Need Help setting up for Consignment Sales

Use this area for questions that are specifically related to Canada (e.g PST handling, Canadian cheque standards)
Forum rules
This forum is not the official Cognito Software support channel for MoneyWorks. If you need help from Cognito, then please contact us (or your local regional support representative) directly using the contact information on the Support page of the web site.

Please try the search facility before posting a new topic to see if your topic has already been covered.

If you do post a new topic, it's a good idea to choose a Topic Subject that it a bit more informative than "Help!" or "A problem". If your topic is actually recognisable by people scanning the forum, you'll have a much better chance of getting a response. Thanks and have fun.
Post Reply
Posts: 1
Joined: 10 Jul 2012 04:08
Product: Cashbook
Region: Canada

Need Help setting up for Consignment Sales

Post by moltencore » 10 Jul 2012 04:21

I sell music and music memorabilia online. I currently have an excellent opportunity to sell a large collection of rare and highly desirable LP records (items will be sold individually) on consignment.

I'm new to this aspect of doing business.

How do I set-up accounting in Moneyworks to correctly account for this type of 'sale'?

I 'think' I would need to set up an income account for my service (the commission fee(s) charged - I plan on charging a few different commission % rates depending on the selling prices of the items), a liability/payments account for the person I am selling the items for in order to track/account for what I am paying them, and.... should I also be tracking the items I am selling for them? -- that these should be able to printed out for both the purchasers of the consignees goods as well as the consignor when I pay them (less my commission).

This is confusing how to set this up correctly to me. Any help would be greatly appreciated.

Posts: 61
Joined: 03 May 2010 09:47
Product: Gold
Region: Canada
Location: Ontario

Re: Need Help setting up for Consignment Sales

Post by pondball » 30 Jan 2013 02:53

I know you asked this question some time ago but was wondering if you ever got an answer to your question of consignment goods

I'm struggling with a few aspects of setting up different types of sales myself (especially as a non-accountant) and while the answers are sometimes slow in coming in the community they are usually very solid. Not having any answers though is a bit troublesome so I'll take my best stab at it and let someone with more knowledge correct me... at least its an answer!

Would your consignment sales be best handled as Quotes first... with the anticipated retail value of the goods used as the initial sales number, then when the sale is made you can input the new selling cost plus the sellers info with a line devoted to payment made to the actual seller (this would be their commission) and the Quote changed to a Sale. Any items not sold would remain as Quotes until then sold and therefore would not be part of the accounting reporting.

Post Reply