Consignment stock belongs to the supplier until it is actually purchased (in Jim2, this is performed via a Consign. Buy purchase order).
Receive consignment stock from the vendor using a Consign. In purchase order type. This is like a normal purchase order and, when the stock arrives, can be placed on Received or Finish. The stock is now available to sell, but no accounting will occur until the consignment stock is actually purchased. You will need to enter and invoice number even if you haven't received an invoice, and you can enter anything in the Vend Inv# field. A date is also required.
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Consignment stock should be depleting or special stock only. |
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Ensure Override FIFO is not ticked under Tools > Options > Stock, otherwise stock on hand may inadvertently be used, rather than consignment stock. |
This can be thought of as very similar to a purchase order that is on a status of Received, except that no temporary creditors journal is generated.
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Some letters in the field names within the header are underlined, eg. Vend#. Using Alt+ the underlined letter will jump to the field beside that heading. |
It is important to recognise the fact that the company does not actually own the stock at this point, and any sales of this stock are at 100% profit until it is purchased.
Consignment stock can be sold, transferred and even returned to the vendor (RTV) but cannot be stock adjusted.
Return to Vendor is the correct way to return unsold consignment stock.
Further information
Add an Amount to a PO when Finished at $0
Add Comments to a Purchase/Expense Order
Add Freight to a Purchase Order
Enter Progress Payments on Purchase Orders
Export a Purchase Report to Spreadsheet
Fix Incorrect Pricing after PO Finished
Fix Incorrect Vendor on Purchase Order
Handle Employee Reimbursements
Handle a Credit for Freight Charged
Link a Job to a Purchase Order
Link Expenses to a Purchase Order
Print a Purchase/Expense Order
Record One Invoice Number on Multiple POs
Record Overseas Purchases, GST, Import Costs