Tara,
Thanks for the help, it works well. I do have two questions.
- How do I get the vendor name to show in the report "Sales Consignments"?
- When entering this item for payment will the accounting be correct. Since we changed the COG account and inventory asset.
Tim
I have two liability accounts setup that offset each other:
>
> Other Current Liability: Consignments
> " " ":Consignments:Due to Artist
> " " ":Consignments:Artwork
>
> When entering a New Item:
>
> COGS account = Due to Artist
> Inventory Asset = Artwork
> Income account = Sales:Consignments
> I just pull a Quick Report on Sales Consignments to see if there were any
> sales of consignment merchandise and, if so, the artists we need to pay.
> If you want more than that you could setup classes for those vendors you
> receive consignments from. Every line item that is a consignment item on
> an invoice or sales receipt can then be assigned the vendor in the class
> column. If you're worried about knowing which is consignment and which
> isn't you could preface your consignment item descriptions with Vendor
> Name Consignment.