Embedded Files
To add a new seller tax click on the New Formula button in the top right corner.
This will display a series of Master Formulas that you can choose from. Click the Add button next to the formula titled Seller Tax.
This will add the Master Formula known as Seller Tax to your list of available formulas. Click the Pencil Icon next to the formula to enter the Formula Details window.
The first thing that you'll see on this Formula Details window will be the three descriptive fields.
Formula Code: This field can be edited as you wish. It is the unique identifier for each formula. No two formulas can have the same Formula Code.
Description: This field is used to state how this Buyer Tax looks when you select it from your drop down menus throughout the system.
Settlement Description: This field is what will be stated on the buyer's settlement.
Underneath the descriptive section you will see the line items known as "Parts." These Parts are the functional aspects of the formula. In our example we're going to change the commission from 7% to 3.5%. To edit this Part click the Pencil Icon to the left of the Description.
The first field to change will be the Description field. For our example we've changed this from "7% Tax on Commission" to "3.5% Tax on Commission."
The next field we will edit is the "Calculation" field. Click the Pencil Icon to edit this field.
Once on this editing window use the red X button to remove the 7% from the end of the formula.
To add your new percentage click on the Values button. This will display several editable fields. Enter your new percentage into the Percentage field, then click the blue plus button to add it onto the end of the formula.
When finished click the Done button.
Clicking the Done button will bring you back to the Edit Formula Part window.
You will see your changes to the Description field and the Calculation field here.
For this example we will not be editing the Taxable Amount field nor the Nontaxable Amount field.
Click the Save button to save these changes.
Clicking Save will direct you back to the Formula Details window. You will see that your Part is edited and should reflect the changes that you've made. Click the Save button underneath the Part to save these changes.
To test that your formula is functioning properly click the Test Formula button located above the Part.
This will direct you to the Test calculation window.
There are three fields on the Test Calculation window to edit.
First change the Clerk Status to Sold.
Second mark the Seller Tax Exempt field as False. This means that this seller IS subject to tax.
Next, enter the Total Commission.
Finally, click the Test button to test your formula.
In our example entering $100.00 with a 3.5% commission will yield an extra $3.50 applied to our profit (debit) and will show that same $3.50 deducted from our consignor (credit.)
You can now choose this tax as an option in any area that a Seller Tax is a factor. Such as in the Auction Details area or the Lots Details area.
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