Consignment Settlements

Settling with consignors is a breeze with BCSS.

BCSS Consignment Software Settlement Features

To settle (with a consignor) means to pay him or her the amount of money owed for his or her share of sales proceeds. An essential feature of a consignment software app is the automation of this process, making it quick and easy for stores to calculate the amount due, add bonuses, deduct fees, and make disbursements.

Consignment Settlement Records

Each time a consignment sale is completed, a 'settlement document' is prepared in the background, meaning that the software has recorded the sale and has credited the consignor's account and the shop's account for their respective shares of the sales proceeds.

A separate record exists for every consignor who has sold something and has not been paid. Settlements can be made individually or in 'batch' (groups), grouped by method of payment. For example, all consignors who are to be paid by check can be processed as a group (known as a batch settlement).

The Consignment Settlement Process

Settling with one consignor at a time allows adjustments for bonuses and fees.

For example, a bonus might be awarded for accepting store credit as payment. with Best Consignment Shop Software the bonus can be based upon the amount of the sale or the amount of the consignor share.

Fees might be deducted for cleaning, repairs, shipping/delivery and so on. An advanced feature of BCSS is to automatically deduct set fees, like a percentage for sales that were paid for by credit card.

A good consignment program will allow for:

  • Payment to be split, typically between cash, store credit, check and/or gift certificate. If payment is by check, the next available check number should be offered by the software.
  • Editing of a completed settlement, allowing changes in the date, additions, deductions, amount and notes.
  • Settlement for one or more items but not all items.
  • Inclusion of layaways in settlements.
  • Printing of the settlement with settled items listed.
  • The printing of two settlements per page.
  • Settling for $0 to remove old settlement records.
  • Correction or void of incorrect settlements.
  • Test print prior to finalization.
  • User-defined fees to be deducted.

Best Consignment Shop Software includes all of these features.

Settlement Time

An 'aged batch settlement' is a settlement for prior months. A regular settlement is for the current month.