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 Member Posts: 639 ✭✭✭

    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: 515 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 Posts: 1,229 ✭✭✭

    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: 2,869 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
  • BarsinBarsin Administrator Posts: 2,041 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
  • BarsinBarsin Administrator Posts: 2,041 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.

  • nonlysonnonlyson Member Posts: 1

    This is mandatory for us as well. We can't use the app with out this option.

  • rowan99rowan99 Member Posts: 1

    I am in Australia and I also need this option. Without it I have to calculate the tax in the price and add it to a note on the bottom of the invoice or receipt, adding to the risk of a mistake being made, and making more work for me. It is a pain in the butt.

    edited August 8, 2020
  • KyraKyra Member Posts: 3

    Looks like this program is no good for anywhere else in the world but the US and Canada.
    No good if you are from Australia (like me), New Zealand, Europe or UAE.

    What a waste of time going through the process of setting this up.
    HUGELY disappointed!!

    For anyone else interested Invoice2Go does not have this problem and works a treat.

    edited November 14, 2020
  • BerniBBerniB Member Posts: 1

    I agree with the last comment - it seems ludicrous not to offer the feature to add prices inclusive of VAT and calculate backwards. In particular for businesses who work with consumer clients. I charge €100 for a service inclusive of 21% VAT - and on my invoice I can only get the total to €100.01 - looks so unprofessional and I have to excuse this with my clients and tell them I've just switched to a new invoice system which I now have to replace already! What a shame and what a very simple feature to code so that your product is a truly international product. Hopefully you will eventually get to update this feature at some point, but alas it will be too late for me. Otherwise I was enjoying using the product for my corporate clients where the issue does not present itself as I charge VAT on top.

  • kevsdiecastkevsdiecast Member Posts: 3

    I'm in Canada and all my prices are tax inclusive. This makes it frustrating to me as well. And the workaround looks really stupid. I have to make a discount line item and label it "discount in amount of tax that would have applied" and it looks stupid. Its also extra work. This seems like it would be such a simple thing to implement, just have a setting somewhere to be tax inclusive or not. I'm not sure why other invoicing programs have this option but wave does not...

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