Accounting Entries for Consignment - with CIN Entries

[former_member221515]

Following are steps in consignment sale:

1. Consignment Fill-Up (From factory to consignment agent)

2. Consignment Issue (From consignment to end customer)

3. Consignment Pick up

4. Consignment Returns

I searched in SDN forums. It says that there is no account entries at the time of consignment fill up.

But I want accounting entries in at the time of 'consignment fill up' also.

Entry should be:

Consignee A/c ... Dr (Customer)

To Consignment Sales contra A/c

Excise Duty Paid A/c.. Dr

To Excise Duty Payable A/c.

At the time of issue:

Delivery:

Cost of Goods Sold A/c.. Dr

To Inventory A/c

Billing:

Consignee A/c.. Dr (Customer)

To Sales A/c

To VAT Payable A/c

Please help how can i get above entries entries?

Will I have to create two distribution channel for hitting Consignment sales contra A/c (in step1) and Sales A/c (in sept 2)

[Lakshmipathi]

As you are aware even in normal sales, only when you generate a commercial invoice, customer will get debited. But in the consignment fill up process, you only generate F8 delivery related proforma and hence, your requirement cannot be achieved.

G. Lakshmipathi