Consignment Wholegood Sales

You can use existing tools in RIMSS to manage Consignment Wholegood Sales.

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Creating a Consignment Wholegood Accounting Code

Setting up a Consignment Wholegood from an Existing Customer Owned Unit

Creating a Consignment Wholegood Accounting Code

It is helpful to have separate Revenue and COGS accounts specifically for the sale of the consignment equipment. You will also need to assign Asset and Liability accounts on the Accounting Code. In my example, I will use my standard Used Equipment Asset and Liability accounts and my special Consignment Revenue and COGS accounts. You can create separate Consignment accounts for all four assigned accounts if preferred.

Create the Consignment Revenue and COGS accounts. See example below.

Create the Wholegood Accounting Code.

Navigate to Wholegoods > Support Lists > Accounting Codes

Click Add New at the top left of the grid.

Using the dropdowns, add the Inventory, Liability, and Revenue accounts of your choice. The COGS associated with the Revenue account will automatically populate. If you do not see your account populated in the dropdown, verify that the account is of the correct type and is referenced to wholegood. Once the information is correct in your pop-up, click OK to save the new Accounting Code.

Setting up a Consignment Wholegood

You can use an existing customer-owned wholegood or create a new wholegood record when setting up a consignment unit for sale.

Updating an existing customer-owned unit for a consignment sale.

Change the unit to AFS and assign to the correct Accounting Code and Location.

Find the existing wholegood record in the Wholegood List. If there is already an accounting code assigned, move to the next step. If you do not see an existing Accounting Code assigned to the wholegood, double click to open the unit. Click the dropdown for the Acct Code and select your Consignment Accounting Code. Save the record.

Right-click on the wholegood in the list and select Change to AFS.

You will see a pop-up called WholegoodStatusChangeForm. In this pop-up, select the correct Consignment Accounting Code and Location from the dropdowns in the Transfer Info section. In my example, the existing Location and Accounting Code are not being changed. The Current Info may be different from the Transfer Info when you are creating the change.

Click OK after all assignments are verified. This will assign the correct accounts and Location to the unit and make the unit available for sale in the system.

Update the Wholegood Record with the correct Owning Customer.

Open the Wholegood Master Record and navigate to the Other tab. Click on the option for Customer Owned. This will revert the owner back to the current owner of the equipment. If there is a different owner than is currently listed, click on the option to Add New Owning Customer and select the correct owner in the pop-up. The unit will remain as AFS but will reflect the correct owner in RIMSS. Save the wholegood record.

Creating a new wholegood for a Consignment sale.

Navigate to Wholegoods > New > Wholegood

Enter information to the Wholegood record as is normal for a unit for sale. Verify that the following are set up on the new wholegood:

Mark as Type Sales
Assign the Consignment Accounting Code
Mark the unit as Customer Owned on the Other tab and add the correct owning customer.

Save the unit once all information is entered.

Selling a Consignment Wholegood

You can add the consignment wholegood to Wholegood Sales Orders and Wholegood Invoices the same way that you add retail wholegoods for sale.

You can also add consignment wholegoods to Repair Orders and use the Add to Wholegood feature to book cost against the consignment unit from the Service Department.

When you settle the Wholegood Invoice, any cost booked from the Service Department and any other expenses booked by accounting will be posted as COGS.

The consignment fee due to the owner can be booked as an IR/Bill or Payment Document prior to or after the sale is finalized in RIMSS. Many dealers prefer to enter a Payment Document because they can add the Customer directly on the document and they are not required to add them as a supplier in the system.

If you book the consignment fee on an IR/Bill or Payment Document prior to the settlement of the Wholegood Invoice, you will book the amount to the Wholegood Inventory account assigned to the unit. In this situation, the Wholegood Invoice will automatically book the full COGS for the unit at the time of settlement.

If you create the IR/Bill or Payment Document after the settlement of the Wholegood Invoice, you will enter the consignment fee against the COGS account assigned to the unit.