Consignment Stock

Adam_7542761
Adam_7542761 Member Posts: 15
edited February 2017 in Accounts Hosted

We are a distributor and are placing stock on consignment with our customers. What is the best way to handle this so that we know our total stock position and also where all the goods are located.


Comments

  • DFB
    DFB Member Posts: 33 ✭✭
    edited December 2016
    It depends upon your perspective of consignments stock. We are a distributor who place stock at a clients site. At the end of the month we count what is remaining and invoice them for what they have used. 
    To manage this in the software, we  created a product item called "Consignment" and then duplicated the products that we placed on consignment, but made them a member of "Consignment". So you have the same product listed twice; one in normal inventory and one in "Consignment". We then use the "Adjust Quantity On Hand" to transfer stock from one location to the other. 
    At the end of the month we invoice the customer from the "Consignment" stock, and then when we replenish their consignment holdings, we transfer the stock in the system to reflect the transfer.
    If you have multiple customers that hold consignment stock, then you can make each customer a separate item, so that you build a hierarchy such as: 

    Inventory -> Consignment -> Customer1 -> Part Number

    Hope this helps.
  • Rav
    Rav Administrator, Reckon Staff Posts: 15,305 Community Manager Community Manager
    edited February 2017
    Hi Adam,

    We've also just published this KB article which may help - 
    http://kb.reckon.com.au/issue_view.asp?ID=5491

    Cheers
    Rav


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