Assign tax lines that match the line items on your tax returns to your income and expense accounts to help with filling out your tax returns.
At this time, only sole proprietors using tax form T2125 or Schedule C can use tax line mapping.
Tax line mapping is being slowly rolled out over the next few weeks.
To set up tax line mapping:
- Log in on your web browser at waveapps.com.
- On the left-side menu, select Accounting > Chart of Accounts.
- Click Assign tax lines.
- Confirm you're a sole proprietor using the correct tax form by clicking Yes, that's me.
- Select the earliest year to start mapping from.
Now you can start assigning tax lines to your income and expense accounts:
- If you need to edit the year, click Edit year and select a year from the dropdown.
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For each account, click on Unassigned and select the appropriate tax line from the dropdown menu. Wave saves each update automatically.
You can leave this page and return to assign tax lines at any time.
- Click Close to return to your Chart of Accounts.