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Seller Deductions

This article defines seller deductions and describes the process for applying or deleting a seller deduction.

This article contains the following sections:

 

What is a Seller Deduction?


The term "seller deductions" is used to describe a situation in which a seller/consignor is selling items in an auction while also purchasing items in that same auction. In this situation, the auction house wants to deduct the price of the purchased items from the amount owed on the Seller Settlement.

For example, John Doe is a seller/consignor who is owed $45,000 for the sale of a tractor at auction, but he purchases a lot for $1,000 at that same auction. Instead of John having to pay the auction house $1,000, that amount can be applied to the $45,000 the auction house owes John. Once applied, John's Seller Settlement will show that he is now owed $44,000, while also providing a historical record of the purchase he made in this auction. 

 

Applying a Seller Deduction


Please note: the payment method will appear as "Cash" when applying Seller Deductions on invoices using advanced invoice customizations.

For users not using advanced invoice customizations, the payment method on the invoice will appear as "Seller Deduction".

  1. Navigate to the seller/consignor's bidder invoice (Auction > Accounting > Invoices).
  2. Click on the Dollar Sign icon in the top right corner of the page
  3. Select Seller Deduction as the payment method.
  4. Search for/select the applicable seller/consignor  mceclip0.png
  5. Enter the payment Amount.
  6. Click the Save button. This will apply the payment to both the bidder invoice and the selected Seller Settlement.mceclip1.png                                                                   Bidder invoice                                                                                                                                                                      mceclip2.png                                                                 Seller Settlement

 

Deleting a Seller Deduction Payment


If a seller deduction payment is deleted from the bidder invoice, it will also automatically be deleted from the corresponding Seller Settlement. For more information on deleting payments, see Payments.

If a seller deduction payment is deleted from the Seller Settlement, it will not be deleted from the bidder invoice.

 

 

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