Tax Summary Report

This article describes how to access and read the Tax Summary Report in Wavebid. For information relating to VAT, see International Wavebid Features.

This article contains the following sections:

• Tax Summary Report
• Taxable vs. Non-Taxable
• Troubleshooting

 

Tax Summary Report

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The primary purpose of the Tax Summary Report is to provide the auction house with a summary of the taxes collected and owed to local and state agencies per Tax Rate and per Tax Code.

Data appears on the report once an invoice has received payments. The Total Amount column in the Tax Rate Summary table contains the total payments received.  

 

Tax Rate Summary Table

The Tax Rate Summary table is read backwards, with the Total Amount column being the sum of the columns to the right.

Total Amount = Non-Taxable Amount + Exempt Amount + Taxable Amount + Amount Due

• Total Amount: The total amount of payments received for the auction.
• Non-Taxable Amount: The amount of fees that were listed as being non-taxable.
• Exempt Amount: The total lot selling prices + fees that have been indicated as tax exempt.
• Taxable Amount: The total lot selling prices + fees that have been indicated as taxable.
• Amount Due: The amount of taxes collected for the given tax rate.

Since many fees can be both Exempt and Non-Taxable at the same time, the report uses the logic below to determine which column the data will appear in:

Non-Taxable > Exempt > Taxable

• If an item or fee is both Non-Taxable and Exempt, it will be listed under the Non-Taxable column.
• If an item or fee is both Exempt and Taxable, it will be listed under the Exempt column.

 

Taxable, Non-Taxable, and Exempt columns can include data for the following elements, depending on whether the item was flagged as being Taxable, Non-Taxable, or Exempt:

• Lot Selling Price
• Buyers Premium Fee
• Convenience Fees
• Invoice Fees

Taxable vs. Non-Taxable

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• Lot Selling Price
• Buyer Premium Fee
• Convenience Fee
• Invoice Fee

• Buyer Premium Fee
• Convenience Fee
• Invoice Fee

 

Troubleshooting

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Mismatched Totals

If an invoice has only been partially paid, and that partial payment was with a credit card, and convenience fees are being charged, the totals in the Tax Rate Summary table and the Tax Code Summary table will not be the exact same amount. In this scenario, please use the data in the Tax Rate Summary table.

Please note, this report works best when the invoices in the auction are all fully paid.

All invoice adjustments, refunds, and payments should be completed prior to paying government entities.  

Blank Tax Rate Summary Table

If the Tax Rate Summary table is blank but the rest of the report indicates that taxes have been taken, verify that the Tax Rate hasn't been deactivated. For more information, see the 'Tax Code Basics' section of the Creating Tax Codes help article.

Blank Tax Rate and Tax Code Summary Tables

If payments have been applied to invoices, but the Tax Rate Summary and Tax Code Summary tables are blank, there likely was no tax code selected for the event when payments were taken. A tax code should be selected for the event, even if the event is tax exempt. For more information, see Tax Exemption.

To correct the issue, navigate to Auction > Edit Settings and click on the Accounting tab. An auction code should be selected on the right side of the page. If a code is not selected, click the Change button, select a tax code, and then click the Disk icon in the top right corner of the page to save the changes.

Applying a tax code after invoices have been paid will not impact the invoices or Tax Summary Report. To update the Tax Summary Report, payments will need to be removed from each invoice, the invoice(s) will need to be refreshed, and then the payments can be re-applied to the invoices. For more information on deleting payments, see Payments.

 

Related Articles:

• Tax Exemption
• Reports and Lists
• Accounting Guide
• Invoice Guide