Creating a Seller Settlement

Settlement Reports

Seller Settlement Reports can be generated after invoices have been processed and auction proceeds have been reconciled against the Close Report.   Creating a Settlement Report is not required, but is a useful tool that has been made available to affiliates to help pay out consignors.  Seller settlement reports will include:

• Settlement cover page.  
• Auction information.  
• Seller contact information.
• Paid items 
• No Bid/Reserve Not Met Items
• No Sale Items
• No Show Items 
• Commission rates and fees charged. 
• Gross and net seller settlement amounts.

Click here to see an example of a completed Settlement Report.  

How to Create a Settlement Report

Settlement reports are created after the auction has ended and invoices have been processed.  Once Sellers have been created and assigned to the appropriate lots you can create a settlement report for the auction.  

1. Enter the auction from the dashboard and select Settlement Report. 
   
    
2. The Settlement Report will show you what sold for each seller, less any commission rate you have assigned to that seller and/or item.  Adjust as necessary  according to your contract.  
3. Auction Expenses can also be added on a per seller basis. 
4. Create a fee as a percentage or a flat rate and assign it to the appropriate seller.  You can also Edit or Delete a fee as needed.  
   
    
5. Print off your settlement and pay your seller.  Change the auction status to Settled to remind you that the auction has been completed.