Seller Expenses and Credits

This article describes the process for creating expense and credit codes, applying expenses or credits to a Seller Settlement, and reporting on expenses and credits that have been applied.

This article contains the following sections:

• Company Level Expense/Credit Codes
• Add Expenses/Credits to Seller Settlements
• Add Expenses to a Lot
• Reporting
• Troubleshooting

 

Company Level Expense/Credit Codes

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Expense and Credit Codes must be added at the company level to ensure that codes are accurately applied by all company users. Once codes are added at the company level, they can be easily applied to Seller Settlements at an auction level.

 

Create Individual Expense/Credit Codes

1. Navigate to My Links > Company > Accounting Settings > Expense Codes. 
   • If any expense or credit codes have already been added at the company level, they will be listed here.
2. Click the Create New button in the top right corner of the page. A pop-up window will open.
3. Enter the expense or credit Code, Category, and Description.
   • Codes can be letters or numbers, but it is recommended that only numeric codes be used.
   • Codes with letters cannot be entered in Lot Builder and may create issues with Seller Settlements.                                                                       
4. Click the Save button.
5. The expense or credit code will be added to the Expense & Credit Codes list.  
   • To edit a code, click the Pencil icon to the right of the code, make the necessary changes, and click the Save button.
   • To delete a code, click the Trashcan icon to the right of the code. The code will be removed from the Expense & Credit Codes list.

Create Expense/Credit Codes in Bulk

1. Navigate to My Links > Company > Accounting Settings > Expense Codes. 
   • If any codes have already been added at the company level, they will be listed here.
2. Click the Suggested Wavebid Expense/Credit Codes link to download a an example expense/credit code spreadsheet.
3. Create a spreadsheet following the same template as the example spreadsheet.
   • The spreadsheet should contain a columns for Expense or Credit Code, Category, and Description, but should not contain column headers.
   • Codes can be letters or numbers, but it is recommended that only numeric codes be used. Codes with letters cannot be entered in Lot Builder and may create issues with Seller Settlements.
   • The spreadsheet must be saved as a .CSV (comma-delimited) file type          
4. Click the Choose File button and select the file.
5. Click the Upload button. If any errors have occurred, they will appear on the screen. If the upload was successful, the codes will appear on the Expense & Credit Codes list.

 

Add Expenses/Credits to Seller Settlements

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1. Navigate to the applicable auction from the Dashboard, then select Accounting > Sellers.
2. Click on the applicable Seller Settlement to open it.
3. Scroll down and click on the Add Expense or the Add Credit link located on the right side of the page.
4. A pop-up window will open. Make a billing selection:
   • Bill to Specific Seller: Click in the drop-down to see a list of sellers checked in to the event. Click on each name to select it, or click on the Select All link to select all sellers.
   • Bill to Specific Lot: Select a lot from the drop-down. The expense or credit will applied to the seller listed on the selected lot.
   • Bill by All Sellers % of Auction Gross: This will divide the amount of the expense or credit among each seller based on the percentage of their sales compared to the auction gross. For example, if a seller's total sales attributed to 25% of the auction gross, the seller will be charged or credited 25% of the expense/credit amount.
   • Bill by All Sellers % of Items in Auction: This will divide the amount of the expense or credit among each seller based on the percentage of their items compared to the number of items in the auction. For example, if a seller's total items make up 25% of the total number of items in the auction, the seller will be charged or credited 25% of the expense/credit amount.
5. Select an Expense Code or Credit Code.
   • Codes listed in the drop-down have been added at the company level.
   • This field is not required, as a code is not required to add an expense or credit. 
6. Enter Date, Merchant, Description, or Notes related to the expense/credit, if desired. These fields are not required.
7. Enter the expense/credit Amount.
8. Click the Save button. Added expenses/credits will appear under the appropriate section of the applicable Seller Settlement(s).
   • If expenses exceed the Max Expense amount entered during seller check-in, expense totals may differ from the entered expense amount. For more information, see Incorrect Expense Amounts/Totals.
   • Expenses that exceed the Max Expense amount will also appear as "Overage in Expenses" on the Auction Summary Report.

