Pawn Forfeits

Typically, pawn shops lend money at a rate of about 22 percent per month on loans that usually are less than $100. Most loans are repaid within 30 days.

A pawn shop holds pawned items as long as the pawn is active (as long as the interest on the pawn is current). The actual term of the pawn contract is dependent upon the jurisdiction governing the transaction.

Items left as collateral that are not redeemed within the # of days of the pawn are forfeited and can be sold.

Forfeiting a Pawn Using PPSS

First, configure PPSS for your shop's forfeiture terms -

Click on File > Program Setup, then click on the Pawn Opt tab. Enter the # of days to Hold an item before selling.

Click OK to save your entry and close Program Setup.

Select Pawns, Checks, Loans in the Work Area Menu:

Click on the Pawn Record in the Main Table:

In the Lower Left Menu, select Forfeit -

Click Save, Preview, Print to print the transaction -

of just click Save to save the transaction.

At this point PPSS will allow items on that pawn to be entered on a new sale document and be sold.

For support please Email the Help Desk