 & https://tax.gov.ae/en/vat/guides-listing - Tax Invoices (Related to simplified tax invoice)
Hey @Orkhan, thank you for this! I'm going to work with Jordan to make sure that the teams are aware of this documentation, which could help to make Wave a more friction-free solution for UAE users.
HOw do you add sales tax to transactions after the invoice has been created/paid?
Hey @AskTamara , you can always adjust the invoice afterwards to include the sales tax. Additionally, you can also always adjust the transaction as well under Accounting > Transactions.
This is an idea I would say works for Canada or USA too. I was trying to input expense today and I had parking stubs along with toll and it is all tax included.