General Ledger account works as a central repository for accounting data transferred from all sub-ledgers or modules like accounts payable, accounts receivable, cash management, fixed assets, purchasing, and projects. InnovA can create an export file that can be easily imported to your accounting software, or we can create an API for automation.
Invoices are created for each item sold. The status of balance due can be easily viewed on a dashboard or with many filters. Balances can be reviewed overall, by event, by account, by item, by date range, and many other ways. Buyer invoices can be paid directly from the buyer portal. Buyers will be able to find all payment details here, including the release ticket for load out once the payment has been posted.
Unlimited fees can be created for buyers and consignors. Fees can be automated by inventory types as needed.
Sales & Terp Tax is applied to all applicable items when setting up your categories and product families for inventory. InnovA can set up sales tax automation with a partner service that is the expert in this area. This will enable your company to apply tax rates correctly to invoices, validate addresses at the point of purchase, maintain nexus laws, plus filing your taxes on time and eliminating the fear of tax audits.
Consignor payments can be paid on any schedule that you like. Once a consignor has a balance that is ready to be paid, it will show in the pending payables area. A person on your team will review the consignor statement to confirm it is ready to be paid, make changes as needed and if ready, send a request for payment. If the request is accepted, the payment information is sent back, and all activity is tracked for future correspondence.
Inventory that goes through an virtual auction is automatically clerked, then creating a pending invoice to be reviewed to confirm that all fees and taxes have been applied correctly.
Invoices can be tracked in many ways. You can find all purchases in your customer's account, by the specific item purchased, or in the accounting section of the InnovA back office. Your buyers will have a portal they can log in to find their invoices. Buyers can even pay from their portal if you choose that as an option. Once the invoice is paid, the buyer will receive a notification that their release ticket is available to schedule load out.
Once an invoice is paid, the buyer will receive a notification that their release ticket is available to schedule load out. Our release tickets have everything that your buyer needs to know to schedule purchases to be picked up.
As our team begins to make our shift to InnovA, I just want to send a note of gratitude. Since beginning conversations with InnovA about transitioning to your software and auction platform, I’ve been blown away by the responsiveness to our needs as a company. The software you’ve built is already miles ahead of other industry competitors and even though I believe there’s always room for improvement, your team’s willingness to listen and adapt to our specific needs, as well as the areas we believe from experience are important to other similar auction companies, is welcomed with gratitude. Our industry landscape is quickly evolving and as such, we have to be responsive as a company to those changes. Having a software partner that is ready and willing to adapt with us is paramount. Thank you for your creativity and dedication to this product, and to the auction industry.-Kirk Witcher/Owner / CEO Witcher Auctions LLC