Feature Release: Automatic Booth Rent

Ricochet now allows stores to automatically charge their vendors rent.

This has been a highly requested feature from vendor based stores. Stores who have been utilizing the bulk credit adjustment report to deduct rent from vendors’ payouts now can assign a booth rent within their consignor account, and have the rent automatically be withdrawn every month.

You will need to turn on this feature first by going to Preferences > Admin > Account Details, then toggle on Automatic Vendor Booth Rent.

Now you can go to Accounts and either create a new consignor account or access a current consignor account.  If you scroll to the bottom of the Account Details tab, there will be a new module that says Booth Rent. Once you click the New Booth Rent button a few new fields will appear.

Booth rental - consignment software

You can start by adding the rental amount. Enter the rental amount as a positive number. Many stores may have adopted the routine of adding a negative number in the bulk credit adjustment report. This feature will only be used to deduct funds so there will be no need to specify. In case you do add in a negative number don’t worry, the system will override this so there is not a chance to make a mistake.

You can choose a specific day, every 30 days, or the last day of the month. If you do choose a specific date, then choose Every Nth of the Month.

If you pick the Every nth of the Month option, then a day of the month drop down will appear. You will have the option of choosing any day up till the 28th.

This feature can also accommodate stores that have multiple locations. In case your store has multiple locations, then you will also see a field for stores. Here you can assign one booth rent to multiple locations, or click the New Booth Rent to create a different booth rent for another location.

You can click the red X to clear the booth rent, or hit Save in the upper right hand corner.

Once the booth rent has been deducted it will appear in their payout tab as a (Credit) Space Rental, and the negative amount. Similar to credit adjustments you can click the red trash can to delete the rent.Booth Rental - consignment POS

Vendors who also use the Ricochet Go app will get a notification of when there rent is deducted, you can choose to send or turn of this notification by going to Preferences >  Admin > Notifications.

Getting Started
Booth rental will be separate from bulk credit adjustments. The idea is to create different features to better suit the needs of our customers. If you are currently using Ricochet and would like to utilize this feature then you will need to update the Booth Rent in each of your active consignors accounts.