Entering Consignment items (Pro Users only)

Modified on Thu, Jan 3, 2019 at 10:06 AM

Entering Consignment items into Design Manager

Consignment items given to you to be to sold in your Showroom should be entered into your Design Manager Stock Item Inventory. These items will be treated the same as any other inventory items; except that you will not pay for them until they have actually been sold.

You will first go to Inventory Stock Items and Add a new item. The stock number used for the consignment items should start with a unique set of characters, such as "ZZZ" or "CONS". This assignment of stock numbers will allow you to print only the portions of your inventory that are on consignment.

After choosing and entering the Stock Number, continue by entering the Description and any other pertinent information. It is important to enter the Est Unit Cost (how much you will pay the consignor) and the Unit Sell Price (how much you will charge your client). The Vendor should be the consignor. When you finish, the window will look similar to the one below.

In this example we are using an artist's painting.

To get the Quantity on Hand set properly, you will Add a new Inventory Purchase Order for the Stock Item (painting) and indicate that we have received it.

First, Create (and accept) the Inventory Purchase Order.

Go to Inventory Purchase Orders/Receiving and Add a new PO. Click to add and enter the Stock Number for the new Consignment Item.

Because we have assigned a stock number starting with "ZZZ", the painting will appear at the end of our inventory list, as shown below.

Fill in the information needed and then Accept the PO.

We do not have to send out the purchase order because we already received the painting.

Next, indicate that you received the painting using the Rec/Status button. Highlight the PO you just created and Click on the Rec/Status button. Click on Edit or Pencil to change your quantities. Indicate that the quantity received is one (or however many of this item you have received). The paid for amount should remain 0.

Now you can sell the item or run reports on it.

Sell the item as you would any other inventory item, either through a design project or as Point of Sale.

To see how much consignment inventory you have sold during a month, simply run the Inventory Sales Report. Set the stock number range to include only your consignment items.

The resulting report will show you which consignors should be paid and how much.

You can also print an inventory list to see the condition of consignment goods. In the example below our consignment item appears at the end of the report, based on its stock number. Notice that the Paid For quantity is -1 and that the Total Average Cost is also negative. These figures indicate that you have not paid the consignor.

To pay the consignor, we simply process a Vendor Invoice for the Inventory Purchase Order we created earlier

Enter this Invoice through Accounts Payable ? Bills and Invoices.

The consignment item is now finished. You may set it as "inactive" if you would like to keep it from appearing on your inventory list (if sold already).

Go to Inventory/Stock Items. Edit the Consignment item. Put a check in the "inactive" box, down at the bottom left of the screen.