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. Every account also has a default Inventory Type, but inventory can still be added under a different inventory type on a case-by-case basis.
When a Consignment item sells, ConsignCloud looks at the Split assigned to the item and adds the right amount to the account balance. 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.
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 Buy Outright stores that pay suppliers with store credit. 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.
Go to the Account Detail page for the account you'd like to settle.
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.
Select the Payout Type.
If you chose to pay out by check, you may also optionally include a check number. If you've configured your check settings, you'll also be given the option to print out checks.
ConsignCloud will automatically generate an invoice for the settlement, and Invoice Mode determines how you'd like the invoice. Print Invoice will send the invoice to the printer you've designated in ConsignCloud's Settings. Export Invoice will generate a .pdf you can save for emailing or printing later.
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, open the Columns menu 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.