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slwhig
Level 1

consignment

I am setting up a new consignment shop and I have questions as to how I need to put my consignors into the system.   Account Settings?  Should it be "Cost of Goods" and vendor type " service provider"?

5 Comments 5
lynda
Community Champion

consignment

 Good morning @slwhig:

 

Who’s the good support article that will block you through the steps of entering consignment items:

 

https://community.intuit.com/articles/1145251-record-consignment-sales-in-quickbooks-online

 

Lynda

Rustler
Level 15

consignment

Consignors, those who place their property with you for sale, are vendors, those you pay are vendors.

 

QB is totally unsuited to be a consignment shop software, it will do the accounting for you but as summary data, not as day to day operations. If you are running an actual consighment store then you need consignment shop software. Several years back I reviewed some so this review is out of date, but it gives you a starting place.
http://onsale-apparel.com/Rustler/consignment-shop-software

 

Item placed with you on consignment are not inventory items, you do not own them.

Anonymous
Not applicable

consignment

Hey @slwhig, I think what @Rustler is trying to say is that QuickBooks doesn't work like a POS in the traditional sense, in that you can't easily run variable transactions in and out of it in a high-paced environment. Especially since you are dealing with appraised items that are individually price-dependent, you'd need something more purpose designed.

 

Then, use QuickBooks to track collected sales at the end of the month for whatever overhead you charge to the seller, any fees you might charge for your services (if you do appraisals), and expenses to your business (rent, insurance, etc). That way, you have one program tracking the day to day transactions (including what was paid and how the money was distributed, etc) and then you port the data you need for the income your business makes from the consignments in QuickBooks at the end of the day/week/month. 

 

 

PrairieVenture
Level 1

consignment

Thank you, Lynda.  Is this the same procedure for QB for Mac?  

JanyRoseB
QuickBooks Team

consignment

Hi there, @PrairieVenture.

 

Good to see you here in QuickBooks Community. Allow me to help provide you some information on how to enter consignment item. 

 

To do this in QuickBooks Mac, you can follow the steps below:

  1. In your Vendors list, create a new vendor for each consignment vendor.
  2. Create an income account called Consignment Sales to track the consignment sales separately from the rest of the products you sell.
  3. Create an other asset account called Inventory on Consignment to track the inventory of the consignment products you sell.
  4. Set up consignment items for each consignment product (or group of products) you sell.
  5. Create or customize form templates to record all of your consignment sales. Include the Consignor column on the customized sales receipt or invoice.

If you need further assistance with the steps, I recommend calling our QuickBooks Desktop Mac. They have the tools to pull up your account and walk you through the process. 

 

Here's how you can contact our phone support:

  1. Follow the Official Intuit Contact link.
  2. Select your QuickBooks product.
  3. Select an issue type from the menu below, you need only to select two options for the contact information to appear.
  4. Click Get Phone Number at the bottom.

This will get you on the right track. You're always welcome to post if you have any other questions about the consignment item. Have a good one. 

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