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Expire Loans To Auction

Learn how to configure Bravo to expire eligible loans directly to auction, including setup steps and what to expect during the process.

Last Updated:  3/13/2025

Expire Loans To Auction lets your store auction expired loan items before they are priced as inventory. Items must be expired to be auctioned and can be sold or bought back at auction close.

Click on the links to learn more.

Expiring Loans and Adding them to an Auction

Managing Auctions

Closing the Auction

Reprint Expire Loans to Auction Report

Please contact a Bravo representative to activate the Expire Loans To Auction feature. After activation, a Bravo support agent will ask for the Loan auction cost adjustment percentage, which determines the default percentage increase for auction items.

Instructions

Expiring Loans and Adding them to an Auction

Once the store is configured, loan items can be added to an auction by expiring them from the Loans/Buys screen.

  • From the Dashboard, select Loans/Buys from the side menu.
  • Then from the Loans/Buys screen, select Loans to Expire.
  • Select the loan to be expired and click on Expire Loan:
  • The Auction Selection window allows you to choose an Auction for Loan items or create a new one.
  • If no Loan Auctions are open, expired Loan items will automatically go to a new Auction.
  • With at least one open Auction, you can add expired Loans to it or create a new Auction.
  • Loan auctions use the format "YYYYMMDDXX", where YYYY is the year, MM is the month, DD is the day, and XX is the auction index.
  • The index starts at 00 and increases for each new auction created on the same day.
  • Select the auction (or new) and click OK.
  • The loan's status will change to Expired.
  • Click Save to expire the loans.
  • When the Confirmation window appears, click Yes to confirm.

When Loans expire, an Item History record will be created for each item, indicating the Loan expiration and the associated Loan Auction number.

  • The Status of the items will be changed to AUCTION while the items are part of an open loan auction.

 

 

Managing Auctions

Once loans are expired and added to auctions, you will need to manage the auctions.

  • Start by selecting Inventory from the Dashboard.
  • Select Manage Auction from the right panel.
  • If no Auctions are open, an Information window will display to notify you stating, "There are not any auctions. Expire a loan to create a new auction."
  • If only one auction is open, it will open automatically. If there are multiple, you'll need to choose which one to manage.
  • Items on the Manage Auction screen are sorted by Item Number by default, and this order may change as you add more Expired Loan items.

By default, the Buy Back Amount equals the item's cost plus your Loan auction cost adjustment percentage, configured for your store.

  • During the auction, you can set a Selling Price or a Buy Back Amount for each item, but not both, and the amount must be over $0.00.
  • Your changes will be saved when you click Save, but won't appear in Item History until the auction ends.
  • You can print the auction item list before closing by clicking Print List on the right panel.

Closing the Auction

  • When you are ready to close the auction, navigate to Inventory from the Dashboard and select Manage Auction. 
  • Select the Auction that you want to close.
  • Click Close Auction in the right panel. You can still modify values until you click Save.
  • To cancel closing the auction, click Cancel to revert recent changes.
  • Click Save to save your values and close the auction.
  • A dialog box will confirm you're closing the auction:
  • Click OK.

Item statuses will update as follows upon closing.

  • General Merchandise Items will change to UNPRICED.
  • Jewelry Items sold at auction will change Status to RECYCLE LIST.
  • Jewelry Items bought back will change Status to UNPRICED.

Item costs will change if the Selling Price or Buy Back Amount differs from the Cost in the Manage Auctions screen. Cost adjustments will be recorded in the General Ledger.

  • You will receive a printout of the Auction Report at the end of the closing process.

This report indicates that the auction Status is CLOSED. It includes the store's DCA number, auction number, and store name. A summary of items sold and bought back, along with totals for item costs, selling prices, and Buy Back Amount, will be provided at the bottom.

Reprint Expired Loans To Auction Report

To reprint the Expired Loans To Auction report for a closed auction.

  • From the Dashboard to Reports, then to Expired Loans To Auction.  
  • Click Preview or Print.
  • Please enter the Loan Auction number. If you can't remember it, check the Item History of any item that expired to that auction.