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watching this video this video is brought to you by nuke you'll calm that's aura keep your blog cookbooks blog so never check it out we have great articles and free video tutorials to help you in this video I'm gonna talk about how to record or consignment sales on consignees books in cookbooks online so you have someone sending you some goods to sell it and how do you handle that in quickbooks online that's the focus of this video okay so basically you have commission income whatever you sell and then you have a consign reliability depend upon how your deal is set up let's say this case is 20% you keep 20% and you send a 80% back to your consignor so total sales is always hundred dollars and basically on your books you'll have commission in color twenty dollars and eighty dollars as consigners liability okay so you create those two accounts the chart of accounts commission income that your sales income and then one is the liability one okay so we'll go with that how it's created when i do demo so basically the accounting wise it's always $100 sales so you collect hundred all from wants to buy there's a customer and twenty dollars commission it all sits then you may sent back to your consignor okay and in front of the services items set up you need to set up whatever item you're selling okay and that one should be map map to of the income account on your product services view to be mapped to our liability account which is of consigners liability county not the Commission income account so you know also hundred dollars as your come this one so you know $20 says in so the second one is the one you map to your income account which is this Commission income the first one is mapped to the concern is liability and then you have to reduce the the $20 from your number one item then you'll have to balance it out $100 - $20 is the liability and $20 we do income and so when you click invoice or sales receipt you notice so all three items to your to your customers you know that looks kind of awful so what do you need to do you need to create a bundle and that will consist of the the three idols of all we'll go through that when I do to demo so the product item whatever is selling and Commission income side and Commission reduce the liability from go on for the Commission portion okay and now be sure to subscribe to our YouTube channels you know have free video tutorials on YouTube so we have two channels youtube.com porosity P controller and the other one youtube.com cookbooks qbo QuickBooks keep you up okay so once we are done with this we're gonna go to QuickBooks Online and I'm gonna show you one without inventory the streeting as non inventory and the other example doing a tracking inventory which is little or tricky you know it's a little bit complicated and for that you need plus plan if you want to track inventory in a plus plan and our advanced plan but if you don't track as inventory the salad and the create bundle then your census will do it but if you have simple start you don't have bundles or neither no work you have to do something productive on one okay the principle is you know you basically split up your cells you know 20% and 80% deal okay I'm gonna go to quickbooks online let's see okay so I have a cookbooks online in here let's go just essentials one the other one I don't what is with this sensor one okay okay force also the chart of accounts I was set up basically the I set up two accounts one for the liability portion and the other one is basically your Commission income you know the Commission income so you just need those two consigners liability and Commission income that's all you need okay so now and on the product and services side so you need to create couple five four items actually okay the first one is Commission income that's your twenty percent and then your cells you know that's your hundred percent but it's it's map to they say to the liability account Celie one is income that's the twenty to twenty percent the other one is your liability account and when you invoice basically it's one hundred one hundred dollars one hundred percent and you introduce your by your liability by twenty percent okay so I'm gonna show you all these how this is set up I'm gonna go inside first go to the consignment sales okay so concerned and sell the income count field that goes to e consignor allowed to do with us we have created you know that's the one you want not the sales account okay you know what so sells at 100 percent Morris also sales as twenty percent because that's your income okay and then on the first one the Commission income is a regular one is basically it goes to a commission income this is your twenty percent okay and then then the other one is the reduce your liability the third one which breathe check out the Commission expands consigners liability account so the same account one hundred dollars - this portion is $20 that becomes denied liability for $80 okay and so basically you just need one two three an ending then you create a bundle okay so let's go to bundle okay so let's say you have a new gadget named 101 and then you add consignment sell Commission income and reduce your liability to two recognized as revenue from here now this one I just put it negative so if you don't put negative that's okay but when you create invoice you have to so as amount as negative but I have already - in here certain the so when you create invoice ourselves a sale you can just put the whatever mount you have you'll see okay so now let's go to the cell stage here I already created one cell secede okay and then if you want you the consignment field you can just use one and just enter your consigners name you know just this would be just internal your customer won't see it so basically if you want to do it you just go to the gear icon countin settings and sales and see a custom fields it's a consigners name in here and then you want to make this internal one you don't want to show to your clients you know what make it you know public so you do even whoever buys this you don't need to know you can sign this name so just make it internal okay so let's go to sales you see I've already created one in here okay so when you create sales to seed or sales in work you just select it on the bundle the unknown name in here I just put it to consign a gadget 101 so once you select this it will list all these four items it's basically roll up the number two number three these three roll up to 1000 okay so in this case let's say you sold for $1,000 I'm just gonna do the giroflee and then I'm gonna show you like this okay when you create when you add a new one I think I'm just going to add so you new one alright great yourself but you have bundle there and let's say James Smith is a customer and consignor just write down the entry consigners name whatever it is you know the same is reduction alright okay and then cloud all dressed and on this one you just select a bundle which is gadget 101 if the bundle in here that's it 101 OKC will listen to everything and let's say in this case you sold it for $10,000 okay and you have manual if you were out your commission portion so let's say if it is 20% that's $2,000 and I already put the negative in here so now is that the same amount in here so now the invoice sales smart sales receipt is $10,000 so $10,000 don't worry the new customers won't see all all the details the breakdowns the customer will just see the top line yr December so you here and save this okay printer previewed and you will see it you can see here it will see just the top line get it 101 10,000 that's it okay so this is how it works if you're not