Setting Default Account Preferences for Consigned Items

You can set preferences for select default accounts used for consigned inventory. Your preferences for default accounts apply to all vendor consigned items, unless you assign a different one to a specific item. Either way, your account updates don't apply to existing transactions. For instructions on setting preferences, see Accounting Preferences.

On the Accounting Preferences page, you can find the following preferences on the Items/Transactions subtab:

• Default Vendor Consignment COGS Account - The Cost of Goods Sold expense account that tracks the cost of vendor consigned inventory for all vendor-consigned items.

  By default, the regular COGS account is also used for consigned items if you don't assign one in this field or per item.

• Default Vendor Consigned Asset Account - The asset account that tracks the value of vendor consigned inventory on hand for all vendor-consigned items.

If you want to assign an account to a specific item, see Setting Up Consigned Inventory per Item.

General Notices