Accounting & Financial Management

Complete Accounting Software for Auction Houses

Auction Suite One (AS1) combines specialist auction management functionality with the accounting capabilities of Microsoft Dynamics 365 Business Central. This provides auction houses with a fully integrated financial management system, covering everything from buyer invoicing and vendor payments to bank reconciliation, VAT reporting and statutory accounts.

Unlike auction management systems that rely on integrations with separate accounting software, AS1 incorporates a fully functional accounting system within the same platform. Auction transactions are recorded directly in the financial system, reducing duplicate data entry, improving accuracy and simplifying day-to-day financial administration.

With access to both auction-specific financial processes and standard Business Central accounting functionality, finance teams can manage their responsibilities within one system.

Sales Ledger & Credit Control

Manage Buyer Invoicing and Outstanding Payments

Auction Suite One provides comprehensive sales ledger functionality to manage buyer accounts, invoicing and credit control.

Buyer invoices can be generated automatically from auction results, with the relevant charges recorded in the accounting system. Finance teams can monitor outstanding balances, allocate incoming payments and manage overdue accounts without transferring information between separate applications.

Key features include:

  • Automatic generation of buyer invoices for purchased lots, including applicable fees and taxes.
  • Customer account management with detailed transaction histories.
  • Aged debtor reporting to monitor outstanding balances.
  • Credit control tools, including payment reminders and customer statements.
  • Credit notes and adjustments.
  • Payment allocation against outstanding invoices.
  • Reporting on receivables and customer balances.

These tools help auction houses maintain accurate buyer accounts and manage outstanding payments more effectively.

Purchase Ledger & Vendor Payments

Manage Vendor Settlements and Supplier Accounts

Auction Suite One supports the financial processes associated with vendor settlements alongside standard purchase ledger management.

Following an auction, vendor statements can be generated based on sold lots, agreed commissions and applicable charges. The system also supports introductory commission statements and the processing of standard supplier invoices.

Key features include:

  • Generation of vendor settlement statements for sold lots.
  • Calculation and recording of vendor commissions and associated charges.
  • Production of introductory commission statements.
  • Processing and management of supplier invoices and credit notes.
  • Management of outstanding vendor and supplier balances.
  • Payment processing, including cheque printing and bank payment file generation.
  • Purchase ledger reporting and aged creditor analysis.

By managing vendor settlements and supplier transactions within the same accounting environment, auction houses can maintain clear financial records and improve control over outgoing payments.

Banking, Cash Management & Reconciliation

Simplify Payment Processing and Bank Reconciliation

Auction Suite One uses the banking and cash management capabilities of Microsoft Dynamics 365 Business Central to support the recording, allocation and reconciliation of financial transactions.

Bank connectivity, payment journals and reconciliation tools help finance teams manage incoming and outgoing payments while reducing manual processing.

Key features include:

  • Cash receipt journals for recording buyer payments and other receipts.
  • Automatic capture of website payments, subject to the website provider and available integration.
  • Bank statement imports and supported bank feeds.
  • Open banking connectivity through supported banking services.
  • Automated transaction matching and reconciliation suggestions.
  • AI-assisted bank reconciliation capabilities available through Business Central.
  • Payment journals for processing outgoing payments.
  • Management of multiple bank accounts and currencies.

These capabilities help finance teams identify outstanding transactions, reconcile bank balances and maintain accurate cash records.

General Ledger & Financial Reporting

Maintain Accurate Financial Records Across Your Business

Built on Microsoft Dynamics 365 Business Central, Auction Suite One provides a full general ledger and financial reporting environment.

Auction-related income, commissions, fees and expenses can be recorded within the same accounting structure as the organisation’s wider financial activity.

The system supports both day-to-day financial management and formal accounting requirements, providing finance teams with access to detailed transaction records and reporting.

Key features include:

  • General ledger management with a configurable chart of accounts.
  • Profit & Loss and Balance Sheet reporting.
  • Management accounts and financial statements.
  • Analysis of fees, commissions and revenue by auction and auction type.
  • Budgeting and budget-versus-actual reporting.
  • Financial dimensions for analysing income and expenditure across departments, activities or other reporting categories.
  • Accruals and recurring journals.
  • Fixed asset management, including depreciation.
  • Period-end and year-end accounting processes.
  • Support for statutory accounts preparation and financial reporting.
  • Detailed audit trails and transaction histories.

Business Central’s reporting capabilities also allow finance teams to analyse financial performance across different areas of the business without maintaining separate spreadsheets or manually consolidating data.

Client Account Management & Reconciliation

Maintain Clear Records of Client Funds

Managing funds held on behalf of vendors and other clients is an important part of auction house accounting.

