Formulas

Formulas are used for every calculation required in AF360. They control Commissions, Buyer's Premiums, Tax Rates, Buyer Lot Charges, and Sales Person Commissions.

Commissions:

Commissions are defined by the software as the profit made by the auctioneer from the seller. This is commonly designated as a percentage but can also be set as a flat dollar amount, a sliding scale, or an incremental scale.

Buyer Premium:

A Buyer's Premium is defined by the software as an additional fee charged to the buyer on top of the winning high bid and taxes. This is commonly designated as a percentage but can also be setup as a flat dollar amount or a sliding scale.

Taxes:

The software uses formulas to apply taxes to the buyer and/or the seller. These are commonly applied as a flat percentage but can also be set on a sliding scale. The software can also apply tax to sellers and accommodate any GST/HST needs.

Buyer Lot Charges:

A buyer lot charge is referred to as an additional cost that is applied to the winning bidder of an item. This can be applied as a flat percentage or more commonly a flat dollar amount.

Sales Person Commission:

A sales person commission is defined as a commission given to an employee or other individual who was responsible for bringing a seller to you. When that seller's items sell at auction, the sales person can be given a percentage of that item's sales as payment.