TABLE OF CONTENTS
This article tries to create a comprehensive walkthrough of the auction module in Aerchain.
What is an Auction
An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder.
Types of Auction Available on Aerchain
Please refer to this article, types of auctions supported by Aerchain for the auction available on Aerchain.
How to Create an Auction
As we've seen the types of auctions in detail, let's now see how to create an auction.
Follow the below steps to create an auction on the Aerchain system.
- Log in to the Aerchain customer portal.
- Click the Modules icon.
- Click on New Auction under Auctions.
- Fill in the fields.
- Choose the suppliers of your choice, on the supplier search bar.
- Click Submit.
- Optional: Click the Save icon to save the auction for future submissions.
NOTE
Forward auction can't be converted to PO or RC.How to Short-Close an Auction
Short closing an Auction means that you are closing the Auction before its scheduled time.
Click the Close Auction button > Yes to short-close the auction.
Fields Explained
| Field | Explanation/To-do |
| Subject | Type in the subject of the auction. |
| Type | Choose the type of auction from the dropdown. |
| Allowed Currency | Type in the allowed currency from the drop-down |
| Frequency | Choose the frequency of the auction from the dropdown. |
| Estimated Award Date | Select the estimated award date. |
| Payment terms | Choose the payment terms from the dropdown. |
| Reference | Type in the reference details if available. |
| Billing Address | Choose the billing address available from the dropdown. |
| Delivery Address | Type in the delivery address from the dropdown. |
| Cost Center | Choose a cost center from the dropdown. |
| Company | Choose a company from the dropdown. |
| GL | Select a ledger from the dropdown. |
| Function | Select a function from the dropdown. |
| Company | Choose the company from the dropdown. |
| Department | Choose the department from the dropdown. |
| Payment Terms and Conditions | Choose between flexible and fixed. |
| Auto Release auction | The auction will be sent to the suppliers directly after the approvals if selected yes. The auction will come back to the creator to manually release to the suppliers. |
| User mappings | Click the check boxes of the users who can view this auction. |
| Bid Start Time | The time at which the auction starts. |
| Bid Runtime | The time till which the auction runs. |
| Runtime in minutes | Type in the runtime in minutes. |
| Auction Extention | Type in the values of your choice. Auction will be extended by X minutes, if the bid rank up to X changes in the last X minutes. |
Max Extensions | The maximum number of times the auction can extend. |
| Accept Pre-bid | Choose whether the supplier can pre-bid. |
| Accept Tie-bid | Choose whether the supplier can accept the tie-bid. (i.e. Two suppliers bidding the same value.) |
| Pre-bids visibility | Choose whether the buyers see the pre-bids before the auction starts. |
| Bid improvement condition | Choose the bid improvement condition from the dropdown. |
| Min Bid Change multiples | Choose Yes/No of your choice. |
| Supplier Market Feedback | Choose what the supplier can see:
|
Items | |
| Product Name | Type, search and choose the name of the product. |
| Item type | Choose the type of the item from the dropdown. |
| Description | Type in the item description. |
| Qty | Type in the quantity of the item. |
| UoM | Choose the unit of measurement from the dropdown. |
| HSN | Type in the HSN value of that item. |
| LLP/LSP | Type in the last purchase or sold price. |
| Ceiling Price | Type in the maximum ceiling price. |
| Price | Type in the price of that product. |
| Taxes | Choose the corresponding tax from the dropdown. |
| Amount | The amount will be auto-populated based on price and tax. |
| Identified Savings | Displays the identified savings based on the buying history. |
| Realized Savings | Displays the realized savings based on the buying history. |
| Project | Choose the corresponding project from the dropdown. |
| Budget | Choose the budget from the dropdown. |
| Min Improvement | The minimum improvement is displayed. |
Delete Icon | To delete the row. |
Please feel free to reach out to support@aerchain.io should you have any questions or feedback.