Simple way to report sales on consignment
I had a similar situation years ago, where a gallery was selling painting on behalf then taking off a commission once sold. Gallery didn't pay for the painting until it had been sold. We would put a purchase order in MYOB for the painting assigned to the artist. Then a sale would be created for the full price of the painting when sold. At that time the purchase order was turned into a bill, and the lesser amount paid to the artist. This would show in COGS, and full sale amount shows in Sales. I remember it being a bit messy keeping track of who was owed money. We used inventory to show what was in stock (ie on the walls) and what had been sold and then it tracked who bought each painting and where it had come from. Hope that helps your process.
