Payouts Overview
Use Liberty to calculate and perform all payouts for:
●Clients and Store Accounts with items on Consignment (clients are paid for consigned items only after an item sells).
●Clients and Store Accounts from whom items are Purchased (these clients may be paid for items immediately upon their being added to inventory).
Liberty is not used to pay Retail Vendors. Use a separate accounting package such as QuickBooks® to pay retail vendors.
Warning! #1: Failure to use the payout routines in Liberty may lead to incorrect payouts. Do not use other types of Transactions to perform payouts – use only the Payout routines described below.
Warning #2: NEVER USE ACCOUNTING SOFTWARE TO PAY CLIENTS. Only use Liberty to pay clients. You may link Liberty with, or export information to, your accounting software (e.g. Quicken® or QuickBooks®). Use the accounting software for all other, NON-client specific accounting activities such as paying the rent, payroll, figuring taxes, etc.
There are two procedures for paying clients:
●One Account at a Time : This procedure is useful if you pay account holders on demand. Stores that pay clients at anytime would be an example. Another example is stores that pay clients with cash. If you are doing a one time payout and you have a machine that will capture signatures, you can use signature capture for the consignor to accept their payout.
●Multiple Accounts At A Time : This procedure allows you to specify precisely which account holders are paid. Use this procedure when clients are paid on a regular or semi-regular basis. Paying all consignors on the 10th of the month for all sales made the previous month would be an example.
There are two methods of payment – cash and check. Payments made in cash require the printing of a Cash Statement. It is strongly recommended that Cash Statements always be printed so the store has written proof a cash payout was made. Statements provide a signature line for the client to sign and should be kept on file by the store, not given to the client. for the store to have a written record of the payout
Checks may be printed using one of two check formats:
●Laser/Ink Jet checks have a check in the middle of an 8½ x 11 page, with a stub above and a stub below.
●Quickbooks checks have a check at the top of an 8½ x 11 page, with two stubs below.
When paying by check, the stubs can display up to 24 of the consignor's sold items.
Please Contact Resaleworld to order checks for use with Liberty. Checks ordered from Resaleworld are guaranteed to work with Liberty. Checks ordered from other sources may not work. For more information, please see the section entitled Ordering Computer Checks from Resaleworld.
Liberty is designed to handle multiple bank accounts. If you wish to use more than one bank account to pay clients, see the section entitled Set Up Payment Accounts for more information.
Finally, a number of Payout Defaults are available to customize and simplify making payouts. See the section entitled Set Payment Defaults for more information.