One quick approach to handling consignment sales in QuickBooks

1. QuickBooks Accounting
for Consignment Sales
Presented by Dennis Burke of Sunrise Remuda Services
Based on a strategy provided by Richard Torian
(RichardTorian), Intuit Community All Star

2.  1. Create the consignor as a vendor.

3.  1. Create the consignor as a vendor.
 2. Enter consigned goods in inventory (do
not use Cost data field).

4.  1. Create the consignor as a vendor.
 2. Enter consigned goods in inventory (do
not use Cost data field).
 3. Create a Purchase Order for the item
and enter a zero cost here.

5.  1. Create the consignor as a vendor.
 2. Enter consigned goods in inventory (do
not use Cost data field).
 3. Create a Purchase Order for the item
and enter a zero cost here.
 4. Receive the item with a zero cost.

6.  1. Create the consignor as a vendor.
 2. Enter consigned goods in inventory (do
not use Cost data field).
 3. Create a Purchase Order for the item
and enter a zero cost here.
 4. Receive the item with a zero cost.
 5. Attach the item to a liability account
(the consignor’s share). When item is
sold, split between the liability account
and an income account which is your
commission.

7. QuickBooks Accounting
for Consignment Sales
Thanks for checking out this quick strategy of accounting
for consignment sales in QuickBooks. For further
comment, to contribute your own solution, or to add other
tips about using QuickBooks in a retail environment, visit
the Intuit Community Retailers wiki.