If a vendor is sending me product on consignment, how do I receive the inventory without a bill?
I'll share insight on your concern about consignment items.
Another option you can do in QuickBooks Online (QBO) is to record them as a Service item instead of an Inventory item.
I can see you already have most of the steps covered, which are:
Set up consignors as vendors and classes.
Set up consignment income accounts and items.
Record consignment sales and payouts.
Create consignment reports.
You can refer to this article for the complete guide on how to set this up in QBO: How to record consignment sales. It includes the steps on how you can generate a custom report that shows you the sales and payout of your consignment items.
Post a comment below if you have other concerns. I'll be sure to take care of them.
Thank you for the tip, the problem is that I need the inventory tracking capability since its connected to my website and need to track item quantities. Is there a way to receive the product without a bill such as with QB desktop? Or should I upload them with a "fake" bill and then pay each item sold of that bill?