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EESA's avatar
EESA
Experienced Cover User
3 years ago

Consignment stock as Consignee

We have recorded our consignment stock received as if it was a normal purchase and as a result, the value of the stock is showing as an asset with a monetary value. So the items are already entered into the inventory.

 

We report to the Consignor once a month for stock sold and they send an invoice.

 

I have now created a Consignment Stock asset account. How do I now move the products from the general inventory to the consignment code so I can get rid of the values? Is it as easy as changing the asset account in the inventory item screen to "I inventory this product? How do I then set the value to $0.0?

 

 

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  • Yanike_S's avatar
    Yanike_S
    MYOB Moderator
    3 years ago

    Hi EESA 

     

    Thanks for your post. I would recommend going through this help article: Consignment stock. At the bottom you will find 2 forum articles that will help you set this up correctly. Let us know if you have any further questions after going through those articles!

  • EESA's avatar
    EESA
    Experienced Cover User
    3 years ago

    Thanks Yanike,

     

    My question is how do I get rid of the values that are attached to the stock that has been received.

     

    If I enter the sock on hand in the new consignment stock code with zero value, can I then delete the values in the inventory? Or do I need to reverse the the the purchase orders where the items were received?

    • Yanike_S's avatar
      Yanike_S
      MYOB Moderator
      3 years ago

      Hi EESA 

       

      There are two ways to update that inventory account:

      1. Update that account and then deal with the fallout - not the best as likely inventory will not reconcile

      2. Record an Inventory adjustment to remove the stock, update the linked account and then add the stock back in using another inventory account (if required)