Within Ricochet are two primary ways to conduct payouts to your consignors:
- Individual/Manual Payouts
- Bulk Payouts
The benefit of bulk payouts is the massive time savings with this action. Rather than digging through all of your sales, finding the relevant consignors, and creating a check for each one of them, you can do all of this at once with Bulk Payouts.
The way this works is by entering a date to see all of the sales and corresponding payouts up to that date.
Keep in mind that this is not a date range. Rather, it finds all the pending payouts up to the day you've selected.
So if you want to conduct a payout on the first of every month, you can select the 1st and the system will automatically find all of your sold inventory, the respective consignors, and the amount owed to each for all 30 days prior. From there you can quickly print checks or export the data to whatever spreadsheet tool you prefer.
If you are a vendor-based store, make sure you charge your vendors any rent or fees for the month with the Bulk Credit Adjustment Tool before paying them out for the month.
If you are using Quickbooks online, Ricochet offers a free integration with Quickbooks! Learn more about how that works.
To conduct a bulk payout:
- Navigate to 'Actions' from the primary navigation.
- Click 'Payouts.'
- Enter the date you wish to run a payout through. This will find all the needed payouts from your last payout up to the selected date.
- Click Export if you want to use this file record for extra bookkeeping.
- OPTIONAL - Expand all to see more details on the consignor and items sold. You can also toggle each payout to individually see more information.
- Select any pending payouts you would like using the checkboxes on the left side of the table.
- If you would like to print checks directly from the software, click 'Print Checks.' This will take you to a print preview for that action. If you print checks with an external service, conduct cash payouts, or use some other form of payment, select "Print List" instead. This action will still post the payouts in Ricochet, but you are still responsible for paying your consignors with your preferred method.
- The final step you will see is a prompt asking 'Post the Payments.' Selecting 'Yes' will post the payments and mark all items listed as 'Paid.' Selecting 'No' will not post the payments and return you to the payouts report.