Question

I am the consignor. How to record outgoing inventory?

Forum|Forum|5 years ago
July 6, 2020
2 replies
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All of the topics I can find are for consignees in this community. I am the consignor, I sell the products to my consignee and ship the products to them. They send me a sales report in the end of the month and then I record them as sales. I would like to know how this can be done on QB.

QuickBooks Online

MaryLurleenM

You've come to the right place, Mostropovich.

Let me show you how you can record an outgoing inventory. You'll want to set up your consignees as customers and assign classes to them. Then, set up yourself as a vendor since you're the consignor. Let's turn on the class tracking feature before performing the steps below.

To enter consignees as customers:

Click Sales on the left pane.
Select Customers.
Choose New customer.
In the Customer information dialog, enter the consignee's details.
Click Save.
Repeat the process for other consignees.

To set up consignees by classes:

Go to the Gear (Settings) icon at the upper right.
Select All Lists under Lists.
Choose Classes.
Click New.
In the Class dialog, enter the consignee's Name.
Hit Save.
Repeat the process for other consignees.

See the screenshot below to show you the fourth to sixth steps.

Once done, go to Suppliers from the left pane and select New supplier. Then, enter your details in the Supplier Information window. This way, you can set up yourself as a supplier.

You can enter invoices or sales receipts to record the consignment sales and the outgoing inventory. Please make sure to use the Consignment item and select the appropriate consignee in the Class field.

Let me know if you need more help.

MostropovichAuthor

Thank you for the reply.

If you have a moment please read my reply to

@Fiat Lux - ASIA

it better details what I meant with my question that, at a second reading, seems not heve correctly addressed my issue.

It may be that your proposed solution is correct but we use QBO in the UK and do not have the CLASS option (at least I cannot find it).

thanks for your efforts anyway!

Fiat Lux - ASIA

@Mostropovich

To manage your business operation better, consider having an inventory management app with consignment feature to integrate with your QBO.

MostropovichAuthor

@Fiat Lux - ASIA wrote:
@Mostropovich
To manage your business operation better, consider having an inventory management app with consignment feature to integrate with your QBO.

Hi, Thanks for your reply.

I had a look at various inventory management programs but did not find one that would simply interact with QBO by managing the stock only (QBO does manage the stock anyway) in the case of stock sent in consignement to a customer. We are based in the UK; items sent in consignment to, for example, France, are still owned by our company although they are not phisically in the UK.

For example, I give 10 copies of ITEM1 to a consignee (created as Customer in QBO); so what I need is that 10 copies of ITEM1 are taken from Stock in Hand and put in something like 'Stock in Consignment'. I am using a workaround that is I create ITEM1-consigneeX in QBO and adjust inventory via STOCK SHRINKAGE this way:

ITEM1 -10

ITEMy-consigneeX +10

when consigneeX sends the sales report (let's say they have sold 5 copies), I invoice them for 5 ITEMS1-consigneeX, which decreases the inventory for ITEMS1-consigneeX.

This seems to work but I have to create duplicates (ITEM1 / ITEM1-consigneeX / ITEM1-consigneeY etc.) for every item.

If you are aware of any stock management program that could automate this process AND fully integrate with QBO (for example, Invoices could be issued via QBO and not via the stock management program and the stock in consignment would be adjusted accordingly), this would be great.