items on consignment with you are not yours, so they are not inventory
use a non inventory item you set up, list that item over an over on a PO, on each line enter the specifics in the description block
when you sell an item, then create a bill for just that item from the PO, enter the amount you pay the owner. Do that over and over as things sell,. when ready pay the bill
Consignment is a trade-off agreement between a Seller and a Re-seller in which payment is made only when the goods are sold by the latter. While QuickBooks Point of Sale for Dekstop is not designed to track consignment transactions, you may use some of its features to handle consignment items manually.
Step 1: Set up the seller, item and POS preference
Set up the seller.
From the Purchasing menu, select New Vendor.
Enter the Vendor name and other details.
Select Save.
Set up the consignment item.
From the Inventory menu, select New Item.
Enter a name for the item.
Select the Vendor drop-down, then choose the seller you created in Step a.
Select Save.
Create a Purchase Order for the item.This step can only be performed in Point of Sale Pro or Pro Multi-store. Do this if you want a more thorough way to track consignment transactions. Otherwise, skip this and proceed to Step D.
From the Purchasing menu, select New Purchase Order.
Select the Vendor drop-down and choose the seller you created in Step a.
Select the Enter Item(s) drop-down and choose the consignment item.
In the Ordered field, enter the item quantity.
Select Save.
Set the Receiving preferences to ensure vendor billing information is entered in Point of Sale.This step applies to users who perform Financial Exchanges with QuickBooks Desktop ONLY. This helps create the seller’s bill in QuickBooks Desktop after the item is sold.
From the File menu, select Preferences > Company.
On the left pane, select Receiving then put a check mark on the Enter vendor billing information in Point of Sale box.
Select Save.
Step 2: Receive and sell the consignment item
To ensure your Cost of Goods Sold will calculate correctly, you need to receive the consignment item before creating a Sales Receipt.
Receive the item.If you created a Purchase OrderIf you have created a PO in Step 1, you need to receive the item(s) from the original purchase order. This is the only way to ensure your Cost of Goods Sold will calculate correctly.
From the Purchasing menu, select Receive Items.
Select the I Want To drop-down and choose Receive from PO.
Put a checkmark on the PO, then choose Select Items to Receive.
Fill in the Doc. Qty and Cost fields, then select Continue.
Select the I Want To drop-down and choose Enter Billing Info.
In the Enter Billing Info window that pops up, fill in the following, then select Close:
Invoice No.: This is needed to create the bill in QuickBooks.
Bill Date: Use current date.
Payee: This is the seller's name.
Invoice Due: The date by which you'd like to pay the seller.
On the Voucher screen, select Save.
If you didn't create a Purchase Order
From the Purchasing menu, select Receive Items.
Select the Scan or enter item information drop-down and choose the consignment item.
In the Voucher Cost field, enter the appropriate amount.
Select the I Want To drop-down, then choose Enter Billing Info.
In the Enter Billing Info window that pops up, fill in the following, then select Close:
Invoice No.: This is needed to create the bill in QuickBooks.
Bill Date: Use current date.
Payee: This is the seller's name.
Invoice Due: The date by which you'd like to pay the seller.
On the Voucher screen, select Save.
Sell the item.
From the Point of Sale menu, select New Sales Receipt.
Select the Scan or enter item information drop-down, then choose the consignment item.
Fill in all required fields. Make sure to enter/update the Price if necessary.
Select Save.
Step 3: Pay the Seller or give them store credit
The bill for the consignment item is automatically sent to QuickBooks Desktop during the next financial exchange.
To pay the seller:
From the QuickBooks Vendors menu, select Pay Bills.
To give the seller a store credit:
Add a bank account called Consignments.
From the Lists menu, select Chart of Accounts.
In the Chart of Accounts window, right-click anywhere and select New.
Select Bank, then choose Continue.
In the Account Name field, enter Consignments.
Select Save & Close.
Set up the seller as a customer.
From the Customers menu, select Customer Center.
Choose New Customer & Job and select New Customer.
In the Customer Name field, enter the name of your seller. Important: Point of Sale already created your seller as a vendor during the consignment process and they already exist on your names list. You will have to choose a non-identical name in order to save. Considering using [Seller Name] - Customer or [Seller Name] - C.
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