Handling Consignment Sales in QuickBooks Point of Sale
Handling consignment sales has always raised questions because QBPOS was not written to handls this capability easily. Here’s a way it can be done.
Questions? Talk to our experts at (800) 609-0788.
The steps to take are as follows:
- Create the owner of the item as a vendor in POS.
- Create the consignment item(s) in your items list with the owner as the vendor, the Cost as what you going to pay the owner and Price as what you are selling the item for.
- Create a Purchase Order for the item(s) being taken on consignment. NOTE: You do NOT want to receive the item(s) yet.
- When a customer buys the item(s) it will cause your on-hand quantity to go negative. Don’t worry about it now, that will get corrected in the next step.
- Create a Receiving Voucher to receive the consignment item(s) that were sold.
This will bring your on-hand quantities back to zero. If you have your POS linked to a QuickBooks financial program remember to fill out the Billing Information as though you had received an invoice and don’t forget the Invoice Due date or Vendor information.NOTE: If you’re not sure what items have been sold, you can run an Item List report and sort it on the On-hand Qty column. This will group all the items with a negative quantity at the top of the report.
- If you have your POS linked to a QuickBooks financial program you can now go to the Financial drop-down menu at the top of your POS and select Update QuickBooks. This will send the information over to your financial program and if the billing information was filled out corrtecly in the lst step, a bill will be created in the financail program for you to pay the vendor that gave you the consignment item(s).
Interested in a merchant account service that will work seamlessly within QuickBooks Point of Sale? Call us at (800) 609-0788 to find out about any current promotions and to help expedite the application process. Be sure to ask about Go Payment, Intuit’s mobile app for processing credit cards!
Get your FREE version of QuickBooks POS version 2013 (v11) HERE or call us for details at (800) 609-0788.
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