Expenses and business costs not appearing in Sales Tax reports.

giftedmidfieldergiftedmidfielder Member Posts: 1

Hi all,

I have a frustrating problem and hopefully, someone out there can help me out.

All my expenses for my business are inputted into Wave account by uploading bank statements, that have been downloaded from my online bank account.

Once the statements are uploaded I then go through each individual entry and designate as an expense, or paid invoice.

The thing is, when I go to reports, specifically Sales Tax reports, none of my business costs, or expenses, appear. All of my sales entries seem to appear in the report, just none of my costs.

Any ideas what I'm doing wrong, and what I can do to rectify the situation?

Big thanks in advance,

JC

Comments

  • CalliePCallieP Administrator Posts: 360 admin

    Hi there @giftedmidfielder , thanks for your post! I'm sorry to hear that you're feeling frustrated here. It's hard to say precisely what is happening without full context into how the transactions are being recorded, but to confirm:

    • was a sales tax added in Settings > Sales Taxes and/or from within a transaction in Accounting > Transactions?
    • were the transactions which are not populating recorded with the sales tax on them?
    • is the sales tax listed as recoverable or non-recoverable? Only recoverable taxes will show on the report - so if they were made as non-recoverable, then a new tax will need to be made, and then re-applied to the relevant transactions (which you can do in bulk).

    This Help Centre article on how to use the sales tax report is also super helpful. Please let us know if you're still having trouble!

  • MikegMikeg Member Posts: 772 ✭✭✭

    @giftedmidfielder,
    When posting items from the transaction journal as expenses they will not show up in Sales Tax Reports. Rather, they will be included in the Profit and Loss Statement. The sales tax report is used to track sales that require you as the vendor to collect sales tax. This function is set up under invoicing. From your description above it sounds like you are looking for the profit and loss statement.

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