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Greetings everyone!
A customer of ours does consignment inventory with it's vendors. Here's how it goes:
1. Customer places PO with vendor
2. Vendor sends inventory and it's in a separate location in their physical warehouse but this has not yet been received in Acumatica. They maintain spreadsheets and magnets on a white board
3. They don't want to see this inventory $ in the books until they actually use 1 from the stock. That means, they do the receipt in Acumatica only when they know they have demand for what's in consignment and then pay the Vendor. But this could be 2-3 months from when they first received the stock in their warehouse.
They do want to see what's sitting in consignment $ and quantity wise at any given time. They also don't like the idea of zeroing out the cost on the PO, then doing a receipt in a virtual (consignment warehouse) and finally when the demand arises, doing the transfer from consignment into physical warehouse and an adjustment to reflect the accurate $ and qty.
Has anyone dealt with consignment inventory? Any thoughts?
Hi Uday,
We have worked this consignment goods in our JewelShop plugin for Jewelry industry, what industry is your client? We can spin-off a sub-module for managing consignment in Acumatica, currently our plugin handles Consigned IN and OUT and fully automated to handle AR, AP documents and Inventory mgmt. Check out the video we have on our website to get an idea https://www.info-sourcing.com/acumatica-jewelshop/
Also there is a concept of "Customer owned Inventory" which is also kind of consigned goods and we have few integration plans for that as well, if you need further information I will be more than happy to discuss over a call.
- Harsha
Hi Uday,
I'm dealing with this same scenario myself at the moment. I found this blog post from Doug Johnson: https://www.acumatica.com/blog/how-to-implement-consigned-inventory-part-2/
The problem I have with Doug's approach is that my customer has multiple branches not requiring balancing, and it seems overkill to turn on inter-branch balancing with all it's commensurate inter-branch account mapping, when they have no need for it beyond consignment stock?
Did you find a suitable solution?
-Andrew
Similar to Andrew's issue, our company wants to begin using Doug's consignment method, but our current configuration has us with no branches. The company options for activating a branch only show the "branches not requiring balancing" option, which is not suitable as we need to be able to balance the Vendor consignment branch. Has anyone found a work around?