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Handling consignment sales

Some retailers allow an outside craftsperson or product developer to display their merchandise in the retail store on a consignment basis, with the store owner getting a percentage of each sale. For example, you might sell furniture but allow an artist to display her artwork in your store. In return, you might receive twenty-five percent on each sale. You can set up QuickBooks accounts and items to track these types of consignment sales. Here's one way you can track consignment sales:

  1. In your Vendors list, create a new vendor for each consignment vendor.

  2. Create an income account called Consignment Sales to track the consignment sales separately from the rest of the products you sell.

  3. Create an other asset account called Inventory on Consignment to track the inventory of the consignment products you sell.

  4. Set up consignment items for each consignment product (or group of products) you sell.

  5. Create or customize form templates to record all of your consignment sales. Include the Consignor column on the customized sales receipt or invoice.

See also

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