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Seller Deductions

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

What is a Seller Deduction?

Applying a Seller Deduction

Deleting a Seller Deduction Payment

 

What is a Seller Deduction?                                                                     

We use this term when a seller/consignor both sells items and buys items in an auction and the auction house wants to apply the purchased items towards the amount owed on the seller settlement.

Example:

John Doe is a seller/consignor and agrees to a 10% commission to sell his tractor with the auction house. The tractor is sold for $50,000 during the auction so the seller is owed $45,000.  However, John Doe also decided to purchase $1,000 worth of lots in the same auction.  So instead of John Doe having to pay the auction house $1k, the amount owed for the purchased lots can be applied towards what the auction house owes John.  Once applied, John Does seller settlement will reflect that he's owed $44,000 and a historical record that he made purchases in this auction.

 

Applying a Seller Deduction                                                                    

  1. Starting from a bidder invoice, select Seller Deduction as the payment method.
  2. Search for/select the applicable seller consignor  mceclip0.png
  3. Click Save.  This will both apply the payment to the bidder invoice and the selected Seller Settlement/Invoice.mceclip1.pngmceclip2.png

 

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