Edit an Expense/Credit

To edit an expense or credit that has already been applied, click on the expense or credit line on the Seller Settlement, make the changes in the Edit Expense/Credit pop-up window, and click the Save button. The expense or credit will be edited on all applicable Seller Settlements.

 

Delete an Expense/Credit

To delete an expense or credit that has already been applied, click on the expense or credit line on the Seller Settlement and click the Delete button on the Edit Expense/Credit pop-up window. The expense or credit will be removed from all applicable Seller Settlements.

 

Add Expenses to a Lot

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Expenses can be added to a specific lot during cataloging. However, prior to doing so, expense codes must be added at the company level.

1. Navigate to the applicable auction from the Dashboard, then select Catalogs > Lot Builder.
2. Create a new lot or select an existing lot from the Go To Lot drop-down at the top of the page. For more information on cataloging, see Lot Builder. 
3. Click on the Expense tab at the bottom of the page.
   • If creating a new lot, the lot will need to be saved before this tab will be visible.
4. Click the Add Expense button.
5. Select an Expense Code from the drop-down. 
   • Expense codes listed in the drop-down have been added at the company level. Expense codes must be added at the company level prior to adding them to a lot via Lot Builder.
   • Please note, codes containing letters cannot be added to a lot via Lot Builder.
6. Enter an Amount, Merchant, and Date. These fields are required.
7. Enter a Description and Notes, if desired. These fields are not required. 
8. Click the Save button. The expense will appear under the Expense tab.
   • To edit an expense, click the Pencil icon to the right of the expense
   • To delete an expense, click the Trashcan icon to the right of the expense.

 

Reporting

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Expenses Report

A report of expenses used in an auction can be found by navigating to Accounting > Reports > Expenses. Click on an expense to make edits or to delete the expense.

 

Auction Summary Report

Total expenses will appear on the Auction Summary Report, which can be viewed by navigating to Accounting > Reports > Auction Summary. Total expenses will appear under the Other Income section as Billable Expenses.

Clicking the Billable Expenses link will open a list of expenses applied to the auction.

Click on an expense to make edits or to delete the expense.

 

Credits Report

A report of credits used in an auction can be found by navigating to Accounting > Reports > Credits. Click on a credit to make edits or to delete the credit.

 

Troubleshooting

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Upload Error

If the message below appears when attempting to upload an expense/credit code spreadsheet, the spreadsheet was likely saved as an Excel file type. The spreadsheet must be saved as a .CSV (comma-delimited) file type. Please re-save the spreadsheet as a .CSV and attempt to upload again.

 

Unable to Add Expense Code to Seller Settlement

If nothing happens when attempting to add an expense to the Seller Settlement, confirm that the code is numeric. Codes containing letters cannot be entered in Lot Builder and may create issues with Seller Settlements. To resolve the issue:

1. Navigate to My Links > Company > Accounting Settings > Expense Codes.
2. Click the Pencil icon to the right of the expense/credit.
3. Change the code to one only containing numbers.
4. Click the Save button
5. Attempt to add the expense to the Seller Settlement again.

An alternative would be to add the expense to the Seller Settlement without selecting a code.

 

Incorrect Expense Amounts/Totals

If an expense has been added to a Seller Settlement, but the summary shows the total as $0 or less than the total of the expense, confirm that the seller does not have a Max Expense amount in place.

1. Click the Edit Contract link at the top of the Seller Settlement.
2. Edit the value in the Max Expense field so that it is equal to or greater that the expenses listed on the Seller Settlement.
3. Click the Disk icon in the top right corner of the page to Save.
4. Click the Seller Settlement button to return to the Seller Settlement. The expense amounts should now be accurate. 

 

 

Related Articles:

• Seller Guide
• Seller Settlements
• Accounting Guide
• Seller Payments