Consignment accounting entries

[Former Member]

Hi SD gurus,

In consignment process: (Consignment fIll up, Consignment issue, Consignment return, Consignment pick up) at each level what are the accounting entries could you plase tell me.

Thanks& Reards,

nIvas

[former_member266852 · Accepted solution]

Hii

As per your Question following entries generates during Consignment process

Consignment Fill-Up -

---

> Not relevant for Inventory accounting as it is internal movement of stock from normal stock to Consignment Stock

No Accounting Entry Generate Not relevant for Invoice

Consignment Issue -

---

> Inventory accounting generates

COGS Dr.

Consignment Inventory Cr.

Relevant for Invoice

Consignee Dr

Discount Dr

Sales Revenue Cr

Sales Taxes Cr

Consignment Return -

---

> Generate credit memo to Customer

Customer Cr

Sales Revenue Dr

Consignment Pickup -

---

> No accounting entry will be generated as inventory will be return back to Normal stock to Consignment Stock.

Regards

Shambhu Sarkar

Edited by: SHAMBHU SARKAR on May 15, 2011 11:33 AM