Consignment Stock Payments - Selections window
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.
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.
|
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.