consignment stock

mikeNTN

HI . Ive been offered consignemtn stock . So it will be in my warehouse and I pay for whatever I sell so I could  set up a cost price . But I also will dispatch stock that supplier has sold to others . The stock that I dispatch for supplier will have to come off ie lower inventory but as I didnt purchase those items there is no cost to me. How do I handle this in myob so that inventory and puchases etc are right?     thanks Michael

Princess_R

Hi @mikeNTN,

 

Thank you for your post, and welcome to the community forum.

 

My apologies for the delayed response. Handling consignment stock in MYOB involves a few steps and needs further assistance from your accountant. However, here are some steps you can try:

• Set up consignment stock as inventory items: Create inventory items for the consignment stock you receive into your warehouse. Set the cost price for these items to zero since you don't pay for them until you sell them.
• Record receipt of consignment stock: When you receive consignment stock into your warehouse, use the "Receive Items" function in MYOB to increase your inventory on hand.
• Track consignment sales: When you sell consignment stock, use a sales transaction to record the sale. Make sure to select the consignment inventory items and set the selling price.
• Adjust inventory for stock dispatched for the supplier: If you dispatch stock on behalf of the supplier, you need to reduce your inventory on hand for those items. Use an inventory adjustment to reduce the quantity of those items, but since you didn't purchase them, leave the cost price at zero.
• Reconcile with the supplier: Periodically reconcile your consignment stock with the supplier's records to ensure accuracy. This will help you track what has been sold and what needs to be returned.

Feel free to reach out if there's anything else I can assist you with.

 

Cheers,

Princess