Auction Management System
A market in which buyers enter competitive bids and sellers enter competitive offers at the same time. The price a stock is traded represents the highest price that a buyer is willing to pay and the lowest price that a seller is willing to sell at. Matching bids and offers are then paired together and the orders are executed.
Some Features we do provide
- Receipt number.
- Name and address.
- Copy correspondence.
- VAT declaration.
- Commission and charges.
- Auction estimates and reserves.
- Insurance values if lots are to be given auction estimates at a later point in the auction process.
- Commission rates and charges.
- Location(warehouse management) Terms and conditions- the legal contract between the seller and the auctioneer.
- The items on the receipt line are either cataloged as one lot, divided, or combined with another receipt line.
- Use of templates for auction lot cataloging.
- Photographed lots tied to the stock number/ receipt line/ lot number.
- Droit de suite, VAT status, Import status options indicated.
- Sale makeup - sorting of items into a presentation order (filter tools, sort tools) then assignment of a sequential Lot number.
- Warehouse and location option.
- Catalog can be printed at any point to check what is in it.
- File export option of an rtf file plus a set of images.
- Upload to the web site, and with condition reports, or a default message to contact the salesroom for further information.
- Sale results uploaded to the web .
- Unsold Lots procedure: Email sale results to vendors with revised reserves for unsold lots.
- Re-entry system from the vendor terms of sale. Item may then be assigned to a new auction for attempted resale; or returned to vendor.
- Finance system updated with sale results.
- Property system updated with results.
- Unpaid Invoices run and sent to Buyers.
- Email invoices to buyers or posted.
- Payments taken by different mode - on line payment is an option.
- A post sale report is sent to the vendor on sold and unsold items.
- Cheque settlement run and vendor settlement statements.
- A vendor Statement is produced showing items paid for and monies due to the Vendor created - this is the formal statement and is contractual.
- Intro Commission Statement run.
- Payout option for different Clients service providers.
- Stock reports with outstanding receipts stock numbers which have not been entered into sales, over a date range.
- Lots by sale not collected.
- Paid by cash, cheque or contra.
- Contra = A Client both Buys and Sells through an auction house - in a contra arrangement, the debit is placed against he credit. By implication, the Buyer and Vendor statements must be linked for the same individual.
- Percentage sold by Lots.
- Percentage sold by value.
- Lot values by value band, by sale, by category, by period.
- Aged debtors and creditors report.
- Outstanding vendor cheque report.
- A summary of the sale invoice transactions and associated data is produced as an export to the corporate accounting package or included in the online ERP bring offered as an additional service.
- GL Account Trial Balance.
- Trial Balance.
- Aged Dr/Cr.
- Vendor Outstanding reports.
- Unpaid Invoices run and sent to Buyers.
- Sub ledger Report.
- Cash Flow Statement.
- Income Statements.
- Balance sheet.
