Open the Unit Inventory module, press the ‘Add’ button, enter as many details about the unit as possible (Year, Make, Model, Type, VIN)
Select the ‘Consignment’ tab and check the consignment box, enter the Consignment amount (this will be the amount payable to the consignee when the unit is sold), use the ‘…’ button to search for the consignee entity in CRM (you will need to add the entity if it doesn’t already exist in CRM.)
Select the ‘Financial’ tab, enter the consignee’s entity number in the ‘AP Company’ field and enter an AP account in the ‘Consign Acct’ field. (If you have an AP account specifically for Consignments you will want to use that account) Enter a selling price, enter a Purchase Price (same as Consignment Amount on the Consignment tab), and fill out the Sale Acct, Inv Acct, and Cost Acct GL fields. Save and exit.
When the unit is sold on a deal the accounting transaction should look similar to this. The $10,000 payable to the consignee will hit the AP account that we designated in the ‘AP Company’ field in Unit Inventory. Since we didn’t actually buy the unit our Unit Inventory account will be debited and credited for the same amount for a net of 0. Since this is a cash deal the total retail amount will show as a debit to our Unit Deposit Receivables account, which is offset by our deposit transaction. After the transaction is posted the consignment amount will show as a payable to the consignee.