Consignment items are items that you offer for sale but do not own. When you sell items on consignment, your intention is to help the owner sell the item and make it profitable for both you and the item's owner . Often times, the item either:
•Belongs to a contractor who is trying to sell the item and is willing to pay you a commission to get it sold.
•Belongs to a manufacturer who is giving you some kind of floor plan promotion where the mfg will make it look like you own a bunch of equipment but you won’t really own it until you need to rent it.
If you sell the item, you get to keep some of the money and the rest of it goes to the owner. If you need to rent the item, you buy it from whoever owns it first. It becomes a part of your fleet.
To set up items for consignment.
Set up a vendor representing the person that you will be selling the item for.
1.Go to 7 from the main menu.
2.Add a new vendor as you normally would. Be sure to enter the percentage that this vendor will be keeping from the sale in the field labeled Consignment PCT.
Set up the item in the rental file.
1.Go to 2-2 from the main menu
2.Set up the item as you normally would set up a rental item, with the following exceptions:
a.Choose the vendor you set up (above) in the Vendor field
b.Set the Type to "Saleable"
c.Check the box next to the field label Consignment Item
Consider setting up an item message for the consignment item
This is not a mandatory step, but you may want to set up a screen message to pop up when you attempt to sell this item. For example, a message stating "Warning - this is a consigment item. Do not sell without manager's approval" may help avoid future problems.
Selling the item
With respect to how you would normally sell items in FocalPoint, when you sell consignment items there is nothing you need to do at the time of the sale.
Reporting
There is a consignment report that will report on sales of consignment items. B-A-B from the main menu.