Auction Suite One includes client account reconciliation functionality to support the management and monitoring of client-related balances.

The system helps finance teams reconcile client account transactions, identify discrepancies and maintain supporting financial records.

Key features include:

  • Client account reconciliation.
  • Tracking and reporting of client-related balances.
  • Reconciliation of relevant transactions against accounting records.
  • Identification and investigation of discrepancies.
  • Detailed transaction histories and audit trails.

These controls support accurate record-keeping and help auction houses meet their applicable client money management obligations.

VAT, Tax & Regulatory Reporting

Support Tax Reporting and Compliance Requirements

Auction Suite One provides access to Business Central’s VAT management and reporting functionality, alongside the financial information generated through auction operations.

The system supports VAT calculations, transaction recording and return preparation, helping finance teams manage tax obligations within their existing accounting processes.

Key features include:

  • VAT calculation and recording on relevant transactions.
  • VAT reporting and return preparation.
  • Support for HMRC Making Tax Digital (MTD) requirements.
  • Configurable VAT posting groups and tax settings.
  • VAT reconciliation and transaction reporting.
  • Support for applicable international VAT and tax arrangements.

Tax treatment can be configured according to the organisation’s requirements and the functionality available within Business Central.

Multi-Currency & International Accounting

Manage Transactions Across Different Currencies

For auction houses working with international buyers and vendors, Auction Suite One supports multi-currency accounting through Microsoft Dynamics 365 Business Central.

Finance teams can record transactions in different currencies while maintaining financial reporting in the organisation’s local currency.

Key features include:

  • Multi-currency customer and vendor accounts.
  • Sales and purchase transactions in foreign currencies.
  • Exchange rate management.
  • Foreign currency payment processing and allocation.
  • Currency revaluation and exchange difference calculations.
  • Financial reporting in the local accounting currency.

This allows auction houses to manage international financial transactions within their standard accounting processes.

Financial Controls, Permissions & Audit Trails

Improve Oversight of Financial Operations

Microsoft Dynamics 365 Business Central provides established financial control features that help auction houses manage access to sensitive financial information and maintain accountability.

User permissions can be configured according to individual responsibilities, while transaction records provide visibility over financial activity.

Key features include:

  • Role-based access and user permissions.
  • Approval workflows for relevant financial transactions.
  • Posted transaction histories and audit trails.
  • Controls over accounting periods and posting dates.
  • Document attachments and supporting transaction records.
  • Financial data validation and reconciliation tools.

These features help organisations establish consistent accounting procedures and maintain appropriate oversight of financial operations.

Integrated Auction & Financial Management

One System for Auction Operations and Accounting

One of the main differences between Auction Suite One and many other auction management solutions is its integrated accounting environment.

Rather than exporting auction data to a separate accounting package, AS1 brings auction operations and financial management together within Microsoft Dynamics 365 Business Central.

This enables auction houses to:

  • Generate buyer invoices and vendor statements directly from auction results.
  • Record auction-related charges, commissions and fees within the accounting system.
  • Manage customer and vendor financial accounts alongside their auction records.
  • Reconcile payments and monitor outstanding balances.
  • Analyse revenue and fees by auction or auction type.
  • Produce financial and management reports using a consistent set of accounting records.
  • Reduce duplicate data entry and the need for separate accounting integrations.

With operational and financial information held within the same platform, teams can work from consistent records and maintain better control over the financial aspects of each auction.

Built on Microsoft Dynamics 365 Business Central

Established Accounting Technology, Adapted for Auction Houses

Auction Suite One extends Microsoft Dynamics 365 Business Central with functionality developed specifically for the auction industry.

Business Central provides the underlying accounting and financial management capabilities, while AS1 adds the processes required to manage auction transactions, buyer invoicing, vendor settlements and auction-related reporting.

As part of the Microsoft business application ecosystem, Business Central also offers access to ongoing product development, security updates and integration capabilities.

For auction houses, this means using an established financial management platform without relying on a separate accounting system to manage their auction-related finances.

Accounting Designed Around the Way Auction Houses Work

From buyer invoicing and vendor settlements to bank reconciliation and financial reporting, Auction Suite One brings the financial processes of an auction house into one integrated system.

Powered by Microsoft Dynamics 365 Business Central, AS1 gives finance teams the tools to manage everyday accounting tasks while maintaining a direct connection to auction operations.

Auction management and full accounting functionality, together in one platform.

Website payment functionality depends on the website provider and available integration. Bank connectivity, AI-assisted features, tax reporting and other Business Central capabilities may depend on configuration, licensing, country availability or supported third-party services.

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