Ricochet offers two primary ways to conduct payouts to your consignors:
Bulk Payouts
Save time with Bulk Payouts 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.
For example, if you want to conduct a payout on the first of every month, you can select the 1st and Ricochet 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, print list, export the data to whatever spreadsheet tool you prefer or send to QuickBooks *if integrated. If you are using Quickbooks online, Ricochet offers a free integration with Quickbooks Essentials or higher! CLICK HERE to learn more.
If you are a vendor-based store, you may need to charge your vendors any rent or fees for the month.
This can be done with the Bulk Credit Adjustment Tool if you have not set up the Booth Rent feature to have those fees automatically deducted prior to payout.
To conduct a bulk payout:
In Ricochet,
Click Actions
Click Payouts
Select the Pay Through date you wish to run a payout through
Click Export if you want to use this file record for extra bookkeeping
OPTIONAL -
Click Expand All to see more details on all of the consignors and items sold
Click the 3 lines with 3 dots to expand details individually
Click the check boxes (on the left side of the table) to select who to run the payout for or click the top most check box to select all
Click the Run Payout drop down
Click Print Checks to initiate the print preview to input any check fee, as well as the first check number in the sequence of checks you're printing
Click Print List if you print checks with an external service, conduct cash payouts, or use some other form of payment (like Venmo or PayPal) to pay your vendors/consignors
NOTE: This action will post the payouts in Ricochet to reflect that you have paid them, but you are still responsible for paying your consignors with your preferred method
Click QuickBooks to send the payout data to your Vendors' Expenses tab.
NOTE: To make things simple, we recommend one solid rule: Every single time you post a payout in Ricochet, make sure you also post it to QuickBooks
Click Post after having completed your choice of action. This will post the payments and mark all items listed as Paid
Click Cancel to not post the payout(s) and return to the payouts report