Affiliates play a crucial role in communicating auction results by processing invoices accurately and promptly. The information gathered through invoice processing significantly impacts bidder status, sales tax reports, close reports, seller settlements, and Equip-Bid billing totals. Here's a comprehensive guide on processing invoices effectively:
Best Practice - Immediate Processing: It's advisable to process auction invoices immediately following the auction removal. Processing unpaid invoices as "No Show" results in the bidder losing their bidding privileges. This practice often prompts bidders to settle their unpaid invoices promptly.
Deadline for Processing: Auction invoices must be processed within 10 days of the auction close date. Failure to meet this deadline results in affiliates being placed on hold, suspending their publishing privileges until compliance is restored.
Requesting Extension: Affiliates needing an extension in processing invoices within the given timeframe can submit a request by email. The request should include specific details such as affiliate name, auction ID, invoice ID, winning bidder number, lot numbers, and the expected invoice processing date.
Invoice Status:
- Paid (Cash/Check/Credit): Indicates full payment by the bidder through various payment methods.
- No Show: Signifies bidder non-compliance with auction terms, resulting in loss of bidding privileges.
- No Sale: Indicates unpaid invoices due to issues with the assets, with specific reasons provided for incomplete sales.
Batch Processing: Grouping invoices based on payment status (paid-cash, paid-credit, no-show, or no-sale) and processing them together enhances efficiency. Affiliates can utilize batch processing similar to batch editing lots in an auction.
Tax Exempt Invoices: If a winning bidder presents tax-exempt documentation and pays the pre-tax subtotal, invoices must be marked as tax-exempt for accurate reporting.
Settling Your Auction: Once all invoices for an auction are processed, affiliates can settle the auction, moving it from the "Auctions Waiting for Settlement" section to auction history.
Efficient and accurate invoice processing is essential for maintaining transparency, compliance, and smooth auction operations. By adhering to best practices, affiliates can ensure seamless post-auction procedures and positive bidder experiences.