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Selling consignment items

When you sell consignment items, you fill out sales forms using a customized Consignment form template. If you'd like to track your consignment sales using a customized form template but you haven't set up your template, see how to set up a customized Consignment Sales Receipt template first.

Recording a consignment sales

  1. Go to the Customers menu and click Enter Sales Receipts.

  2. Click the Template drop-down list and choose Consignment Sale.

    If you do not have a Consignment Sale item in your Template drop-down list, you can add a customized sales receipt template.

  3. As you fill in each consignment item on the sale, enter the name of the Consignment vendor in the Consignor column.

    Note: If you entered the name in the Consignor item as you created each item, QuickBooks will enter the vendor name for you. Otherwise, you'll need to enter it.

    If you don't have a Consignor field, you need to customize your sales template to add the Consignor column.

  4. Finish filling out the form and then save the sale.

    Save the sale.

Because of the way you have set up your consignment items, QuickBooks assigns the sale to your Consignment Sales account. If you used inventory items for your consignment items, QuickBooks has also reduced the amount of your Consignment Inventory account.

If you used non-inventory items, the balance of Consignment Inventory has not changed. You'll adjust it when you pay the vendor.

On a periodic basis, you will need to pay your consignment vendors the money you've received from customers, minus your consignment fee.

Reporting on consignment sales

Create a custom transaction detail report that shows your consignment sales for the current period, and filter the custom transaction report by consignment vendor.

  1. Go to the Reports menu and click Custom Transaction Detail Report.

  2. Click Customize Report at the top of the report.

  3. Click the Filters tab.

  4. Select Item from the Filter scroll box.

  5. Click the Item drop-down list and choose Selected items (you may need to scroll up to see it).

  6. Select the items you want included in the report.

  7. Select Account from the Filter scroll box.

  8. Click the Account drop-down list and choose All ordinary income accounts. This ensures that your report will only include a single line for each consignment item.

  9. Click the Display tab. Scroll down and click on the Consignor item.

  10. Click the Sort by drop-down list and choose Consignor.

  11. Click OK to open the report.

You can use this report to make a list of the consignment vendors who need to be paid. For each vendor in the Consignment column, convert the item receipts into bills, and pay the bills.

See also

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