Set Auction Tax Code

This is one of the most important things you will do for your auctions and is one of the core strengths the Wavebid platform has to offer you. Utilizing this functionality properly will save you hours of manual accounting work as our system can handle all of that for you. Even then if you find and issues or discrepancies our reports will assist you in finding them.

This specific action can be performed at any time during your auction: When you're initially setting up your auction, during or after cataloging, during buyer check-in and clerking, or even after you start invoicing. As long as there are no transactions on the lots or the invoices of the auction Wavebid will update the taxation accordingly.

If there are invoices with payment transactions on them they will not be updated until you remove any payments from them.

Requirements

First thing is to make sure that you have created a set of tax rates and tax codes through the Tax Codes administration page, available through My Links > Company > Accounting Settings > Tax Codes. This step must be performed before you do anything else.

Auction Accounting.

Once you have your tax codes ready you can set them for your auctions:

  1. From the Dashboard go to your auction workspace, then Auction > Edit Settings.
  2. Go to the Accounting Tab.
  3. On the right side you will see the Taxes panel. Click Change.
  4. Pick the Tax Code you wish to set.
  5. Click Set Tax Code.
  6.  Save your auction.
Setting an auction tax code

Setting an auction tax code

When you save your auction Wavebid will automatically recalculate all of the accounting for your entire auction, refreshing the invoices for your Buyers and the settlements for your Sellers.

Please remember that once a payment transaction has been made on an invoice it becomes locked and any changes made to the auction configuration will not take effect upon it. You will have to remove any and all payments for the invoice; once that is done the system will automatically refresh the invoice for you.

At this time we do not have the ability to set separate tax codes per buyer and you will have to override them per invoice. To learn how to do this please read our article for it. If you wish to set tax codes for specific lots we also have an article for it.

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