consigned inventory (no cost)

[michele]

We are currently using PT ver 8.0 and have a question. We have a supplier who wants to put inventory into our place of business on a consigned basis. We will sell the product and receive a commission from them based on what we sell the product for and what their cost is. Can this be accomplished with PT ver 8? I know I can post the commission as income, but how can I do the inventory without a cost?
Thank you.

[Baytek]

You can enter the inventory items with an item class of "non-stocked". Peachtree doesn't track the cost for non-stocked items, but you can still set them up and enter a cost in the cost field for your reference.

When you print a check for the vendor that supplied you the cosigned items, you can enter a gl account to commissions (expense) or to cosigned income (revenue-to reduce the total income posted from the sale).

For more information, email enduserssupport@baytek.com.

[NWBizMan]

Hi:

Baytek had excellent suggestions.

I ran a multi-store retail operation for a number of years and used a consignment agreeement form with the party consigning merchandise to our stores. Each item was numbered with a special price tag, that the salesclerk removed at the time of sale. That price tag along with a duplicate register receipt stapled to it, came to the buyers desk where a purchase order was then issued and cost and retail were established at that time, and then entered into the accounting system. It wasn't bullet proof, but it worked reasonably well.

BTW, the consignment agreement not only identified each item consigned by number, but stated the retail price, the percentage each party received, when the unsold item(s) were to be returned, AND, who was responsible for theft, fire, wear and tear etc.

Hope this info helps.
Dave