This guide introduces you to the database's pricing and taxation automatic functions and manual overrides.
Whenever you produce a list of works in a presentation document or any type of Private View presentation, you can choose between showing prices including or excluding whatever taxes might be applied.
To show the right price (with or without tax) and the appropriate label, follow the steps below. The starting point is to determine the different tax codes that apply to the works you sell.
- Tax code setup: Set up the tax codes that apply to the works you sell, including the appropriate labels that you'd like to be shown after prices when the prices are displayed with or without tax.
- Applying tax codes to an artwork: Set a tax code for every artwork, even if the tax code is a value like ‘TBC’.
- Artwork overrides: Optionally, you can override a particular artwork (despite its tax code) and vary the label, tax rate, currency, amount and label by setting specific custom display prices for individual artworks.
1. Tax code setup
Go to Accounts > Value Lists > Tax statuses
On the list screen, you will find all your Tax codes and can click the pencil to edit them.
Opening up a record here will allow you to edit the name, tax rate and two custom price label values for when you are displaying prices inclusive or exclusive of tax.
The default values in the system include TBC, Temporary Admission, Margin scheme, Zero rated, Rated/ Standard rate.
It is important to make sure you label your values in a way that ensures they suit your workflow if this code is selected.
2. Applying tax codes to an artwork
Set the tax code of an artwork in the record's ‘Financial’ tab by selecting the appropriate value from the menu. You can find this in the ‘Retail price and tax’ section.
Make sure that the tick box 'Automatically apply rate for selected tax status' is ticked (it is on by default for new records). If you want a non-standard rate for the status you have selected, you should uncheck this box and enter your chosen tax rate in the box that appears in order to apply a different tax rate to the tax-inclusive price.
You can use the Update multiple function to set most of your available artworks to the relevant tax statuses in just a few actions.
3. Artwork overrides
You can override the specific price labels for artworks and replace the price and label by checking the ‘Override display price’ box and entering your override options for prices including or excluding tax, as shown below.