Record a discount on sales tax owed
Record a sales tax payment
- Open the Transactions page.
- Locate the relevant expense transaction, or add a new one and enter the details of the payment.
- For the Category, select Sales Tax Payment To Government, then select the tax you're paying.
- Select Save.
To record more than one sales tax, split the transaction to include each tax.
Record a sales tax refund
- Open the Transactions page.
- Locate the income transaction, or create a new one and enter the details of the refund.
- For the Category, select Sales Tax Refund From Government, then select the tax you received a refund for.
- Select Save.
Record a discount on sales tax owed
The Chart of Accounts page and split transactions feature are only available in the web browser version of Wave.
If you don’t have a sales tax discount account, you will need to create one. Create the account under Income as a discount.
To record the sales tax payment and discount:
- Log in to your Wave account at waveapps.com.
- On the left-side menu, click Accounting > Transactions.
- Locate the payment transaction, click the dropdown arrow to the right and select Edit more details. Or, create a new expense transaction and enter the details of the payment.
- Click Split transaction.
- On the first split line, enter the total amount of the tax due from your Sales Tax report. For the category, click Sales Tax Payment to Government, then select the relevant sales tax.
- On the second split line, enter the amount of the discount. For the Category, click Discounts and Fees, then select your sales tax refund account.
- Click Save.