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Call Quickbooks Help And Know How To Record Consignment Sales in Quickbooks

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In this article you will learn how to record consignment sales in QuickBooks. To know more call Quickbooks help.

This procedure includes four basic steps:

• Setting up of consignors as vendors and classes.

• Setting up of consignment income accounts and items.

• Recording of the consignment sales and payouts.

• Creation of consignment reports.

1. Setting up of consignors as vendors and classes 

Firstly, you need to turn on Class tracking

Follow these steps to turn the Class tracking feature on:

• Click on the Gear icon present on the Toolbar.

• Choose Account and Settings (also known as Company Settings)under your company.

• Select Advanced from the left menu.

• Select the pencil (edit) Icon in the categories section to open the fields for editing.

• Click on Track classes checkbox.

• Choose Save.

• Click on Done.

You have now enabled class tracking successfully. Now, in the next step you have to set up your consignors as vendors.

Enter consignors as vendors

Perform the following steps to enter you consignors as vendors for each of your consignment vendors:

• Click on Expenses and then click on Vendors.

• Click on New vendor.

• In the Vendor information dialog, use the fields to enter the information of the consignor.

• Click on Save.

Until all consignment vendors are set up keep repeating the steps.

In the next step you have to set up your consignors by Class.

How to set up consignors by Class?

For the purpose of reporting you can assign each of your consignors to a Class.

• Click on the Gear icon present on the Toolbar.

• Choose All Lists under lists.

• To open the Classes page click on the classes item.

• Click on New.

• In the Class dialog, enter the name of the consignor.

• Select Save.

For each of your consignors, repeat these steps to set up reporting for your consignors. In the next step you have to set up the accounts and items which will help you in tracking consignment sales.

2. Set up consignment income accounts

You can create two accounts once the consigner is set up so that you can help track consignment sales and payouts:

• Select Chart of Accounts under your company.

• Click on New.

• Select Income from the Account Type drop-down list in the Account dialog.

• Select Sales of Product Income from the Detail type drop-down list.

• Enter Consignment Sales in the Name Field.

• Click on Save and Close.

• Now you are back to the Chart of Accounts.

• Click on New.

• Select Income from the Account Type drop-down list in the Account dialog.

• Select Sales of Product Incom,from the Detail type drop-down list.

• In the Name field,enter Consignment Payouts.

• Click on Save and Close.

To know more on how to record consignment sales in Quickbooks Online call on Quickbooks help phone number toll free 1 ( 877 ) 227 2303. Also, you can write us at support@quickbooksupport.net. Feel free to reach us anytime; our team of executives is 24/7 available at your service. For more information visit, www.quickbooksupport.net.

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