Vendors will sometimes supply a dealership with product and bill them monthly for the portion of the product that is sold. Below is how to set up and manage that product.
Add the product and mark the Consignment checkbox on the Profile tab. This is a filtering tool so that the product can be excluded from some reports.
As consignment product is delivered, enter a Purchase Receipt like normal. At month end, run a Sales Analysis report to find the quantity of the consignment product(s) sold. Process just the quantity sold on a Purchase Invoice, leaving the balance of the Purchase Receipt unprocessed.
At month end, these products can be excluded from Inventory On Hand and/or Company Owned reports. Consignment products can be included or excluded from some inventory reports using the Include Consignment Products checkbox.
Note: Consignment products are not included at the Post Inventory to G/L screen unless the Include consignment products in current inventory value when posting inventory value to GL checkbox is selected on the General tab at Accounting / Setup / Preferences.
