Really stuck on this issue... any help would be appreciated

Hi Marta Hintze,

Thanks for your inquiry about managing consignment inventory in Sage50 Premium. 

Consignment inventory management in accounting software involves tracking products supplied by vendors that are not immediately paid for. These items remain the vendor's property until sold to the end customer. Based on this other similar conversation and this one, you could try:

Initial Setup:

1. Tagging Items: Use pre-numbered, two-part paper tags to label each consignment item. Record the tag number and consignor details in a separate record like a book, binder, or spreadsheet.

2. Create Service Items:

• For large numbers of similar items, set them up as 'service items' in Sage 50.
• For diverse items, create one 'Consignment Sale Service' item and manually enter the price for each sold item.

Recording Transactions:

1. Purchase Orders (PO):  On Sage main window, in the Vendors/Payable module, click Purchases Invoices or Purchases, Orders and Quotes icon. For each consignor, create a PO that includes:

• Order/backorder quantity for the items
• Description that includes the tag number and item details
• Amount that the consignor expects from the sale
• Account where you track consignment expenses

Sales & Payment:

1. Invoice Creation: Upon sale, convert the relevant items from the PO to a sales invoice.

2. Record Payable: Manually record a payable to the consignor based on the sales invoice.

3. Item Return: If the consignor takes back an item, delete the corresponding PO.

Reporting & Reconciliation:

1. Pending PO Report: Use the pending purchase order report to see who has consignment items and drill down to see what those items are.
   

2. Manual Reconciliation: Periodically reconcile the physical inventory with the recorded information in Sage 50. Here's how to enter an Inventory Adjustment

By following this process, you can manage consignment inventory in Sage 50, although it does involve some manual steps to compensate for the software's limitations. Happy to have our support team reach out to you regarding the above.

For more comprehensive learning, Sage University offers a course on creating inventory items that you might find useful: Sage University Course.

If you need further help, feel free to email the Sage University team at [email protected] or call 1-855-SageUni (1-855-724-3864).

General support can also be reached at 1-866-996-7243, Monday to Friday, 9am to 8pm ET, excluding holidays. For a range of support resources tailored to your product and location, visit Sage Support Resources. Hope this helps!

Warm Regards,

Erzsi