2.6 Consignor rules & inheritance

Introduction to Consignor Rules

0:00 Okay, we're still on this product page. Next time we're going to talk about consignor, consignor rules, product inherits, all that

Creating a Consignor

0:09 kind of stuff. This is mostly relevant for those of you who run your businesses on a consignment basis with consignors. So whenever you create a product, you might want to attach the product to a specific consignor. In my case, in our case, in this module's series, we've not gone over the accounts tab and consignors tab. So we don't have any consignors saved. We're going to create one just for explaining this concept in this video.

0:38 Let's create a new consignor and let's call this consignor John Doe, john at example.com, 555-555-555. And then we can add an address, 3369-253, let's just take a random address, Washington residential, extra info, let's not do, add an extra info.

Setting Up Surcharges

1:09 So here you can enter the split with this consignor and let's say the consignor keeps 40% and you can add terms over here. We're going to go over all this information in the accounts module. There is a lot more that you can do for consignors, more settings you can set up. This is just a preview, tax treatment, surcharges. Let's say we charge a cleaning fee, cleaning fee, which is 5, no, that's too much, 3% of the item price and it's deducted from, well, from both of us, from the item total or maybe

1:47 just from the consignor. Create surcharge, okay, bail method, we'll just do check, all right, create.

Inheritance of Consignor Rules

1:56 Why did they do this? Because every time you assign a consignor to a product, the product will inherit the consignor rules. What does this mean? A consignor might have specific rules like what we just saw. This consignor has a cleaning fee. So what that means is that every time I add a product for this consignor, every time I attach a product to this consignor, the product will inherit that fee, okay? What that means is that when I run reports, when I run payouts, these fees are deducted

2:28 from the consignor account balance, from the totals. And so it's very important to reconcile the data to, it's very important for the product to inherit those rules. Now, you can overwrite them. So for a consignor, you might have a cleaning fee for 99% of the products, but every now and then they maybe bring in a jewelry piece rather than a furniture piece, and jewelry doesn't have a cleaning fee, so I'm not going to charge it for that item specifically.

2:54 And what you can do is you can just overwrite that rule for that specific product, okay?

Overwriting Inherited Rules

3:01 Now, your profit adjusts, your margins adjust based on those rules that you enter. So we have a price for the item. We have the unit cost, which we entered in the previous video. That's what the item cost me, okay? In my case, in this case, now we have a consignor, but also we have a unit price. It's a little bit confusing, but you can add both if you want to, and then you have a commission on the sale. This is your commission that you're taking.

3:27 So actually, I did it wrong. I put 40% on the store side rather than on the consignor side. That's why my commission is so low, but basically that's what's happening here. And then this accounts also for the cleaning fee. You can also add a customer fee. So if you charge something to the customer, like I charge a 2.5% credit card processing fee, that will adjust my profit margin as well, okay?

Notifications for Consignors

3:54 So the concept here is that products inherit rules from the consignor that you assign to a product, okay? At the same time, if you want, you can overwrite those rules. Now I added this item. If I want the consignor to be notified that this item has been added in my system, you can turn on the consignor notification here, so they get an email of all the items that I've added for their account in my system today, okay?

4:25 That's pretty much it. Let me save the changes and move on to the next video.