To receive a consignment purchase order:The Vendor Consignment Inventory program lets you handle specified products for the vendor. The vendor retains ownership of the products, but you store and sell the products for the vendor, usually in exchange for a percentage of the sale amount.
The system keeps consignment inventory separate from regular inventory. Receive the purchase order to move the consigned inventory to your regular inventory count.
To receive a consignment purchase order:From the Purch menu, select Purchase Order Entry to display the purchase order Body screen.
In the Ship-From field, enter the vendor name whose inventory is on consignment.
Select the consignment purchase order from the list to display the purchase order details.
Press Esc to display the order Status screen.
In the Order Status field, type R for Received.
The system posts the following based on the Received status:
Debit to the Inventory account.
Credit to the Clear Purchases to Inventory account.
Debit to the Purchases account.
Credit to the Unbilled Accounts Payable account.
Press Esc to complete the order transaction.
Press Esc to close the screen.
See Also:
Receiving Purchase Orders in a Manual Warehouse