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. For information on tax reporting, see Tax Summary Report. For information relating to VAT, see International Wavebid Features.
*Please note that tax information set in Wavebid will not feed over to Proxibid.
This article contains the following sections:
Auction Level
An auction's tax status can be changed on an individual invoice or lot level. Meaning that the entire auction can be set to be tax exempt, while one lot or invoice can still be taxable.
To set an entire auction as tax exempt:
- Navigate to the applicable auction from the Dashboard, then selecting Auction > Edit Settings.
- Click on the Accounting tab.
- Check the Auction Tax Exempt box on the right side of the page.
- It is not necessary to remove the Auction Tax Code that is in place. Doing so will likely negatively impact reporting.
- It is not necessary to remove the Auction Tax Code that is in place. Doing so will likely negatively impact reporting.
- Click the Disk icon in the top right corner of the page to Save.
Lot Level
Auction Attributes
Wavebid allows for single lots to be set as exempt, independently from the the rest of the auction. The Auction's Attributes will need to be updated before exemption can be applied at a lot level:
- Navigate to the applicable auction from the Dashboard, then select Auction > Edit Settings.
- Under the Auction Attributes tab (or Adv. Attribute Settings tab), check the Different Tax Rates per lot box.
- Click the Disk icon in the top right corner of the page to Save.
Applying Tax Exemption to Individual Lots
Once the Auction's Attributes have been updated, tax exemption can be applied to lots individually:
- Navigate to the applicable auction from the Dashboard, then select Catalogs > Lot Builder.
- Create a new lot or use the Go to lot drop-down menu at the top of the page to select the appropriate lot.
- For information on creating a lot, see Lot Builder.
- Check the Tax Exempt box under the Lot Details tab at the bottom of the page.
- Click the Disk icon in the top right corner to Save the lot.
Applying Tax Exemption in Bulk
Once the Auction's Attributes have been updated, tax exemption can be applied to lots in bulk via Lot Bulk Actions.
- Navigate to the applicable auction from the Dashboard, then select Catalogs > Lot Bulk Actions.
- Click the Columns button on the right side of the page and ensure the Tax Exempt field is selected.
- Selected columns will appear in blue.
- Check the box to the left of each lot that needs to be changed, or click the Select All Lots button in the top right corner of the page to select all lots.
- Once lots are selected, click the Pencil icon in the top right corner of the page. A pop-up window will open.
- If the auction has generated invoices that already have payments applied, a message will appear indicating that updates to those lots will not appear on those paid invoices. Click the I'm Sure button to continue.
- Use the Select Which Lot Detail to Edit drop-down to select Tax Exempt.
- Check the Set to (for all selected lots) box.
- Click the Edit All Selected Lots button. A confirmation message should appear.
Importing Tax Exemption
Tax exemption for lots can be imported alone or along with the rest of the catalog. A spreadsheet will need to be created in order to import lot tax exemptions. The spreadsheet will need to be saved as .CSV (comma-separated values) file type. The .CSV must contain at least two columns: Lot Number and Tax Exempt. Each lot that should be marked as tax exempt should have a 1 in the Tax Exempt column.
- Once the spreadsheet has been created, navigate to the applicable auction from the Wavebid Dashboard and select Catalogs > Import Catalog.
- Click the Choose File button, select the spreadsheet, and click the Upload button.
- Map the columns as shown below.
- For more information, see Importing Catalogs.
- For more information, see Importing Catalogs.
- Click the Import button at the bottom of the page. A confirmation message will appear.
Customer Level
Individual Auctions
To mark a bidder as being tax exempt for a specific auction during check-in:
- Navigate to the applicable auction from the Dashboard, then select Accounting > Check-In.
- Use the Find Customer field to locate the bidder or create a new bidder. For more information, see Bidder Check-In.
- Check the Tax Exempt box.
- Click the Disk in the top right corner of the page to Save.
All Auctions
To mark a customer as being tax exempt for all auctions:
- Navigate to My Links > Company > Customers > Create/Edit.
- Use the Find Customer field to locate the bidder or create a new bidder. For more information, see the 'Creating/Editing Customers' section of the Managing Customers help article.
- Click on the Tax Info tab at the bottom of the page.
- Enter the tax exemption details.
- If a Tax Exempt Form is uploaded or a Tax Exempt Expiration date is entered, then the Tax Exempt ID and File Name fields will be required.
- If a Tax Exempt Form is uploaded or a Tax Exempt Expiration date is entered, then the Tax Exempt ID and File Name fields will be required.
- Click the Save button in the top right corner of the page.
For information on importing bidder information, see Importing Customers (Bidders and Sellers).
Invoice Level
Tax exemption can be applied to an item on the invoice, or to an invoice as a whole, as long as payments have not already been applied to the invoice.
If payments have already been applied to the invoice, they will need to be removed before the tax can be adjusted. For information on removing payments, see Payments.
- Navigate to the appropriate auction on the Dashboard, then select Accounting > Invoices.
- Click on the Invoice Number of the applicable invoice.
- To set tax exemption for an individual item, click on the blue tax value in the Tax or Sale Price Tax column.
- To set tax exemption for the entire invoice, click on the blue Tax column header.
- To set tax exemption for the entire invoice, click on the blue Tax column header.
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A pop-up window will appear. Click the Tax Exempt check box.
- Click the Set Tax Code button. The tax will be adjusted on the invoice.
Fee/Premium Taxes
For information on Buyer's Premium tax, see Buyer's Premiums.
For information on Convenience (credit card) fee taxes, see the 'Accounting Tab' section in the Auction Settings help article.
For information on invoice fee taxes, see Fee Management.
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