Consignment Stock Payments - Selections window

Owned by Former user (Deleted)
Last updated: Feb 25, 2017 by Former user (Deleted)

Use the Consignment Stock Payments - Selections window to select the:

  • business unit you are processing commission payments for
  • percentage commission being received for selling consignment stock
  • minimum payment amount
  • general ledger codes and tax codes used.

 

 Opening the Consignment Stock Payments - Selections window

To open the Selections window:

  1. Select Module > Sales > Consignment Stock Payments from the main menu.
    The Consignment Stock Payments - Selections window is displayed.
  2. Type in your selections.
  3. Click .
    The Consignment Stock Payments - Debtors window is displayed. See Consignment Stock Payments - Debtors window.
    Tip: You can navigate between the windows using  and .

 

Consignment Stock Payments - Selections window – key fields

Field

Description

Business Unit

Business unit at your organisation that consignment payments are being processed for.

Min Payment to Supplier

If the amount due to the creditor is less than the Min Payment to Supplier, no payment is made and the amount owing is carried forward to the next consignment stock payment run.

Commission Percent

Percentage commission received by your organisation for selling the consignment goods on behalf of creditors, such as parents.
The commission for consignment stock includes GST, in Australia and New Zealand. For example, a 10% commission on a $100 sale results in:

  • $9.00 commission and $1.00 GST in Australia
  • $8.50 commission and $1.50 GST in New Zealand.

Commission G/L Code

General ledger code to allocate the commission paid to the organisation.

Commission Tax Code

Tax code used for tax treatment.

Purchases G/L Code

General ledger code to allocate the amount paid to creditors.


How the G/L codes work for consignment stock
The commission for consignment stock includes GST, in Australia and New Zealand.
For example, a 25% commission on a $100 sale in Australia results in:

  • $25 commission divided between:
  • $2.27 credited to the GST G/L account (10% GST)
  • $22.73 credited to the Commission G/L account (net of GST).
  • $75.00 credited to the Creditors control account.


In New Zealand, the same example results in:

  • $25 commission divided between:
  • $3.26 credited to the GST G/L account (15% GST)
  • $21.74 credited to the Commission G/L account (net of GST).
  • $75.00 credited to the Creditors control account.