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QuickBooks Accounting for Consignment Sales [one possible strategy based on a suggestion by RichardTorian] 1. Create the consignor as a vendor. 2. Enter consigned goods in inventory (do not use Cost data field). 3. Create a Purchase Order for the item and enter a zero cost here. 4. Receive the item with a zero cost. 5. Attach the item to a liability account (the consignor’s share). When item is sold, split between the liability account and an income account which is your commission. |
