One of the more complicated pieces of managing a resale store is juggling account balances. Accepting and selling inventory can both trigger a lot of additional overhead — Buy Outright stores juggle account balances for suppliers, and consignment stores owe consignors a cut of nearly every item they sell. In an average store, all of this work adds up to dozens of hours a month without the help of software.
How Balances Work
Every account has a balance, which can be found on the left side of their Account Detail screen just below the account information. ConsignCloud automatically adjusts balances based off of the activity in your store.
When a Consignment item sells, ConsignCloud looks at the Split assigned to the item and adds the right amount to the account balance based on the item's price and any surcharges or inclusive taxes. In contrast, when a Buy Outright items is entered into inventory, ConsignCloud credits its Cost to the account, while Retail items don't affect the account balance at all.
How to Adjust Balances
Often times, you will want to manually add or subtract some money from an account's balance on a case-by-case basis.
Go to the Account Detail page for the account you'd like to adjust.
Find the menu (look for the three dots near the account name) and choose Adjust Balance.
Enter the amount of the adjustment (use a minus sign to subtract money from an account), and include a memo. The memo will be shown on the account's invoice the next time you settle the balance, so make sure the memo is something they'll understand.
Balance adjustments can be used for antique stores and collectives looking to charge rent, or other cases ConsignCloud doesn't have built-in. They can also be used for special situations, like reimbursing accounts for items which are lost or sold at the wrong split.
Paying Out Individual Balances
Accounts may be settled one at a time from their detail page. To do that, just hit the Settle Account button, which can be found on the left side of the screen just above the account balance.
If you pay out balances as of a certain date, if for example you cut checks on the 15th for all items sold in the previous month, select the Payout Date for the correct day, and the Payout Amount will adjust automatically. This field defaults to today, so if you'd like to pay out the entire balance and bring the account to $0, just leave this field alone.
Next select the Payout Type — permitted options can be configured in the Policy section of your store's settings. if you chose to pay out by check, you may also optionally include a check number. If you've configured check printing, you'll also be given the option to print out checks. ConsignCloud will automatically generate an invoice for the settlement.
If you'd like to automatically pay out your consignors via bank transfer or digital check, please check out our integration with Checkbook!
Paying out Balances in Bulk
You can save time by settling balances in bulk. There are fewer options, however — for instance, you cannot record check numbers. To pay out balances in bulk:
Go to the Accounts table.
By default, balances shown in the Accounts table are current. If you wish to pay out as of a certain date, scroll to the right side of the table, click "+ Column", and select Customize. You can change the balances shown in the table to reflect the date you'd like to use.
Select the accounts you wish to pay out. You can apply filters to make this task easier, for instance Balance is greater than $0.00.
Find the Actions menu near the top right of the table and select Settle Accounts.
Select your Payout Type and Invoice Mode just like you would for an individual payout.
Editing Account Balance History
Sometimes, mistakes are made. Whether an item was sold with the wrong split, an incorrect adjustment was made, or an account was settled prematurely, it's important to be able to correct these mistakes to ensure smooth communication with your consignors.
With certain limitations, ConsignCloud allows you to delete, restore, and edit account balance entries from the account's detail page. To do that, click on the edit icon at the right-hand side of the balance entry:
This will open up a dialog where you can backdate the entry, edit its amount, title, or memo, and delete/restore it using the menu popover at the top-right.
This feature is meant to be used sparingly, in most cases, ConsignCloud will do the right thing when populating account balances.