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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.

Apply Tax Code to an Auction

Apply Tax Code to a Lot

Apply Tax Code to 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. AuctionTaxCodeChangeButton.PNG
  4. A pop-up window will appear. Confirm that the state is correct and then select a Tax Code from the drop-down menu.                                                                   AuctionTaxCodeDropDown.PNG
  5. Click the Set Tax Code button. The selected Tax Code should now be the listed Auction Tax Code.    AuctionTaxCodeSetTaxCodeButton.PNG
  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. SaveAuctionButton.PNG

 

 

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.)mceclip0.png
  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.
2018-05-18_14-20-15_Lot_details_tax_code.gif

 

Apply Tax Code to an Invoice                                                                   

Tax Codes can be 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. InvoiceList.PNG
  3. Click on the tax value in the Sales Price Tax column. InvoiceEditSalesTax.PNG
  4. A pop-up window will appear. Select a Tax Code drop-down and click the Set Tax Code button. For more information on Tax Codes, see Creating Company Tax Codes.
  5. Confirm that the invoice tax and totals have been adjusted.
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