You can record incoming merchandise as MEMO/MEMORANDUM merchandise so
that it will not create a payable invoice (not a liability) and so that
the value of the merchandise will not appear as an asset. Treat
CONSIGNMENT items the same way - i.e. consider them MEMO items.
When receiving inventory BE SURE TO BEGIN THE INVOICE NUMBER
WITH THE LETTERS MEM (e.g. MEM1000) If you receive multiple IDENTICAL
items you should enter one separately with it's own sku number which
makes billing easier if you are billed for just one item.
To see a list of sold Memo items, run the Itemized Sales Report
(choice 6,2,3). Fill in a date range (choice 7), vendor code range
(choice 1) and change the 'Include Memo Items' option to read "ONLY"
To see a list of in-stock Memo items, run the Inventory Report
(choice 6,5) and change the 'Include Memo Items' option to read "ONLY"
CONVERTING ITEMS FROM MEMO STATUS TO INVOICED STATUS:
a) If ALL of the items on a Memo are sold, Change the INVOICE
number by selecting Edit an invoice (choice 2, 4) and change the
INVOICE number to the vendors invoice number. MAKE SURE TO CHANGE
THE DATE REC'D AND INVOICE DATE ALSO to the current invoice date!
b) If only some, not all of the items are sold from the Memo then Edit
the memo invoice using choice 2,4. Once the line items have been listed,
press the UP ARROW to highlight the Style number of the item that was sold.
At the top of the screen is the message '<Home>=Move Item to Other Invoice'.
Press the Home key and you'll be prompted to type in the new invoice
number and that item will be moved to this invoice. You may repeat this with
as many other items as needed to be moved to the Payable invoice.