Item price inclusive sales tax

OrkhanOrkhan Member Posts: 8

Is it possible to create an invoice with an item price already inclusive sales tax (in the following way) ?

Comments

  • EmmaPEmmaP Administrator Posts: 639 admin

    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!

  • OrkhanOrkhan Member Posts: 8

    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.

  • JordanDJordanD Administrator, Moderator Posts: 488 admin

    @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.

  • OrkhanOrkhan Member Posts: 8

    @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)

  • ConnorMConnorM Member, Administrator Posts: 1,085 admin

    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.

  • AskTamaraAskTamara Member Posts: 1

    HOw do you add sales tax to transactions after the invoice has been created/paid?

  • AlexLAlexL Administrator Posts: 1,733 admin

    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.

  • starburstnowstarburstnow Member Posts: 10

    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.

  • Johan_JukeboxJohan_Jukebox Member Posts: 2

    it would be super great to have this feature and it would work for Belgium and all Europe. When encoding a item a toggle button as option should be present to indicate if this price include or not VAT. In both cases, it's very easy for the app to compute the VAT amount... When the price include the VAT, the application can simply compute the price Without VAT: Price excl VAT=( Price Incl. VAT/(1+%VAT))

    I actually have the same issue. In Belgium, the VAT amount is 21% and the final price of one of my product should be 35€ VAT Incl. The app could automatically compute the price without VAT. At the moment, when I'm trying to configure this product, it's impossible to have a price of 35€ VAT incl. If I configure a price of 28.92 €, the app will show of price of 34.99 € VAT Incl. if I configure a price of 28.93€, the app will show of price of 35.01€ VAT incl.

    For us, what is important is the final price, VAT included... and in this situation I can't use this app to send my recurrent invoices as I can't reach the right price.

    edited June 1, 2020
  • BarsinABarsinA Administrator Posts: 1,407 admin

    Hey there @Johan_Jukebox

    Thanks so much for this additional context in your thorough post! Keep those +1's coming.

  • Johan_JukeboxJohan_Jukebox Member Posts: 2

    Hello @BarsinA ,
    Do you have any feedback on the development of this feature? At the moment, I have to manually send invoices of 35 Euros because I can't obtain 35 Euro including 21% VAT as final price.
    Regards,
    Johan

    edited June 1, 2020
  • BarsinABarsinA Administrator Posts: 1,407 admin

    Hey @Johan_Jukebox

    My apologies but I don't have a clear foresight into where this lies on our current roadmap. I know that the team is working on some major backend reconstruction for invoices so that we can start to roll out new features smoothly. Take care.

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