BC PST commission

Joyce_Dave2125Joyce_Dave2125 Member Posts: 4

BC provides a small commission for collecting the PST and remitting to the government. So far Wave is recording the tax collected on the governments behalf on my sales and any payments I have made to the government. I end up with a balance owing to the government at the end of the year which is the amount allowed for this commission. How do I make an adjustment to my BC Sales tax account to reflect this discount / commission?

Comments

  • JessGJessG Administrator Posts: 54 admin

    @Joyce_Dave2125 That's a great question! I would suggest adding a transaction under Accounting > Transactions > Add Income and categorizing it as Sales Tax Refund from the Government and label it as BC commission.

    With that being said, as a tech support specialist I am not privy to the specific accounting standards for this particular local tax commission and best practices/expectations of the tax authority in your region. I recommend that you consult with an accounting or tax professional with knowledge of your business’s legal entity and the locale’s requirements for this particular question.

    We do have a team of Wave Advisors that can shed more light onto best practices for this commission. To book a free consultation and to see if it is a good fit for your business check them out here.
    You can also look for a Wave Accounting Professional in our Wave community here: https://community.waveapps.com/categories/accounting-support-pro-network

    If anyone in the community has any proven or best recommendations, please feel free to post them in this reply! Cheers!

  • Joyce_Dave2125Joyce_Dave2125 Member Posts: 4

    Thanks for the help!

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