The Ability Consignment Solution requires QuickBooks® Point of Sale1 and QuickBooks® Financial software1 to provide a complete solution for tracking, reporting, and making payments to consignees while keeping your inventory and accounts payable accurate and up to date.
If you have QuickBooks® Point of Sale integrated with QuickBooks® Financial software and you would like to download our fully operational 30 day demo, please click here to download.
**Ability Consignment does not work with the QuickBooks®/QuickBooks® Point of Sale Demos. If you do not already have a licensed copy, please contact us to set up a live demo.
To view or download the Installation and Operations Manual in pdf format click here
Previously, the only way to handle consignment items within QuickBooks® Point of Sale was through workarounds that were inefficient, confusing, labor intensive and often resulted in inaccurate bookkeeping. Now there is a better solution. Handling consignments with the Ability Consignment Solution not only handles the transactions necessary to properly reimburse vendors and avoids inaccurate bookkeeping, but provides the reporting that you need to provide for consignment vendors to keep them informed and happy.
Consigned inventory is not, and normally should not be reflected in your inventory account. Also, there is no obligation to pay for sold consigned inventory until it is sold to the purchaser. This normally presents a problem for QuickBooks® and QuickBooks® Point of Sale since it reflects normal handling of inventory items and payable obligations. The Ability Consignment Solution allows you to put the inventory into QuickBooks® Point of Sale, not only designating that it is a consignment item, but indicating the payment to be made to the vendor when the item is sold. You no longer have to put consignment items into a separate department(s) from owned inventory4.
Moving sold inventory items into appropriately created bills to pay for consigned vendors is easy. You simply click on the icon to start the Ability Consignment Solution and select the sales period that you want to process3. Ability Consignment then scans the QuickBooks® Point of Sale data for the period and creates Bills to Pay in QuickBooks® Financial for sold consigned items. (Additionally, it creates Vendor Credits for returned items.) You can then print detailed reports for the vendors that can be included when you pay your bill to those vendors. And, since it is in Bills to Pay, you can select to pay these bills with all of the normal options available to you within QuickBooks®.
1 The description of the two workarounds suggested by Intuit includes many required steps. The description of the process spans several pages. Intuit presents two different workarounds for your choice since each can require a different amount of work and follow up. The methods will reflect different results, especially if all steps are not followed on a regular basis.
2 Inventory values shown in QuickBooks® Point of Sale reports reflect a zero value. This causes QuickBooks® Point of Sale reports regarding margin and profitability to be inaccurate, but since this solution is provided to work with QuickBooks® Financial system, more complete and accurate figures regarding these issues are available in the Financial system.
3 Inventory items may not be deleted before processing has been completed. Payment are calculated on data in the inventory record at the time of processing.
4 Separate departments will be required with Ability Consignment Basic Edition; Professional and above editions do not have this limitation
Overview
Details
You can define a custom department to set the percentage paid for all items in the department . Or, if you are using the Pro version of QuickBooks Point of Sale you can decide to pay either based on a percentage of the sale price or a fixed payment amount on an item by item basis.
How it works
Receive the items from the supplier, using a receiving voucher just as is normally done in QuickBooks Point of Sale, Then just process sales normally. Then, whenever you want to pay your suppliers you run the Consignment add on. The consignment add on totals all of the sales information for the selected period, produces a report that contains each suppliers information on separate pages, and then accurately records Bills to Pay into QuickBooks and then accurately adjusts the Cost of Goods account in QuickBooks. Using QuickBooks Pro, you can also provide for automatic price drops on the items according to set store policies.
Requirements:
Pricing
Ability consignment is sold on an annual subscription basis. The current price is $149 per year. The annual subscription includes unlimited support for our software, as well as upgrades and new features. Note: If you choose not to renew your subscription, the software will cease to function.
Additional features :
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