How to record Consignment Sales? We have a customer who wants to do consignment sales. We will put our product in their stores, and if the items sell, we will get paid. Is there a way to record consignment sales without adjusting invoices? Is it possible to automate this process through perpetual inventory?

Which accounts will be affected, and which do I credit and debit? Will commission, COGS, and revenue be affected? What other accounts will be affected? Is there a way to record the journal entry without affecting COGS?

Thank you.

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Recording consignment sales involves tracking the movement of goods from the sellers inventory to th... View the full answer