Support Team
06-05-2009, 11:22 AM
If you're purchasing items from a consignor or you're purchasing items, let's say, over the weekend, you have a few options as to how you'd like Liberty to handle the inventory:
1. Add the items as "Purchased," which requires one to enter a "Cost" and then a payable "Outright Purchase" transaction is created, in the amount of the "Cost" of the item. When the item sells, the store receives 100$ of the sale and the account the item was entered into receives NO money.
2. Add the items as "Consigned" with 100% going to the store. NO money appears within the account the items were added to. When the item sells, 100% of the sale goes to the store.
3. Add the items as "Consigned" with 100% going to the client. ALL money goes to the account the items were added to. When the item sells, 0% goes to the store.
So it's a matter of figuring out, when one says "store," do they want that to be an account that accrues money or do they just want the proceeds to go toward the total sales of the store.
Option #1 - When adding items, they can be set as "Consign" or "Purchase"...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1113.png"/>
By selecting "Purchase," you're telling Liberty you bought the item outright and thus, it wants to know the "Cost" of the item. Even if you don't have the Cost/Net field visible, Liberty will force this field on when an item is set to "Purchase"...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1114.png"/>
This option can also be set per account, as you may want to always add items as "Purchased" for particular accounts (e.g. your own account)...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1105.png"/>
This saves you the time of having to select "Purchased" each time you add a new item, in the store/owner account.
Once the item has been saved, a transaction named "Outright Purchase" will appear within the account's Transactions tab...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1116.png"/>
This account is now owed money in the amount of the "Cost." If this were a consignor, we could cut them a check then. If this was our own account, we start to think, "am I going to cut myself a check for the cost and then let the total sales go toward the store?" If so, this is the option for you. If you don't want to cut yourself checks, like a consignor, one of the other options would better suit your store. This option DOES let you see the cost vs. the selling price, which allows you to detect your average profit.
Option #2 - Add the items as "Consigned" with 100% going to the store.
<img src="http://resaleworld.com/videos/dean/2009-06-05_1119.png"/>
Price Code for said item set to one that provides the store with 100%...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1119_001.png"/>
When the item sells, the account in which the item was added will show a "Sold" item and NO TRANSACTION/NO MONEY OWED. The actual store - i.e. total gross sales - will receive all of the money from the sale. This is nice because no check has to be cut to anyone; it goes right in your pocket.
Option #3 - You wish to treat yourself as an actual consignor, but you want 100% of the money from a sale.
You would still set your items as "Consigned," but the Price Code in use would have 100% going to the Client instead...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1123.png"/>
To recap:
Option #1 - Purchased item, cost transaction created, all proceeds go to the store when the item sells.
Option #2 - Consigned item, no cost transaction created, all proceeds go to the store when the item sells.
Option #3 - Consigned item, no cost transaction created, all proceeds go to the client account when the item sells.
1. Add the items as "Purchased," which requires one to enter a "Cost" and then a payable "Outright Purchase" transaction is created, in the amount of the "Cost" of the item. When the item sells, the store receives 100$ of the sale and the account the item was entered into receives NO money.
2. Add the items as "Consigned" with 100% going to the store. NO money appears within the account the items were added to. When the item sells, 100% of the sale goes to the store.
3. Add the items as "Consigned" with 100% going to the client. ALL money goes to the account the items were added to. When the item sells, 0% goes to the store.
So it's a matter of figuring out, when one says "store," do they want that to be an account that accrues money or do they just want the proceeds to go toward the total sales of the store.
Option #1 - When adding items, they can be set as "Consign" or "Purchase"...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1113.png"/>
By selecting "Purchase," you're telling Liberty you bought the item outright and thus, it wants to know the "Cost" of the item. Even if you don't have the Cost/Net field visible, Liberty will force this field on when an item is set to "Purchase"...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1114.png"/>
This option can also be set per account, as you may want to always add items as "Purchased" for particular accounts (e.g. your own account)...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1105.png"/>
This saves you the time of having to select "Purchased" each time you add a new item, in the store/owner account.
Once the item has been saved, a transaction named "Outright Purchase" will appear within the account's Transactions tab...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1116.png"/>
This account is now owed money in the amount of the "Cost." If this were a consignor, we could cut them a check then. If this was our own account, we start to think, "am I going to cut myself a check for the cost and then let the total sales go toward the store?" If so, this is the option for you. If you don't want to cut yourself checks, like a consignor, one of the other options would better suit your store. This option DOES let you see the cost vs. the selling price, which allows you to detect your average profit.
Option #2 - Add the items as "Consigned" with 100% going to the store.
<img src="http://resaleworld.com/videos/dean/2009-06-05_1119.png"/>
Price Code for said item set to one that provides the store with 100%...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1119_001.png"/>
When the item sells, the account in which the item was added will show a "Sold" item and NO TRANSACTION/NO MONEY OWED. The actual store - i.e. total gross sales - will receive all of the money from the sale. This is nice because no check has to be cut to anyone; it goes right in your pocket.
Option #3 - You wish to treat yourself as an actual consignor, but you want 100% of the money from a sale.
You would still set your items as "Consigned," but the Price Code in use would have 100% going to the Client instead...
<img src="http://resaleworld.com/videos/dean/2009-06-05_1123.png"/>
To recap:
Option #1 - Purchased item, cost transaction created, all proceeds go to the store when the item sells.
Option #2 - Consigned item, no cost transaction created, all proceeds go to the store when the item sells.
Option #3 - Consigned item, no cost transaction created, all proceeds go to the client account when the item sells.