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Paying your consignment vendors

If you've sold items on consignment and created a report of your sales, here's a way to track payments to your consignment vendors.

Note: This method of paying consignment vendors assumes you've set up your consignment items as discussed in Handling consignment sales, and recorded the initial receipt of the consigned item using an Item receipt.

  1. Go to the Vendors menu and click Enter Bill for Received items.

  2. Enter the consignment vendor in the Vendor field.

  3. In the Choose the Item Receipt which corresponds to your bill section, select the Item Receipt for the consignment item that has been sold.

    Note: If you do not find the item receipt in this section, you may not have used an Item Receipt to record the initial receipt of the item. See Receiving Items on Consignment.

  4. Click OK.

  5. This displays the Item Receipt you entered when you originally received the consignment item.

    It also turns the Item Receipt into a Bill (see the checkmark in Bill Received field). This bill will show up in your Pay Bills window the next time you pay bills.

  6. If necessary, adjust the amount of the bill and the due date.

  7. If you don't use inventory items to track your consignment sales, you'll need to adjust consignment inventory as follows:

    • Click the Expenses tab on the bill. Don't change the items on the Items tab.

    • On the first line of the expenses tab, enter Inventory on Consignment in the account field, and enter the amount of the bill as a negative number.

    • On the second line, enter Cost of Goods Sold, and enter the amount of the bill as a positive number.

      These last two lines cancel each other out, but they are necessary to reduce your consignment inventory and record the cost of the item to the Cost of Good Sold account.

  8. Save the bill.

    Save the bill.
  9. Then, use Pay Bills to pay your vendors.

See also

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