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.
*Please note that tax information set in Wavebid will not feed over to Proxibid.
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.
- Click the Disk icon in the top right corner of the page to Save.
Lot Level
The Auction's Settings 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, 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.)
- Click the Disk icon in the top right corner of the page to save the auction.
Once the settings have been updated, tax exemption can be applied to any lot:
- 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.
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.
- 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.
- Click the Save button in the top right corner of the page.
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 more information, 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.
- 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 Auction Settings.
For information on invoice fee taxes, see Fee Management.
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