How to Set Buyer's Premium

There are a few different ways to set a buyer's premium for each auction. It can be assigned every time an auction is created, or, it can be set at a company level so that every new auction has a specific premium saving you time. 

Set Default Buyer's Premium Per Auction 0:15 Example in Video

  1. From the list of options to the right of your auction on the dashboard, navigate to Auction > Edit Settings
  2. Click on "Accounting"
  3. Under the premium options box, you can adjust the fixed percentage for the auction. 
  4. A sliding scale can also be utilized, or if preferred, a cumulative sliding scale.
  5. If running auction online and there is an applicable online premium, that percentage can be added below the premium box.

 

Set Buyer's Premium at a Company Level

Buyer's premiums can be set to always default to a specific amount for every new auction made, saving time from having to set it per auction.

  1. From the main navigation bar, proceed to My Links > Company > Profile
  2. On the row of blue tabs, click on the Preferences tab, this brings up the New Auction Default page

 

 

The New Auction Default Page will let you set values to different fields that affect all future auctions that are created. This way, you don't have to set the buyer's premium or tax codes each time for every auction that is made. 

 

Setting Buyer's Premium Scales 3:07 Example in Video

Navigate to My Links > Company > Accounting Settings > Scales - Buyer's Premium

 

Buyer's Premium Scales will let you assign custom scales for your sliding or cumulative premiums.

  1. Enter the percentage of your premium
  2. Enter the maximum up-to value 
  3. Enter the minimum dollar value

If a lot sells for $2500, 10% will be used.
If a lot sells for $5, 15% would be used but because of the minimum $20 will be used.

 

Overriding Premium on Invoice

If your auction has been clerked and you're now at the point of invoicing but some of your premium's are a bit too steep on one of your invoices, there is a quick and easy way to modify the premium without leaving the screen.

From an unpaid buyer's invoice, (Current Auction > Accounting > Invoices) click on any of the blue premium values

The buyer's premium override dialog box appears. From here, any percentage entered in will override the buyer's premium set for the auction.

**Note: This will not be an option for paid invoices.

 

 

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