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Creating items for consigned inventory

If you have low volume of consignment items and transactions

If you have a low volume of consignment items and transactions, you can create an inventory part item for each consignment item.

On each consignment inventory item, enter the following information:

  • Cost: The amount you intend to pay the consignment vendor

  • COGS Account: Cost of Goods Sold (or a separate COGS account if you prefer to track consignment costs separately from other product sales costs).

  • Preferred vendor: The name of the consignment vendor for this item.

  • Sales price: The price for this item.

  • Tax code: The appropriate tax code for the sale of this item.

  • Income account: Consignment Sales.

  • Asset account: Inventory on Consignment.

  • Reorder point: leave blank.

  • Add a Custom Field for items called Consignor. Enter the vendor name in the Consignor field.

If you have high volume of consignment items and transactions

Note: If you have a high volume of consignment items and transactions, DO NOT use inventory items. Instead, set up a single non-inventory part item called Consigned item.

On this item, use the following information:

  • Check "This item is purchased for and sold to a specific customer:job".

  • Cost: $0.

  • Expense Account: Inventory on Consignment. (This is an asset you created earlier to track your consignment inventory).

  • Preferred vendor: Leave blank.

  • Sales price: $0.

  • Tax code: The appropriate tax code for the sale of consignment items.

  • Income account: Consignment Sales.

  • Add a Custom Field for items called Consignor. Leave the Consignor field blank.

Important: For high-volume consignment sales tracking, use a single non-inventory part item. Do not create separate items for consignment sales and consignment purchases. To ensure your reports accurately reflect the total costs and total sales of consignment items, you must use the same non-inventory part item on both sales forms and purchase orders.

See also

KB ID# H_RET_CONSIGNMENT_SET_UP_ITEMS
9/2/2014 2:06:05 AM
PPRDQSSWS401 9102 Pro 2013 577282