Wavebid provides the option to add a deposit for a bidder at the time of check-in, as well as the option to specify if a bidder has been authorized to proceed without a deposit. This article describes the process for adding, deleting, and refunding deposits, as well as the process for using deposits as payment, and reporting on deposits.
Before the deposit feature can be used, it will need to be turned on.
- Navigate to My Links > Company > Profile.
- Click on the Preferences tab.
- Click on the New Auction Default tab on the left side of the page.
- Check the Add ability to use deposits box located at the bottom of the page.
Once deposits have been enabled at a company level, the option still remains to turn them on or off for any given auction.
- Navigate to the applicable auction from the Dashboard, then select Auction > Edit settings.
- Click on the Accounting tab.
- Check the Use Deposits box located on the right side of the page. Deposits are now turned on for this auction.
Now that deposits are activated, they can be charged to a bidder.
- Navigate to the applicable auction from the Dashboard, then select Accounting > Check in.
- Check-in a new bidder, or select one that is already on the customer list.
- Enter a Paddle #.
- Click the Dollar Sign icon in the top right corner of the page.
- A Deposit Entry pop-up window will open. Confirm that the Paddle # is correct.
- Select the payment Type from the drop-down. If no deposit is required, select "No deposit required".
- Additional fields will populate based on the Type selected. If a Payment Gateway is on file, and Credit Card is selected as the Type, the Process Credit Card checkbox will appear along with all of the fields necessary to run the credit card.
- If there is not a Payments Gateway selected for the auction, and Credit Card is the selected Type, there will limited credit card information fields available. These fields are purely for records purposes, as a credit card cannot be run through Wavebid unless a Payment Gateway is on file.
- Enter the deposit Amount.
- Enter any optional Notes (ex. Check Number, etc.)
- Click the Save button in the bottom right corner of the Deposit Entry window. The deposit should now be visible to the right of the Paddle #. Clicking on the blue Deposit Total amount will open the Deposits Report.
Please note that clicking on the Dollar Sign in the top right corner of the page and entering a new amount into the Deposit Entry window will not override the current deposit. Instead, it will add the new deposit amount to the previous deposit amount to get a new Deposit Total. For example, entering a deposit of $20.00 followed by a deposit of $30.00 will result in the Deposit Total being $50.00. To delete a deposit and enter a new one, view the Deposits Report and click the Trashcan icon to the left of the deposit.
There are two ways to get to the Deposits Report:
- Click on the blue Deposit Total amount on the Bidder Check-In page.
- Navigate to the applicable auction from the Dashboard, then select Accounting > Reports > Deposits.
The Deposits Report displays a list of all of the deposits for the auction. Enter a name in the Search field to locate a bidder.
The information visible on the Deposits Report can be changed by clicking the Columns button on the right side of the page. Clicking on a column header will either add it or remove it from the page display. The column headers in white will be displayed, while those in blue will not be displayed. Scroll left and right to see all of the columns on the Deposit Report.
To export the data from the Deposits Report, click the Export button on the right of the page and select the desired file type.
To refund a deposit, click the Refund icon (circular arrow) in the Tools column to the left of the deposit. When a deposit is refunded, the original deposit information will remain on the Deposits Report, for historical data purposes. For more information, see Refunding a Deposit below.
To delete a deposit, click the Trashcan icon in the Tools column to the left of the deposit. A confirmation window will open. Click the Ok button to continue. The deposit will be removed from the Deposits Report.
For bidders with multiple paddle numbers, a deposit can be moved from one paddle to another by clicking the Move icon (two arrows) in the Tools column to the left of the deposit. A pop-up window will open. Select the new paddle number from the drop-down and click the Save button. The Bidder column will be updated to reflect the new paddle number.
If a deposit has been applied to an invoice as a payment, "Applied to Payment" will appear in the Tools column to the left of the deposit. For more information, see Deposits as Payment below.
Refunding a Deposit
To refund a deposit:
- Navigate to the Deposits Report for the applicable auction and click the Refund icon (circular arrow) in the Tools column to the left of the deposit to be refunded.
- The Issue Refund pop-up window will open. Select a Refund Method from the drop-down.
- If the deposit was made via credit card, selecting Credit from the Refund Method drop-down will issue the refund to the credit card that was used for the initial refund.
- Enter any Notes, if needed.
- Click the Save button.
- A confirmation window will appear. Click the Ok button to continue.
- After a deposit has been refunded, "Refunded" will appear in the Tools column to the left of the deposit. Click the Binoculars icon in the Tools column will open a pop-up window with the deposit details. Refund details can also be viewed within the Deposits Report by adding applicable column headers to the report. To do so, click the Columns button in the top right corner of the page. Click on the Refunded and Refunded Date column headers. Column headers in white will be visible on the report while those in blue are not visible.
Please note, refunding a deposit after it has been applied as payment must be done via the Issue Refund button under the Payments tab. Once a deposit has been applied as payment, a refund cannot be made via the Deposits Report.
Deposits as Payment
After a deposit has been applied to a bidder, it can be used as a payment method.
- Navigate to the applicable auction from the Dashboard, then select Accounting > Invoices.
- Click on the applicable invoice to open it.
- Click the Dollar Sign icon in the top right corner of the page.
- The Payments tab will open and the Payment pop-up should automatically open. If the Payment Entry window does not open, click the Add Payment button.
- Select Deposit from the Payment Method drop-down. See below for bidders with multiple deposits.
- On the bottom of the page, click the checkbox acknowledging that the deposit must be applied in full.
- Click the Save button in the bottom right corner of the Payment Entry window.
- The payment will now be reflected on the Payments tab. Proceed with any additional payments as needed. For more information on payments, see Payments.
- The Tools column of the Deposit Report will also be updated to show "Applied to Payment".
- Once a deposit is applied as a payment, it is treated as a payment. Meaning that deleting that deposit payment from the Payments tab will not restore deposit actions to the Deposits Report. The deposit will still appear as "Applied to Payment" on the Deposits Report. Refunding a deposit after it has been applied as payment must be done via the Issue Refund button under the Payments tab.
If the bidder has more than one deposit, they will both appear in the Deposit field of the Payment Entry window.
To just apply one of those deposits to the payment, click on one deposit to highlight it, check the box at the bottom of the window, and click the Save button. That deposit will be applied as payment. The remaining deposit can be refunded or deleted, if needed.
If it is determined that the remaining deposit should also be used as payment, follow the steps above again while selecting the remaining deposit from the Payment Entry window.
A summary of all the deposits collected in an auction can be found by navigating the applicable auction from the Dashboard, then selecting Accounting > Reports > Deposit Summary.
Use the Choose Cashier drop-down to filter deposits by cashier.
To filter by date, enter a Start Date and an End Date and then click the Magnifying Glass icon in the top right corner of the page.
To print the Deposit Summary, click the Printer icon in the top right corner of the page.