tracking inventory it is making a non inventory to sell whatever I'm in a tracking inventory also the cell so the basic principle is based you know and also you the transaction in here okay in this case you have $10,000 deposit to your bank account you solidly deposited whatever okay and $10,000 is the one you've sold it to a customer and basically you're forcing it $2,000 and it comes out 2,000 from just two thousand ten thousand so basically the ability eight eight thousand dollars so if you go to the liability account the chart of account you will see eight thousand in this case I have more than one in here so people over here we will see the run report so you have a ten thousand minus two thousand eight thousand dollars I have another one for a turn okay so let's see here just like this prior date here so now conceived see 10,000 - mm is $8,000 okay so now that's how you do it now let's say you have just plan and or advance plan you want to do the tracker draw you do inventory tracking it's a serious business now so I'm gonna go to loss or advance plan having here okay the income or the chart of accounts basically same thing just create those two accounts so it's basically create one library account and then your Commission income account those two other ones but really something after the demos and so you just need to liability the consignment cells the liability that you need to pay back to the consignor and then your forces the income okay so on your P&L is basically profit and loss so you use Abba Commission income that's about it and in this case it's a as I'm tracking and I'm gonna show you why it's under in here but basically taking an hour type and the Commission income is still the same okay so now and on the balance sheet you'll see your liability account okay see live building here so you owe this money to your consignor so you can write a check or whatever been transported and then use the same account okay so now we saw the chart of accounts now let's go to the parking service all this one is set up this one if you're tracking inventory this gets a little complicated okay so the first one is the whatever you know gadget you're selling you know it's tracking inventory just get gathered 101 gadget 201 something like that okay and show you how this one is set up so you set up your inventory as usual you know if you're familiar with how you play your track inventory they do the same thing so there's a consignment sales inventory okay all second in here make this a little bit smaller okay here we go someone edit this okay so it's basically you set up the gadget and we'll name it whatever you want to come up with the category then I set the consignment sales inventory a separate category and then you do description whatever your item was selling that'll show up on your sales form invoices or sales to see and the same principle is basically sales income account in this case you can't select the liability account if you're tracking inventory on inventory set up you can't this is the inventory one inventory one there's you have to select a income account you have no option okay so on the other one which is an on in on in vendor tribe you can select the liability account but in this case since you're tracking inventory keep your don't give you an option to select liability account you have no option consignment sells okay so it's basically I'm gonna make this in and out okay and the cost of the cost side doesn't matter because there's no cost involved the cost is you know there's no cost involved in repaying any cost there okay so the don't worry about the cost side see any cost of goods sold in here okay and so there's there's another one to a wand as a separate item okay and then accounting-wise is basically the select we went through okay miss cos I created tree service items okay the first one is Commission income on consignment self which is your income your service item already can create an onion you are able to the matter but the I created as can you serve this unity providing service at consignments doing consignment sales okay so that's the first one and the second one is the Contra of this gadget 101 so you'd be like a negative money and you the same one consignment sales incomes a contra it's basically whatever items is selling we want to reverse it and then set up as your liability so it's a sin one okay so once you see the bundle then you will be more clear two and third one is the liability of course a librarian consignment sales okay the one we just we also did in the previous example so this is the liability one okay and then then you create a bundle okay now go to the bummer one here so create a bundle and so bundle would include all these one two three and so create a bundle and whatever item you're selling just name it okay okay so the first one is the gadget 101 okay and then then the consignment sales contract is whatever you sell your sale in here - negative is reversible you say hundred dollars here and contrary hundred dollars then becomes zero and then backs back - so your commission portion and the remaining liability so in this case we soak $100 plus two is a wasp plus and minus and the other one is 20% $20 your income and 80% it also gives you a liability okay simpler that okay so now I've already created Celsus it will see let's also see okay if you create as in both the same thing okay as you can see here okay so this is the bundle wand you the select of gadget 101 and it'll then you list all these bundle items okay so the first one is 10,000 sold for $10,000 okay and this is what your customer will see only the top line and the rest is your internal zero here can count okay so the first one is tenth out of the first one is ten thousand and since it's a negative 1 that's negative one you don't have to put negative in here just the minus one it's narrow diversity talk one line number two okay and then and this is your Commission income and remaining portion is $8,000 it is you're a liability simple as that okay so if you look at zonal side okay it's over ten thousand which is this and then you verse it out so it's basically money at the bank and these two reverse out and then your two thousand youth income and eight thousand user vlog which we can simple as that okay still confuse and you create a new one alright let's say if you have a customer RI solid Chris MIT as your customer and I'll say solid on June 1 okay and consigners name let's say Santa Claus name is a tracking you know and you selected the product service item which is let's say 101 this one okay here we go see when you select the bundle the list or whatever items you have now you just have to fill out the item to selling it for let's say you're selling it for $40,000 okay and the native is also 40,000 that's in and out one and now you got to figure out your commission for so let's say it's 20% so that's $8,000 is your income and then the remaining 40 - 88,000 is 32,000 is your liability okay see the it's a $40,000 sells and you save it and if you look at the preview the invoice or sales to see in this case you should see only 40,000 just one light and this is what do your customers will see customers alone see all the breakdown a split you know okay so that's all you need to do and when you when it's time to pay it you can write a check or or whatever you want to do you know our bank transfer and make sure you use the reference you know this in this case is our sales receipt number is 1001 or whatever and then we'll have some back for your customer okay so that's the focus of this video hopefully this is helpful and be sure to subscribe to our YouTube channel we have two channels great day thank you bye