Steps for free invoicing with ABN & GST using Wave accounting
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- Published date: January 13, 2021
- Navrangpura, Ahmedabad, Gujarat, India [ #36506 Ad Views - 7 ]
How to Setup Free Invoicing with ABN and GST using Wave Accounting?
Invoicing using Excel or Word applications can be time-consuming, messy, and inconsistent. The invoice prepared using them may not be ATO compliant. Invoice is the getaway for payments and the absence of proper invoicing can create a lot of issues between you and your customers.
Why not use Wave accounting software?
Wave accounting application helps to create a professional invoice for free. You can even customize invoices and manage your customer information easily using Wave. Start exploring the invoicing feature of wave accounting. Go to www.waveapp.com to set up free invoicing with ABN and GST.
Create a free account in Wave using email and password. Or you can create an account with your Gmail account or Google G suite by a click on the Sign up with Google.
Create a professional and compliant invoice with these steps:
Create an Account
- Enter the company name (to appear on the invoice) and enter your business category. Then click on the Let’s Go box.
- Then click on the “Get Paid for your work” option.
- Upload your logo with a click on browse or just drag and drop the image.
- The Wave will automatically sense the dominant colour of the logo. If you are ok with the appearance of the logo; then copy the HEX value for future use.
- Choose a suitable template for an invoice.
Important: Australia is one of the several countries that have a complex taxation system. Though Wave has many useful features, not all of them are compliant with ATO taxation, GST and payroll. Wave accounting is ideal for small business and freelancing business. However, it is advisable to get professional advice on suitable software for your company requirements.
Seek our professional advice. We are helping our client in ATO compliance. Connect via WhatsUp, call or Skype.
2.Add Sales tax
After creating an account, add Sale Tax (GST) how?
- Go to the setting option available in the left-hand side panel
- Go to Accounting/ Sales Tax.
- Click on Add sales tax option.
- Fill in the GST (Goods and service tax) details:
- Tax Name:GST.
- Your tax number:Enter the 11 digit ABN (Australian Business Number). Don’t enter the wrong ABN number, it is illegal and can create problems for you.
- Show the tax number on invoices:Check the box. It is important to tick the option.
- Is this tax recoverable:Check or tick this option. It will not affect your sales invoice but might be useful in future as Australian GST is recoverable.
- Is this a compound tax? Don’t check or tick the option. GST tax in Australia is not a compound tax.
- Tax rate(%): Put the applicable rate.
- Click on Save.
3.Date and Currency Setting
setting/Accounting/date and currency.
- Change the format of the date as Day Month Year.
- Set the fiscal or financial year-end, it is usually 30 June for most companies.
- The default currency should be AUD.
Go to Settings/ Sales/ Invoice Customization.
Go to the general setting:
- Select a suitable template.
- Upload your logo
- Check the Display logo box to display it.
- Paste the HEX value in the Accent colour blank provided or you can choose it from the list.
Go to Invoice setting
- Display payment terms:The smallest term to set up is- Due within 15 days. If, you want to change the term that you have to do it every issue of an invoice.
- Default Title:Mention it as a Tax invoice.
- Default subheading:mention your 11 digit ABN.
- Default footer:leave it empty.
- Standard memo:You provide details about the payment methods and bank details for payment.
- For example : A/C Number:
- A/C Name etc.
- Keep the Invoice column setting and Estimate settings change as default and change as per your need.
- Save the setting.
Set up a business profile
- Click on the arrow near your business name
- Select manage your profile.
- Click on businesses.
- Go to your business name.
- Fill the company name and address.
- Save the information.
- Start creating a new invoice :
- Go to the dashboard.
- Then click on create new.
- Then select invoice
- Start to create invoicing by filling the required details.
- Avoid scams by acting locally or paying with PayPal
- Never pay with Western Union, Moneygram or other anonymous payment services
- Don't buy or sell outside of your country. Don't accept cashier cheques from outside your country
- This site is never involved in any transaction, and does not handle payments, shipping, guarantee transactions, provide escrow services, or offer "buyer protection" or "seller certification"
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