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Quick Books Accounting For Consignment Sales

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One quick approach to handling consignment sales in QuickBooks

One quick approach to handling consignment sales in QuickBooks

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  • @lilasukahanson did you ever figure out how to attach the item to a liability account? this seems like a workable solution until you get to this point...frustrating
    Thanks
    nyclord@hotmail.com
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  • @MartinSlagle Did you ever find out how to 'attach the item to a liability account'? that's exactly the stage I'm now at in my consignment business and I don't know how to do this.
    Please let me know if you figured this out. THanks very much. Joy Hanson
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  • 'Attach the item to a liability account'. What liability account? DO I need to create it? would it be the vendors name? is it different than the vendor account that was created in step 1?
    'Split between the liability account'. HOW? Where? 'and an income account'. WHICH income account? Do I need to create it?
    MORE DETAIL PLEASE!
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    Quick Books Accounting For Consignment Sales Quick Books Accounting For Consignment Sales Presentation Transcript

    • QuickBooks Accounting for Consignment Sales
      Presented by Dennis Burke of Sunrise RemudaServices
      Based on a strategy provided by Richard Torian (RichardTorian), Intuit Community All Star
    • 1. Create the consignor as a vendor.
    • 1. Create the consignor as a vendor.
      2. Enter consigned goods in inventory (do not use Cost data field).
    • 1. Create the consignor as a vendor.
      2. Enter consigned goods in inventory (do not use Cost data field).
      3. Create a Purchase Order for the item and enter a zero cost here.
    • 1. Create the consignor as a vendor.
      2. Enter consigned goods in inventory (do not use Cost data field).
      3. Create a Purchase Order for the item and enter a zero cost here.
      4. Receive the item with a zero cost.
    • 1. Create the consignor as a vendor.
      2. Enter consigned goods in inventory (do not use Cost data field).
      3. Create a Purchase Order for the item and enter a zero cost here.
      4. Receive the item with a zero cost.
      5. Attach the item to a liability account (the consignor’s share). When item is sold, split between the liability account and an income account which is your commission.
    • QuickBooks Accounting for Consignment Sales
      Thanks for checking out this quick strategy of accounting for consignment sales in QuickBooks. For further comment, to contribute your own solution, or to add other tips about using QuickBooks in a retail environment, visit the Intuit Community Retailers wiki.