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Merchandise Buybacks & Buying Inventory Items back from Customers (#IVTIBB01)

Last updated:   Applies to:   In industries:   Of versions:   Special contents:
20110516 (Andy)   Pro, MultiUser, MultiSite, MultiView   Self Storage EditionMarina EditionVault Edition   7.X (and higher)   n/a

How do I buy inventory items back from Customers?

There are two reasons to want to buy-back inventory (ie. merchandise items) from Customers...

  • For un-used items: The Customer may be returning an item that they never used (eg. a lock still in its packaging)
  • For used items: The Customer may be returning used items in exchange for payment (eg. some companies offer their Customers 50% of the items' original value if returned in good condition. This process is common for buying-back used boxes at self storage sites)

 

How do I buy "un-used" (ie. "new") inventory items back from Customers?

  1. If the Customer who you are buying back from has an Agreement with you, open their Agreement. If not, create an Other Credit Sale (more on this: #OCSABT01) for them.
  2. Navigate to the Transactions tab.
  3. Click Add Credit.
  4. Select the appropriate Analysis Code for the item in the dropdown provided on screen.
  5. Adjust the Quantity if required. Add a note to the Invoice Narration section, outlining the reason for providing this Customer with a credit. Note: Ensure that you enter your item quantities correctly, so that StorMan updates the stock system accordingly (unless the item is faulty - in which case it cannot be re-sold to someone else at a later date).
  6. Click OK then provide a payment to the Customer using your preferred payment method.
  7. Click OK to save & close. Your buy-back will have now been processed and, if you use Stock Control for your Inventory Items (more on this: #IVTUSCS01), the stock levels for your Analysis Code (chosen in Step 4; above) will have been increased by the number of items that you just bought back from the Customer.

How do I buy "used" inventory items back from Customers?

Before you can buy-back used inventory items from Customers, you need to think about whether you want to monitor your used items. If you don't care about stock control for new & used inventory items, or if you don't care if you sell used inventory items to Customers that are expecting brand new items, use the procedure outlined above.

However, if you want to monitor and keep your new & used inventory items separate, you will need to have a "used" version of each Analysis Code (more on this: #ANLWAC01) that you are willing to buy back from Customers.For example: If you sell Large Boxes at your business, you will probably already have an Analysis Code setup for these boxes. If you accept buy-backs of this item type & want to record "used" items of this type, then you will need to create another Analysis Code for the same item, but in its "used" state.

Note: The price you set for your "used" items should generally be less than the "new" version of the same item (as the used ones will likely have experienced some wear & tear).

  1. If the Customer who you are buying back from has an Agreement with you, open their Agreement. If not, create an Other Credit Sale (more on this: #OCSABT01) for them.
  2. Navigate to the Transactions tab.
  3. Click Add Credit.
  4. Select the appropriate Analysis Code in the dropdown provided on screen - ensuring it is the "used" version of the item you are buying back. In other words, if you are buying back a used Large Box, select the "Large Box (Used)"-type Analysis Code.
  5. Adjust the Quantity if required. Add a note to the Invoice Narration section, outlining the reason for providing this Customer with a credit.
  6. Click OK then provide a payment to the Customer using your preferred payment method.
  7. Click OK to save & close. Your buy-back will have now been processed and, if you use Stock Control for your Inventory Items (more on this: #IVTUSCS01), the stock levels for your "used" Analysis Code will have been increased by the number of items that you just bought back from the Customer.

What if some of the items I am buying back are in poor condition?

Depending on the condition of an item, you may elect not to buy back all of the items that a Customer is returning to you. In these instances, only process buy backs in StorMan for the number of items you are actually willing to buy back (and pay the Customer for); the rest can be disregarded and then disposed of thoughtfully.

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merchandise buy backs, buybacks, buy-backs, stock buybacks, inventory buy backs, buying back boxes from customers, 2nd-hand inventory, second-hand inventory, buying used stock items, buying used merchandise

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