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Y
ywas
March 8, 2023
Question

Debt

  • March 8, 2023
  • 1 reply
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Company B took 41K worth of good on Consignment from Company A.
Company B bought out Company A . Company A has rents haven’t been paid to the landlord. Company B will now pay that back-rent of 41K on a monthly 5K return amount basis. Company A said rather than paying us the 41K of consigned goods you just pay our back-rent of 41K owed to the landlord.

 

How do I record this?

1 reply

A
Archie_B
March 11, 2023

Hello there, ywas.

 

Allow me to share some information about tracking consignment transactions in QuickBooks Online.

 

First, you'll need to set up Company A as vendors in QuickBooks, then set up consignment sales item.

 

To set up a vendors:

 

  1. Go to Get paid & pay, then Vendors.
  2. Click on New vendor.
  3. Use the fields in the Vendor dialog to enter the consignor's information.
  4. Select Save.

 

After that, create a consignment income account and consignment sales item. You can check out the steps outline in this article ( 2. Set up consignment income accounts 😞 😞 How to record consignment sales.

 

Once you're done with the set up, record a barter transaction for the exchange of goods and services. To do this, you'll need to an invoice and a bill to record the products or services you’re exchanging. Use this link as a reference: Record a barter transaction.

 

I also recommend consulting an accountant for other ways in recording these transactions.

 

Get back to this thread if you need further assistance or if you have other questions about recording transactions in QuickBooks. I'll be here to help. Have a wonderful day!

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