Applying Tax Codes

This article describes the process for applying Tax Codes to an auction, individual lot, or an invoice.

Tax Rates and Codes will need to be created at the company level before they can be applied.

*Please note that tax information set in Wavebid will not feed over to Proxibid. 

Apply Tax Code to an Auction

Apply Tax Code to a Lot

Editing Tax Codes on an Invoice

 

Apply Tax Code to an Auction                                                                  

To select a Tax Code to be applied to an auction:

1. Navigate to the applicable auction from the Dashboard, then select Auction > Edit Settings.
2. Select the Accounting tab.
3. Click on the Change button under Auction Tax Code on the right side of the page.
4. A pop-up window will appear. Confirm that the state is correct and then select a Tax Code from the drop-down menu.                                                                   
5. Click the Set Tax Code button. The selected Tax Code should now be the listed Auction Tax Code.   
6. If the auction should be tax exempt, check the Auction Tax Exempt box.
7. Click the Disk icon in the top right corner of the screen to save the auction.

 

 

Apply Tax Code to a Lot                                                                           

Auction Attributes

Wavebid allows for Tax Codes to be set for a single lot, independently from the Tax Codes established for the rest of the auction. The Auction's Attributes will need to be updated before Tax Codes can be applied at a lot level:

1. Navigate to the applicable auction from the Dashboard, then select Auction > Edit Settings.
2. Under the Auction Attributes tab, check the Different Tax Rates per lot? box. (If Advanced Auction Attributes have been enabled under the company profile, this option will be found under the Adv. Auction Attributes tab.)
3. Click the Disk icon in the top right corner of the page to save the auction.

 

Applying Tax Codes to Lots                                                                      

Once the Auction's Attributes have been updated, Tax Codes can be assigned to lots individually:

1. Navigate to the applicable auction from the Dashboard, then select Catalogs > Lot Builder.
2. On the Lot Builder page, use the Go to lot drop-down menu at the top of the page to select the appropriate lot.
3. Click on the Tax Code field under the Lot Details tab at the bottom of the page.
4. Select a Tax Code from the drop-down. If the lot is tax exempt, check the Tax Exempt? box.
5. Click the Set Tax Code button.
6. Click the Disk icon in the top right corner to Save the lot.
7. The lot will automatically use the specified Tax Code without further intervention, but it can still be overridden on the invoice as long as payments have not been applied.

 

Editing Tax Codes on an Invoice                                                              

Tax Codes can be edited/applied to an item on the Invoice, independently from the Tax Codes used for the lot or auction.

1. Navigate to the appropriate auction on the Dashboard, then select Accounting > Invoices.
2. Click on the Invoice Number of the applicable invoice.
3. Click on the blue tax value in the Sales Price Tax column.
   • If payments have been removed from the invoice and the tax values do not display in blue and the Details section of the invoice template has been customized, please contact Wavebid Support for further assistance.
4. A pop-up window will appear. Select a Tax Code drop-down and click the Set Tax Code button. To make the bidder tax exempt, click the Tax Exempt? check box. For more information on Tax Codes, see Creating Tax Codes.
5. Confirm that the invoice tax and totals have been adjusted. Altered tax rates will have an asterisk (*) located to the right of the new amount to indicate that it is a variation from the auction default. This asterisk will be removed if the tax rate is returned to the default auction rate.

 

Related Articles:

• Creating Tax Codes
• Accounting Guide
• Invoice Guide