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Creating Tax Codes

This article describes basic information for using Tax Codes in Wavebid, and how to create them. For information on applying Tax Codes to a particular auction, lots, or an invoice, see Applying Tax Codes.

Tax Code Basics

Create a Tax Rate

Create a Tax Code

Create a Tax Code Video Tutorial

 

Tax Code Basics                                                                                        

The Tax Codes in Wavebid are made up of separate Tax Rates. Individual or multiple tax rates can be used to create simple or complex Tax Codes.

Setting up Tax Codes at the account level allows them to be applied at the auction, lot, or invoice level.

Once a Tax Code is applied to any entity (auction, invoice, invoice line item, lot) and any payment is processed, the Tax Code is locked and can never be changed. This will in turn lock any Tax Rates that compose that Tax Code. 

 

Create a Tax Rate                                                                                      

  1. From the Dashboard, navigate to My Links > Company > Accounting Settings > Tax Codes.
  2. On the Tax Codes page, confirm the State the tax is being created for. TaxCodeStateField.PNG
  3. In the Individual Tax Rates section, enter a Name, Rate, and a Note for the new Tax Rate.
  4. Click the Save button. The new tax rate will appear in the Individual Tax Rate table. 2018-05-18_11-16-35_tax_rate.gif

 

Create a Tax Code                                                                                    

A Tax Code is composed of one or multiple Tax Rates. 

  1. Under the Tax Codes section, click on the Create New link.                             TaxCodesCreateNewLink.PNG
  2. Enter the Tax Code. Generally, this is an abbreviation or shortened version of the full Tax Code Name. The information entered in the Code field is what will be used on import/export spreadsheets and on company invoices, documents, etc.
  3. Enter the Name for the Tax Code. This field is optional.
  4. If desired, enter Notes.
  5. Select the Rates that will compose the Tax Code. To select multiple Tax Rates, hold the Control key (Ctrl) while clicking on the rates.
  6. Click the Save button. 2018-05-18_11-28-04._tax_code.gif

Once a Tax Code is applied to any entity (auction, invoice, invoice line item, lot) and any payment is processed, the Tax Code is locked and can never be changed. This will in turn lock any Tax Rates that compose that Tax Code. 

Once Tax Codes are created, they can be applied to an entire auction, applied to individual lots, or applied to an invoice.

 

Create a Tax Code Video Tutorial                                                          

 

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