Customizing auction event preferences
The Auction Event Preferences box will open automatically when a new event is added and this is where you will configure how you want the auction to run. Initially, the only required fields are Event Date and Auction Event Name. However, having more complete information entered can help with the quality of your data later. If certain fields cannot be completed, skip them and come back later when the information is available.
You can add, edit, or delete any of the components within the Auction Event Preferences at any time. To access Auction Event Preferences, select Utilities > Configure Application > Auction Event Preferences. From here you can change the date or name of your event and make changes to any of the Auction Settings. You can also add, edit, or delete item value ranges, and add, edit, or delete tax rates.
1. Auction Settings tab is where you will choose basic settings for how your event will be managed.
a. Procurement numbers are the static numbers that stay with the items. Selecting Automatic Procurement Numbers will allow Auction Tracker to automatically assign procurement numbers each time a new catalog item is added.
b. A tag number is an inventory tracking number that can be used to manage items in physical storage. Selecting Automatic Tag Numbers will allow Auction Tracker to automatically assign tag numbers each time a new item is added.
c. Selecting Automatic Bid Percentages allows the organization to establish parameters and percentages used to calculate the Starting Bid, Bid Raise, and Guaranteed Bid amount for each catalog item. Once this option is selected, the Item Value Ranges tab becomes enabled.
d. Selecting Raffle Ticket Management will allow your organization to select specific non-catalog items to be sold individually with a unique ticket number. This may be important if you are located in a state that has specific laws for gambling.
e. Selecting Use Cashier Initials gives the ability to track which cashier handled which guest during the checkout process. It will require the cashier to enter their initials when accessing guest checkout. Those initials will be printed on the bottom of the receipt so you can refer back to that person if there is ever a discrepancy.
2. Additional Auction Modules: there are three specialty auction modules: a wine module, an art module, and a festival of ‘trees’ module. If you select none, it will be a basic auction event. If you select any of the other modules, Auction Tracker will add a data entry tab specific to your chosen module on the Catalog Item Entry window.
3. Tax Disclosure you will need to select the type of filing required for your organization.
If you charge any type of Data Processing Fees, it will be required that it is charged to everyone and you will want to make sure you disclose it to your guests. Sometimes organizations will charge a percentage amount for purchased non-catalog auction items, as a fee or commission to the auctioneer. It can also be used as a general administrative fee, when for example, the organization would like to cover expenses, such as credit card processing fees. If your organization does not charge any fees, you will want to leave this percentage at 0.
4. Statement Comments are a line of text that will appear on every guest statement. You can use this to communicate any information you would like to share with guests. A simple comment example is: Thank you for your support!
Once you have entered all of that information, select Apply to save changes , and you can now move on to the item value ranges tab.
The Item Value Ranges tab is where you will choose how you would like Auction Tracker to calculate bids and organize bidsheets. It is important to note that these ranges only apply to items in your silent auction. Your auctioneer will help determine where to start bidding on live items. Item Value Ranges provide a baseline of consistency for bidding from one item to the next. All of the bids are calculated based on the fair market value of each item. At least one range must be defined when this feature is used, but it is also possible to use multiple ranges. The first configuration, is based solely on Item Values.
The second configuration is based on Auction Type or closings. This is often used when an organization chooses to have multiple closings for their Silent Auction, for example: Silent Red, Silent Blue, and Silent Yellow. The calculation percentages will not be based on a minimum or maximum fair market value, but rather, they will based on Auction type, grouping the entire closing as one. So Silent Red, for example, would share all of the same calculation percentages for the starting or minimum bid, bid raise, and guaranteed bid.
Item Value Ranges Tab
Add Range or Edit Range
To edit an existing range, click on the range you want to edit and then click the Edit Range Button. To Add a Range, click on the Add Range Button. The Beginning Value is the minimum fair market value price you would like to use for the calculations you are setting. The Ending Value is the maximum fair market value price you would like to use for the calculations you are setting.
You can determine which Calculation Percentages make sense for your organization in regards to Starting/Minimum Bid and Bid Raise. Some organizations use higher starting percentages along with steeper bid increases for lower value items, and lower starting percentages with less significant increases for higher value items. Once you have run an event in Auction Tracker, the next year you will be able to pull valuable reports to help you best choose these numbers.
Guaranteed bid is the percentage of fair market value that will mark an item as guaranteed sold.
Once you've entered all of your numbers, select OK. In order to add additional ranges, select Add Range again.
Tax Rates. Auction Tracker incorporates two basic rules for tax collection. The first is, that Tax is collected based on the final bid or amount the item sold for. The second is, that the Tax collected is based on the bid or sold for amount or the fair market value, whichever is less. Examples of taxes include State tax, General Sales tax, City tax, Liquor tax, etc. You will want to familiarize yourself with your state’s requirements because some states require that taxes only be collected on tangible goods while others require tax to be collected on all items sold. If your organization is not required to collect taxes, you can skip over this tab.
To add a tax rate, select Add Rate and the Add Tax Rate box will open.
In the Rate field, you will enter the tax rate as a percentage.
The Tax Name field is where you will enter the type of tax being charged.
You will need to select whether the tax will be applied to all items or selected items. If you choose Selected Items, you will be able to specify which taxes apply to individual items as they are entered.
Based On selections will indicate whether the tax is based on the winning bid amount or the lower of the bid or value.
Once entered, select OK to save entries. If you are required to charge guests additional tax rates, you can do that by selecting Add Rate again. When complete, close the Auction Event Preferences box.
Auction Settings Tab:
Item Value Ranges Tab:
Tax Rates Tab: