Payment tracking & reminders

Every payment in its place

Payments are recorded on the client's account for a branch and a currency: incoming payments, outgoing payments to consignors or suppliers, online payments and balancing entries. Each payment is applied to one or more invoices, and the payments list can be filtered by fully applied, partly applied and not applied. Clients can receive a payment confirmation by email, for full or partial payments.

Paid lots are identified, so that they can be released or shipped, and consignors can be paid once their buyers have paid. A tolerance lets you treat a very small open balance as settled. Payments can also be returned, with any return fees.

Reminders

Select overdue invoices and send a reminder at level 1, 2 or 3. Each level has its own fee, fixed or as a percentage, and can show the invoice details when a single invoice is reminded. Reminders are PDF documents sent by email, with the link to your online payment page. For late payments, Selloff calculates interest on the client's account and issues an interest invoice.

Seeing who owes what

• Aging report: open invoices grouped by age, with the last payment, reminders sent and account balance
• Unpaid lots: lots awarded to a buyer and not yet paid, with hammer price, premium, insurance and VAT
• Bidders with open balances, on the sale dashboard
• Client account: all invoices, payments and the balance for a branch and currency, with an account statement to send

When a client is both buyer and consignor, their invoices with opposite balances can be offset against each other.

Who uses it

Accounting staff record and apply payments and run the reminders; the front desk checks a client's balance before releasing lots.