Accounting

General Ledger (GL) Account

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.  

Taxes

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. 

Pending Payables

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. 

Clerking 

Inventory that goes through an online auction is automatically clerked, then creating a pending invoice to be reviewed to confirm that all fees and taxes have been applied correctly.

Invoice Tracking

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. 

Release Tickets

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.