How can I capture consignment auction sales in Quickbooks? Buyers pay us; we pay consignors minus commission. We use AuctionFlex currently.

You can capture or record a consignment auction sale by creating an invoice and managing a check for the consignor, @sales310. Let me simplify the process for you.

To start, activate the Class tracking feature in QuickBooks to monitor the commissions from the auction bids. Next, set up each of your consignors as vendors and assign classes to them. Here’s how you can do it:
 

1. Navigate to Expenses, then click on Vendors.
2. Click New vendor and fill in the consignor's information in the Vendor dialog.
3. Select Save.
4. Go to Settings, then under Lists, choose All Lists.
5. Click on Classes to open the Classes page.
6. Select New, and enter the consignor's Name in the Class dialog.
7. Click Save to finish the setup.

Once you've set up the consignors, create two accounts to monitor consignment sales and payments. Next, set up a sales item to track these consignment transactions. For a step-by-step guide, refer to step 2 in this article: Record consignment sales in QuickBooks Online.
 

After that, you can create an invoice for the winning bidder. When you make the invoice, ensure you use the Consignment item for the sale and choose the correct consignor in the Class field. Afterward, create a check for the consignor's payment. Use the Consignment Payout account to record the payment amount and include the consignor’s class on the same line as the payout account.
 

To record your commission, add a line item for commission income on the check, and enter a negative amount. It will deduct the total consignment payout.

Here's how:
 

1. Click the +New button and select Check.
2. Choose the previously created vendor in the Payee field.
3. Select the Consignment Payout category and enter the payout amount in the first line item.
4. For the next line item, choose Commission Income and enter your commission amount as a negative value.
5. Click Save and close to finish.

Please note that the process cannot be automated. To record an auction sale, simply follow the steps provided above each time you need to record one.

To review the commissions you received for each recorded consignment using the class, follow the guide in this article: Run reports by class in QuickBooks Online.

Managing your recordings is our top priority. The QuickBooks Community team is always here to assist you with any questions or further help you may need with managing consignment auction sales in QBO. Don’t hesitate to reach out.