To record consignment sales

To properly record and account for your consignment sales in MYOB AccountEdge, do the following:

• Create a vendor card for the company or person for whom you are selling items on consignment. Create the consignment vendor's card as you would for any other vendor. (To add a vendor card)

• Create a consignment item in your inventory. Though consignment items are not really part of your inventory, you should set up items for them if you want to track their sales accurately. The process for creating an item record for a consignment item is slightly different from the normal process for creating an item. (To create a consignment item)

• Record the consignment item sale. Record the consignment sale as you would any other kind of sale. (Entering sales)

• Pay the vendor for whom you sold the item on consignment. Record your payment to the consignment item vendor in the Bank Register. Be sure to allocate the payment to a Cost of Sales or Expense account, though. [To spend money (Bank Register)]

Related topics

• To create a recurring template