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Accounting Guide

Wavebid's Accounting features make bookkeeping easy by giving companies the ability to set tax rates, premiums, and fees at both the company and auction level, and by generating a variety of reports for both tax and general accounting purposes.

Below is a list of articles pertaining to Accounting features in Wavebid, along with a brief description of each article. If further assistance is needed with Accounting, please contact support@wavebid.com.

  • Creating Tax Codes: This article describes basic information for using Tax Codes in Wavebid, and how to create them. 
  • Applying Tax Codes: This article describes the process for applying Tax Codes to an auction, individual lot, or an invoice.
  • Tax Exemption: Wavebid provides companies with flexible taxing options, including the option to mark whole auctions, individual lots, customer, or invoices as tax exempt. This article describes the steps for settings tax exemption at each of these levels. 
  • Buyer's Premiums: This article describes the types of Buyer's Premium fees, how fees are applied at the company level vs. the auction level, the process for creating and editing Fixed Percentage and Scaled Buyer's Premiums, and how to override the Buyer's Premium on an invoice. This article also describes the how make the Buyer's Premium taxable and how to separate the out the Buyer's Premium tax on an invoice.
  • Online Premiums: This article describes what Online Premiums are, how they are applied at the company level vs. the auction level, and how to override the Online Premium on an invoice. 
  • Fee Management: This article describes the processes for creating fees and adding them to individual lots or invoices.
  • Managing Currencies: Wavebid offers users the ability to create invoices, Seller Settlements, and reports in various currencies. This article describes the process for selecting the currency used for an auction.
  • Reports and Lists: This article describes reports and lists available to users in Wavebid at both the company and auction level.
  • Tax Summary Report: This article describes how to access and read the Tax Summary Report in Wavebid.
  • Invoice Guide: A guide to creating, editing, managing, distributing, and processing invoices and payments in Wavebid.
  • Seller Guide: A guide to creating, importing, and editing Seller information in Wavebid, including contracts, commissions, and Seller Settlements.
  • International Wavebid Features: This article provides a list of features, including VAT, available to auction companies using Wavebid outside the United States. 

 

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